Hiring Top Market Research Firms for Start-ups: Is it Important?

Is market research really important for a start-ups? Is research even possible when the market is new and sometimes, even non-existent? Honestly speaking, markets DO NOT buy products but the collection of customers that constitutes the market does.  In case of business-to-business, the market is typically made up of companies that buy products, whereas for business-to-consumer, the market consists of individuals who buy products.

Hence, adequate market sizing is essential to determine the viability of a product. Hiring top market research firms to understand customer preference and gauge market opportunity can be the difference between the success and failure of a start-up.

Market Research Company

Notwithstanding the importance of getting an idea of the market size and growth potential, there is another key reason for asking some of the top market research firms to conduct research for start-ups. Market research typically enables start-ups to validate the product to identify whether the product really caters to the demand of the customers.

Market research helps validate whether the product offered comes across as a unique value proposition to customers, and can sustain a competitive advantage in the foreseeable future. So, basically top market research firms help start-ups understand whether potential customers will buy their products, and are there enough demand from customers to buy their product.
 

So, market research is of utmost importance for start-ups to size their market opportunity and the potential growth, which in turn will help them gauge the real business opportunity. The value of market research should never be undermined, especially by start-ups. Many successful start-ups enjoy longevity owing to the fact that they conduct regular market research to understand their target market, identify consumer problems and competitors.