One simply does not start any kind of business without conduction a fair share of market research. It’s no different for the showerhead business. One thing to always remember is to never indulge in any kind of business or make any kind of investment without looking into the demand and other business aspects.
Business research means checking for the demand for your product, i.e., check whether or not people even want to buy the product. Imagine spending a fortune buying 500 blankets in bulk to retail sell and then realizing that no one really likes those blankets or people in your area don’t need blankets much. That’s one aspect you should consider.
If your product has some unique feature that you want to coin, you will have to study your market very carefully to cash it. And that’s what market research is all about: Knowing your customers. Here are some key points to remember as the main aspects of market research:
Segmentation and targeting:
Segmentation and marketing mean dividing the prospective customers into groups based on some factors, which may be age, gender, race, religion, etc., and identify the specific group that your product might be willing to cater to.
For example, if you sell beauty products such as lipstick, your target market may be women. Or more precisely: women interested in beautification or salons. Similarly, if you’re selling luxury showerheads, your target market may be wealthy people who are interested in having fancy accessories for their washrooms. But if you’re selling showerheads that are cheap and economical, then your target market would be middle-class people who would just make do with whatever shower is in their washroom.
So your target market depends on your product mainly. You have to identify your target market and proceed with your research from there.
This is a significant step as it helps you determine if there’s a need for your product. Now it’s time to approach the target market and identify a need. This leads to the decision on whether or not a showerhead business is even necessary. You can evaluate the demand by conducting surveys or interviewing people in construction companies and ask questions like (all depending on the type of showerhead you’re selling):
- Do you think people need better shower heads?
- Are people interested in investing in better quality but expensive luxury showerheads?
- How often do people need replacements for showerheads?
- How many people take an interest in making their washrooms fancier?
And many other questions like that depending on the things you want to know. You can also try to identify problems existing with showerheads and try to solve them. For example, you may ask:
- What problems do you face with your current showerhead?
- What would be an ideal shower?
So if a majority population says that their showers rust too fast or get damaged with water, you can solve their problem by supplying or selling a showerhead that is more durable and would not lose its shine and qualities.
Other things covered in market research:
The other things covered in market research for the showerhead business include:
- Pricing trends
- Studying the competition
- Market share etc.