Conducting market research is critical to the long-term success of a business. Without it, the business owner will not have the necessary information to build a solid business, products and services upon.
Market research allows you to understand your potential customers in all areas of their life; their wants, needs, spending habits, even their emotions. It helps you understand your competition and how you can position your business, products and marketing strategies to give you an edge on the competition.
You wouldn’t buy a car without doing some research first and you shouldn’t try to build a business without it.