Do you know why many businesses fail in their journey to make money? It is because they do not have enough knowledge about their market; they do not know much about their consumers and clients.
Market research is a very important process that you must carry out before you dive into your market. Neglecting this important step means expecting your business to fail. Going straight into launching your business without knowing much about your market is like diving into a body of water without even knowing how deep it is or the danger in it. With such careless move, failure is most likely to happen.
Market research is helpful and important. By conducting a thorough research, you will be able to know whether or not your market is profitable. This means that your market is either willing to spend their money for your certain product or service or not.
Another important information conducting a good market research can give you is that you will be able to know your market competition. Getting into a market with less competition is more advisable as chances of getting more customers is obviously better rather than when you have plenty of competitors around.
These are only some of the factors that you must consider during conducting market research. Read more about this topic here: https://www.smallbusiness.wa.gov.au/business-topics/marketing/market-research