What if I conduct consumers’ research in the 19th century in Thomas Edison’s times, and ask whether they are going to use the electric light bulb, what would their answer be?
Market research is one of the trickiest things for entrepreneurs. Trying to understand market behavior for a product, which doesn’t exist yet, based on a need that, many times, the customers are not totally aware of is a tough mission.
Yet, entrepreneurs are required to provide market insights as well as customers’ analysis in the situation of fund raising and financial planning, as well as in order to gain customers and to build brand perception – the two core elements of a company’s value.