February 7, 2012
by Ruth Stevenson
At some point along the road to success it is likely that an entrepreneur will have to convince people that there will be a demand for their product. They may need to convince:
- An investor (should they invest in the company?)
- A retailer (should they place an order for the product?)
- Themselves (should they persevere with the product?)
When the tough questions are asked the entrepreneur who can conclusively ‘prove’ the demand for their product will find it easier to progress, and primary research is a systematic way of doing this. Would you rather be Entrepreneur A or Entrepreneur B in these scenarios?
Retailer: I like the product, but will people actually buy it?
- Entrepreneur A: I hope so.
- Entrepreneur B: Our independent survey showed that 40% of the target market would buy it.
Investor: I wouldn’t buy the product for myself, so why should I invest?
- Entrepreneur A: Because I like it and believe in it.
- Entrepreneur B: Our independent survey showed that like you 60% of the target market were not interested in buying it, however 40% of the target market would buy it.
How can you get this magic information?
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