Market research is crucial for a successful launch and to avoid risk. Especially within our fashion and beauty markets which are so customer driven. Market research acts as the hidden treasure with all the answers, regarding your customer and how you should develop your brand. If you do it , listen and respond you're product will fit beautifully in the market and will sell itself. However many people get super excited about starting a brand according to their only vision and skip this step. Im here to tell you that if you invest in any area of your business it should be market research.
The key steps for a successful market research plan are :
Map out key doubts you are having regarding your product features, design , brand identity, proposition , pricing and communication
Turn these doubts into simple , easy to understand questions
Conduct in depth 1:1 interviews with 5-10 ideal customers asking them these key questions
For simpler questions make FB group Polls where members are ideal clients
Gather all these answers and identify key patterns / repetitions to find the answers to your initial doubts
Adapt your strategy according to these key insights identified
