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Large corporations with big budgets routinely conduct market research to see if it’s worthwhile to launch a new product or service. The good news is that gauging customer sentiment doesn’t need to be expensive. There are plenty of informal ways to figure out whether there’s potential demand for your idea and, if so, who your customer might be or what your market size might be:

Lastly, don’t forget to log all your customer input. Any kind of feedback you’re getting—whether in person, through your emails, or via social networks—should be captured, so you can better study customer problems, habits, and lifestyles.

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