Why Market Research is Important for a Startup

As many founders understand the importance of attracting customers and building a brand yet many of them don't feel the importance of understanding their customers and market. as a result, many startups fail to understand the need of their customers and competition in their market, which often leads to confusion and failure.
So, it is better to invest some money and time in market research before starting a business as it can provide clarity to you about your customer and help your business in the long run.
So, WHAT EXACTLY IS MARKET RESEARCH?
It is a research done by you or your company to get a better insight of your customers and market, like the psychology of your customers, buying patterns, market trends.

TYPES OF MARKET RESEARCH.
PRIMARY RESEARCH
SECONDARY RESEARCH

PRIMARY RESEARCH:- It is a research done originally by you via surveys, interview, focus groups, questionnaires.it gives you all the information about your customer and market based on the present situation.

SECONDARY RESEARCH:-It is a research already done by other sources.it is not effective as it was when it was done but can give you some basic information. you can find it cheap or free. you can find these research from various sources such as
1.Social media
2.Websites
3.Industry and trade publications
4.Newspaper and Media
5.Others

PRIMARY RESEARCH:-
While conducting primary research using your own money, there are two types of information you can get: EXPLORATORY and SPECIFIC.

EXPLORATORY:- It is a research whose nature is open-ended; it helps you define a specific problem and involves detailed interviews in which
enormous information is gained from a small focus group