You’ve probably heard this 10 million times that in whatever endeavor or venture you embark on, you have to do your market research first.
But Why Though??
Well to start off with, market research has always been an integral key component of setting and running a business smoothly.
Never! in the history of entrepreneurship, has there ever been a business that succeeded without doing a thorough market research of their audience, products or services.
Now the 100 thousand trillion rand question, “what is a market research??”….
Well to put it simply, a market research is a way in which entrepreneurs can keep up with trends that are currently in usage in the market.
Now its important to mention that market research varies greatly depending on the nature of the industry. For instance, doing market research in tech will differ from research in retail or fashion.
Below is 4 entrepreneurs who saw the importance of doing research before going all out on their ventures.
Before releasing Bathu for the world to digest, Theo Baloyi drove through an 18 months journey of market research, testing over 20 shoe samples and only became satisfied with the 21st version of the shoe.
He launched Bathu in 2015 and sold only 100 pairs but as the years went by, the numbers increased exponentially.
02. Skyrule Drinks
While in the UK, Sammy Mhaule a lightbulb moment walking in the beverage aisle, he noticed there weren’t any sparkling juices with atleast 2 different flavors blended together.
Afterwards, he spent a total of 18 months doing research and gathering the right information on how to blend the right flavors drinks together.
He returned to South Africa and officially launched Skyrule in 2014, selling his house and car to kick start the business.
As of 2021,Skyrule supplies most major retailers in the country and abroad.
While in the US on a work trip, Katlego Maphai got a life shifting moment, he was out on lunch with a friend at a BBQ eatery in San Francisco.
When it was time to pay, he noticed the waiter pulling out a phone which he then plugged into a square meter reader and from the on, his friend signed with a finger to pay.
After witnessing what he deemed revolutionary, Katlego made it his mission to bring that same technology to South Africa.
For a full 2 years, Katlego alongside Carl Wazen, Bradley Wattrus and Lungisa Matshoba, conducted a market research and officially launched Yoco in 2014.
After the first 3 Checkers stores failed, Raymond Akerman asked the Greatermans board to let him got to America to study how they ran their supermarkets.
When he got to America, Akerman took on a hands on approach by working in every area of the supermarket operation including bakery, frozen foods, butchery and the others.
When he returned after 6 months, Akerman was fully equipped with the know-how to run a supermarket and took Checkers from just 5 stores in 1960 to more than 75 in 1965.
Those examples above aren’t about how successful those ventures are but rather, is to show that a thorough market research was done to ensure the right product or service was brought to the table.
Do your market research, however cliché it may sound, JUST DO IT!