Market Research is something that most businesses do when they start up. However, many companies are unaware that market research should be an ongoing part of their strategic plan. Depending on the nature of each business, the market research needs will vary. A seasonal tourism business may need to do market research on a regular basis, while market research needs for a university may be less frequent at every 2-3 years. As each industry evolves, it's important to keep up with the changes and stay innovative.
Market research isn’t something you just do on a one time basis when developing your business plan. It is an ongoing activity that needs to be part of your business development as the market may change over time. Don’t be that business owner who believes they can develop or market a product that everyone will want. You’ll end up wasting money by not targeting the right customer for your product or service.