Market research is an essential and often overlooked tool that can help businesses grow, entrepreneurs thrive, and ideas blossom. It is especially important when you’re about to invest in a new idea. Market research gives you insight into the possibilities of success, risk, reception, and failure. According to Pasquale Minasi, research gives you a solid foundation to build upon and prepares you for any eventualities once you take that road.
Pasquale Minasi is a serial entrepreneur who is the CEO and Founder of BlueMagic Group International, a hair transplant clinic that utilizes the most innovative techniques to deliver results to its clients. Pasquale is also a motivational speaker, angel investor, and property investor. He is dedicated to helping other people through direct and indirect collaborations with charity associations.
According to Pasquale, BlueMagic Group would not be what it is today without conducting thorough market research. He began analyzing the industry to identify what was missing in Istanbul and which gaps he could fill. Through his research, he found that qualified hair transplant clinics in the area were lacking, and those that were available relied on outdated methods to deliver subpar results. Pasquale spent two years working on this, closely evaluating over 100 clinics in Istanbul, and finally figured his perfect entry into the market.
Considering the amount of time Pasquale Minasi spent on market research, he emphasizes the importance of taking your time and studying every aspect. From what he has observed, many entrepreneurs tend to conduct light research, which only gives them surface information that cannot help them in the long run.
Market research has so many benefits. First, you get to establish that you have an audience for your product or service. Next, you need to dig into how to sell to this audience by identifying their pain points. Pasquale has found from his research that only half of the businesses that start make it past the fifth year. A thorough understanding of your audience can help you fine-tune your offerings and stay in the game for the long haul.
Market research also gives you insight into your competition. Figure out what your competitors are doing and what you can do differently. Determine which competitors to watch out for and how you can strategically attract their customers to you by offering a superior product or service.
In addition to understanding your audience and your competition, you also get to know who can help you achieve your goals through market research, as it helps you identify brands and partners with whom you can collaborate.
Starting a business is challenging, but according to Pasquale Minasi, market research is the weapon you need in your arsenal to ensure you have all the information to succeed. Don’t go about investing in any new idea without the information to help you wade through every aspect of the business or venture.
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