In today’s highly competitive world, starting a new business can be daunting. However, with the right strategies in place, it can also pave the way for an exciting and profitable venture. One of the most important steps in starting a new business is conducting thorough market research. This allows you to understand your target customers, your competition, and the industry landscape. Edgard Corona, CEO of SmartFit, offers some insights on how you can succeed by doing extensive market research.
Identify Your Target Customers
Conducting market research helps you determine the demographics, behaviors, and preferences of your target customers. This information helps you fine-tune your marketing strategies, product designs, and customer service to address their specific needs. By understanding your target customers in-depth, you can create marketing messages that resonate with them and develop products that meet their demands. Edgard Corona, for instance, conducted extensive research to understand the Brazilian population’s fitness habits and found that the majority preferred low-cost, high-quality gyms. As a result, the company built over 800 gym locations across Brazil, making it the largest gym chain in the country.
Understand Your Competition
Knowing who your competitors are and how they operate can help create a unique selling point that sets your business apart. Conducting market research allows you to identify your top competitors, their strengths and weaknesses, and how they market themselves. Through the leadership of Edgard Corona SmartFit analyzed the Brazilian fitness market and found that while there were several established gym chains, there was a gap for affordable gyms. The company leveraged this information to offer low-cost but high-quality gyms, allowing it to capture a significant share of the market.
Conducting market research is a critical step in the success of your business. It helps you identify your target customers, understand your competition, spot industry trends, and mitigate risks. Edgard Corona, the CEO of SmartFit, is a great example of how market research can drive a company’s success. By analyzing the Brazilian fitness industry, Smart Fit identified gaps in the market, offered affordable but high-quality gyms, and eventually became Brazil’s largest gym chain.