Conduct a Market Research before Taking Business Actions

Market Study Blog - Conduct a Market Research before Taking Business Actions

Market research is crucial for continuous development and growth of your business. It allows you to improve your business competitiveness and decrease your risks.

It is often said that failure in business is a consequence of poor market research. Good entrepreneurs reduce the risks instead of taking them. Conducting a good market research is the key tool for eliminating the risks as much as possible.

Why conduct market research?

If you’re willing to start a business, eventually you will face some degree of risk. A good market research will help you reduce the risks you will encounter along the way.

Already in business? Then market research should be an essential part of your regular business procedure. You need to constantly keep your business in line with new situations in your field of industry.

With market research you will be able to identify threats and opportunities in the market. Benefiting from the information it provides, you will improve your decision making process in an effective way. Accurate information will lead you to better strategic decisions. Therefore, conducting a research on your desired market will reduce the consequences caused by “Surprise” factor.

Market research helps you to:

  • Detect new products or services
  • Identify market trends or changes
  • Assess your company’s customer satisfaction and find ways to improve it
  • Be one step ahead compared to your competitors
  • Detect trends and warning signals in your business
  • Determine the most suitable advertising medium for your business
  • Keep your performance in line with new technologies in your industry
  • Tell whether a new idea is likely to be feasible or not

Market research is therefore an effective business tool assisting enterprises reduce the risk of implementing new ideas as well as taking more profitable decisions.

Importance of using Market Research for the Iranian Market

For the Iranian market it is critical to conduct a market study prior to making any decisions. Using local Iranian sources plays a vital role in gaining accurate information. Like most of developing countries, the extent of reliable data through online sources are very limited.

On the other hand, regulations are constantly changing in Iran. Therefore, it is mandatory to keep your information up to date.

Most of IranPartner‘s clients are usually looking for information that is not accessible via online data. Primary research, interviews with market professionals and conducting surveys are the most effective ways to gather up to date and reliable data.

This is why IranPartner team decided to provide comprehensive Market Research service to address all the questions that foreign companies have in their mind prior to enter the Iranian market. As there are numerous business opportunities in the country for foreign enterprises, in order to make the best out of available chances, companies need to get a clear image on the best ways and timeline to approach.

IranPartner team of professional researchers implements both primary research method, interviews and surveys as well as secondary researches. This is due to the importance of gaining the most trustworthy data.

Upon request, we will ask our clients to provide us with the points that need to be addressed in the research. Using such customized market study assists them to make informed decisions and better design their entry strategy.

For more information contact us through: [email protected]

2018-08-25T08:36:13+00:00August 25th, 2018|Business in Iran, Inside Services, IranPartner|

About the Author:

Niloofar is IranPartner's Project Manager. Using her knowledge of project management and equipped with extensive experience working with multinational corporations in Iran she consults foreign businesses to effectively set up their operations in Iran.

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