Consider the agenda of any International Trade talk and one of the key agendas of discussion is “feasibility study”, which is basically a fancy word for Market Research!
Yes, market research, the concept your business may have dabbled with for months, perhaps years and chose to procrastinate out of “monetary feasibility”, is actually used to understand and study the feasibility of a business venture itself! Procrastinating or ignoring a feasibility study out of lack of feasibility is a paradox – You cannot venture or understand your business’s full capacity to sell without the right market research study.
At a time when the World is already going through several uncertainties – Brexit, a new election is the US, unpredictable oil prices and the possibility of another Global economic slowdown – Trade leaders understand that the only way to know for sure is to be unsure first and study!
Consumer research, market insights through data analysis, and customer behavioural shifts being some of the primary focal points.
Often businesses, especially local, tend to feel that they are insulated from factors happening elsewhere and possibly so. However, during the 2008 economic meltdown, the businesses that suffered the most were small and medium in size and revenue and during India’s demonetization drive of 2016, which drew the World's attention almost overnight, then too it was the same group of businesses that suffered the most.
The lessons of the past teach us how to be prepared for the future. So what will you do? Be blind folded and make business decisions based on speculation and guesses or start conducting your own study for free?