Why conducting product market research is important for small businesses in India?

Imagine you spent a ridiculous amount of time and money in developing a software for accounting companies. You launched that software. Three months since, and only a handful of people have purchased it.

Sad, right?

Heck, imagine you saw a business/product doing incredibly well in Bangalore. You decided to launch the same in Chandigarh. And you even did that. Six months later, you didn’t generate even half the revenue that you were hoping for.

Sucks!!!

(Courtesy: HuffPost)

This is why conducting product market research is so very important today for small businesses in India.

You may think that a product doesn’t exist and that launching it would fill a market need. BUT what if there wasn’t a market need for that product in the first place?

When you do market research, you get the insights about the market you’re planning to target. You get to know more about the consumers who you hope will purchase your coming product. Moreover, you also get insights on how to improve your product to suit the real need and requirements.

(Courtesy: novacommerce.se)

In short, conducting product market research is important for small businesses in India because…

· You learn about the market and its needs.

· You know more about your target audience.

· It helps you identify market opportunities.

· When you talk to real consumers, you get more insights about the viability of your products and the possible changes you need to make.

Having such information reduces the likelihood of your product failing. (Because you launched it after knowing that its demand exists in the market!) From there, you save time, money and other resources.

(Courtesy: qsample.com)

Also, with all the data, you make better products that, with proper marketing, will sell more vs. the products you would have made without the input of the consumers.

There are so many startups out there in India that are based entirely on absurd ideas. Their market size is too small to sustain their revenue and infrastructure. They will eventually fail.

Conducting product market research is the backbone of launching products that are more efficient, in sync with the market demands and are more likely to sell.

Hope this answer helps!