ARE YOU PLANNING TO SET UP A NEW BUSINESS WITHOUT KNOWING THE MARKET_
                     ARE YOU PLANNING TO 
SET UP A NEW BUSINESS 
WITHOUT KNOWING THE 
MARKET?
centurionconsulting.ae
Know your market
● 80% of new startup businesses generally exit because 
of poor market research. The thumb rule – prior to a 
starting a new business, always do your market 
research.
● Imagine going for an examination without studying. 
Why would you want to increase your chances of 
failure?
● This same rule applies when you think of setting up a 
new business.
Understand your Market
Ready set up something new in the market? Great idea ! 
Because you know you will stand out. 
When stepping in a competitive market, you should be aware of 
the market well enough. 
Conducting a market research isn’t difficult but having a 
professional marketing research company will always help. The 
next slides will guide you on your market research journey.
Know your audience
● Knowing your audience is one of the most crucial 
criteria of market research. 
● Knowing the needs that exist and mindset of the 
audience towards a product/service is critical too. 
● Finding your potential audiences like, dislikes and 
competitor preferences is beneficial to pricing and 
product offering. 
Dig into Competition
● Competition is the spice of the market. 
● Before starting up your new business make sure 
you study about who is your direct or indirect 
competition. 
● Know the threats you might face from 
competition, know their strengths and weakness.
● Preparing yourself to outdo the competition is 
one of the main reasons to conduct a market 
research study.
The Magic of Selling
● Having the same product/service is absolutely 
fine in a competitive market. What is your 
differentiator?
● How to make your product / service more 
attractive
● How will you sell it better than what already 
exists. 
● What is your USP (Unique Selling Point) against 
the competition that will get you customers. 
● And to identify the same, you can contact a 
marketing and branding consultant to guide you.
➔ 50% of new businesses fail to succeed 
because they find it difficult to cope 
up with the market.
➔ Polish your marketing skills and work 
towards optimum customer 
satisfaction.
Final Word
● Studying the market needs before launching your 
product/services is the key to success. 
● People, in excitement tend to forget this key point 
that leads to 50% out of 80% business not 
succeeding. 
● If you are in UAE you should not shy away from 
exploring the services offered by a 
market research company in dubai.
Read more about - 
HOW TO CONDUCT MARKET RESEARCH TO SET UP A SUCCES
SFUL NEW BUSINESS
Thank you 
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