What do the consumers want?

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The Rural Alberta Business Centre (RABC) is hosting a seminar in market research this Thursday at the Cold Lake office. Small Business Advisor, Kathryn Hotte, the first step to opening a business or selling a product is discovering if the consumers want.

“Really successful businesses have that knowledge of their products and their competitor,” Hotte says the RABC has invited an expert, Kari Morton, from Business Link to facilitate the workshop. “It’s like the homework that you have to do, before you start a business. Just because it’s a great idea, is there a need?” That’s where the market research comes in and it gives you information on the people, that you hope to sell to, will react to your products and services.

“Market research can help you understand your customers and their preferences. One thing we say, right away, ‘is who is your client?’ You have to know who they are.,” understanding your demographic can open opportunities to grow, says Hotte. “You also want to recognize the trends that are out there and plan for any industry or economic shift that happen to be out there.”

You should also identify who your competitors are, explains Hotte, “get information on how they operate and how you compare to them.”

It’s not only new businesses that can benefit from the workshop, “if you’re an existing business and you’ve never done market research, you can probably benefit. This is the time to come in and learn. You can always diversify your business and grow.” The RABC partners with Business Link Edmonton to bring in the workshop, with Kari Morton facilitating. If you would like to register, please contact the RABC before Tuesday at 4:30 pm, at 780-594-1090.