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One of the major reasons why people lose their finances and capital during the starting phase of their business is because they do not undergo market survey before establishing their business. It is worthy to note that market is determined by customers' preferences and this is what you should be concerned about. Obviously, you are meant to give your potential customers what they want so as to secure their patronages, because they are the main reason you established the business in the first place. So do not assume you know what they want, do a survey to discover it yourself - this is part of the research you are meant to undertake before starting a business.

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Market research should include "What." You have to get an idea of what your targeted customers might need before you go into business, not just starting because someone somewhere is doing something similar. You first need to map out your targeted customers and then research on what they will want. The story of a particular milk company in the place where I grew up explains this. When they came into market, what they did was to observe the market and they discovered that that locality had people living below the average income. So instead of introducing the milk they had, they produced the ones in smaller sachets.

Even when some other milk companies tried to criticise them because they were making milk for "poor" people, they were already gaining the market because the populace loved the smaller sachets as they are affordable. At the end of the day, the new milk company took over the entire market so much that the other milk companies had to introduce their own sachet milk just to survive the competition that has been created by the new milk company. You see, the new company knew rightly what the people would want and they went by it and it was a major boom for their business. If they had not undergone market survey, they would not have known what the people want.

Another point you have to consider in your market survey is "where." A friend of mine shared an experience about the business he started. He went for a vacation to his auntie's place who is into fishpond business. His auntie has made so much from the business because she was the only person in the line of business in that area and the place is a dry location without a nearby body of water. She utilized an artificial water management system to get water for the pond and it was what gave her the edge. Within just 2 years of establishing the first pond, she established a few other ponds from the proceeds of the first one.

When my friend came back from vacation, he decided to go into fishpond business because of what he saw with his auntie's business. However, what he did not put into consideration is the fact that location played a very vital role in the success of his auntie's business. On the other hand, he lives around a riverine place where almost everyone is a fisherman, so fish was readily available even at a giveaway price. He started the business and sank in some money into it, but at the end of the day, the cost of raising fish in the pond was far more than fishing from the nearby rivers. So it affected his own price, because he tried to sell above his production price, at least to make gains.

When his price became higher than what was applicable in the local market, he did not get patronage. Of course, people would always go for a lower price. So in order to sell off the fish, he had to go below production price and he ended up making incredible amount of losses. At that point, I understood that market survey should put into consideration the best available location for the business. Businesses can thrive well in certain locations and may not in other locations, so you have to do an indepth research on where to situate your business.

<center>![white-board-593309__480.jpg](https://cdn.steemitimages.com/DQmY1Bk5ddCVGJA6MihXjegpMjdZ9CTmKxsSiguu2ZjLT4V/white-board-593309__480.jpg)</center>

<center><sub>Image from [Pixabay](https://pixabay.com/photos/white-board-startup-start-up-593309)</sub></center>

Finally, your market survey should include the right marketing tools to use for your business. As potent as your business may be, people need to know about it in order to secure their patronages. Good at thing, there are many technologies that are already available to aid with marketing of products and services. For example, we have the social media technologies (Facebook, Twitter, Instagram, etc), website advertisements, search engine optimisation, television and radio broadcast, and a whole lot of other options. By observing your targeted audience, you will known what marketing too will be most effective to get across to them.

***Thanks for reading***

<div class=phishy>Peace on y'all</div>

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