Ventures include Market Research
The time is right for the
entrepreneurial climate to flourish in the Midwest.
Indications are that people are moving to the
center of the nation from the coasts for a better
quality of life. We have the opportunity to meet the
diverse and unique needs of current community
residents and new residents moving to our area. But to
increase the chances of success in a new business
venture, we need to do some market research.
Just because we have a "great idea" does not
necessarily mean it will be profitable. One can take
some steps to determine whether or not a business will
succeed. It does take work, but that's something
Nebraskan's understand. One step is to determine what
the needs are.
A successful business provides solutions to customers'
problems. We are usually asking, "What's in it
for me?" As a business owner you must ask,
"What's in it for them?" What will you do to
make your customer's life easier? Why would they buy
from you rather than a competitor? You must have a
competitive advantage. And you must be able to
communicate that competitive advantage.
In our geographical area, one must consider the number
of customers needed by the business to be profitable.
If you are providing a product or service needed
locally, do you have enough customers? If your market
is not limited to the local area, how will you get the
word out to potential customers?
Determine if you need to adjust or add to your
products or services to meet the needs found in your
market area. REAP future business rewards -- enjoy
success! Note: the Quick Market Survey can be found
following the Roundtable Topic Questions immediately
Roundtable Topic Questions
- Discuss ways you can use this instrument to help
with market research for your business(es). Can
you think of other pertinent questions to add to
- Test the survey instrument on other roundtable
or REAP association members. Make extra copies and
interview potential customers.
- Print a blank survey form to compile and study
Quick Market Research Survey
On printed copy, circle
the appropriate response and write in notes where
Would you be
interested in buying this product or service? - or -
purchasing an item at my store?
Note the following
about your interviewee:
50-65 over 65
Single Couple, no
kids Couple, kids at
home Couple, grown kids
How often would you
purchase my product or service? - or - buy something
at my store?
Weekly Every 3
months Every 6
Where would you most
likely buy a product or service like mine?
home In a
From a business that
What would you be
willing to pay for this product/service?
(If yours is a store with many products, ask what
price range they would expect to pay?)
When would you most
likely purchase from me?
A certain day of the week or
time of day? At certain times
of the month or year?
Why would you buy
If not interested in the product/service, why not?
7. Find me?
Where would you look
to find my product or service?