Market research and documentation are essential for new businesses to enter the market successfully. It involves analyzing industry statistics, understanding competitors, and gathering customer feedback to improve products and strategies. Proper documentation throughout this process ensures a solid market plan and aids in future references.

1. Market Research and Documentation-An ImportantAspect of Business
Development
A new business that has ventured into unknown waters has an infinite option to exploring
the possibilities and opportunities it brings along. By now, you are well aware of your
market competitors and what your products are, but where does it all begin? How do you
step into the market once the conception phase is over? Many small business enterprises
make the mistake of getting into the race of finding investors even before having a solid and
concrete market plan. This leads to over-exaggerated goals, unmanageable targets and an
end result of totalfailure.
A new business venture should always begin with a Documented Market and Product
Research. With this documentation, you not only have a plan on paper, but the backing of a
well- studied market into which you aretreading.
What is Market and ProductResearch?
Market research is the process of analyzing statistics and facts about a particular cluster of
industry/services or products. With the raise of service delivery businesses all around the
world, the competition to be ‘best among the rest’ has definitely gone up by a zillion points!
With this exponential growth, the need to improve one’s product and be one step ahead
from your competitors is the needof the hour.

2. When isa Market/Product Researchused?
 When you are anew business, or are venturing into anew segment of the market
with your existingproduct.
 When you need to make changesin your product according to customer feedback
and interactions.
 When your current marketing plan is not working and you need afreshapproach.
 Toidentify new opportunities in the existingmarket.
How isthis researchimplemented?
 R&D: By far, research and development is considered the heart and soul of any
business venture. With R&D, a business brings innovation on the table. An R&D team
not only works on the currentfactorsinvolvedbut the futureof the product as well.
 Analyze your competitors: Thebest place to invest in your businessisto analyze
your competition, their strengths and weaknesses are the main factors which can
determine the rise or fall of your own product. By documenting their growth and
innovation, not only do we get insights on how our product will fair, but also be able
to do beyondthem.
 Know your customer’sneeds: With market research, we are madeaware of where
our products or our competitor’s products lack. Byconducting feedback surveys and
making the required changes or addition in our products, we help raise the bar of
successfor our competitors.
 Build your brand: On the basis of changes made using above methods, you can easily
build your brand with a better product which is of necessity in the market. The fact
that you are doing what others are missing, i.e. research and customer satisfaction is
another feather in yourhat!
 Documentation: Lastbut not the least, documentation at every step of this process
is crucial. With documentation, you have a solid proof of every research outputs and
modifications made to make your product profitable in the market. Documentation
helps in sharing insights with other people involved, like stakeholders, various
audiences and your overall business group. With proper documentation, you can go
back to it for anyclarifications or referencesanytime in future.
Conclusion: We now know that Market and Product Research is an integral part for the
success of any Business. With our Research Services at Outsource Dataworks, we can
help you conquer these obstacles by making sure you have a well-researched and
documented Market and Product plan ready on time. To know more about the services
we offer to make your lives easy, contactustoday!
For more clarification sendmail inquiry to sales@outsourcedataworks.com