Jack’s Empowerment and Inspiration

15. MARKET RESEARCH - redundancy empowerment - empowering redundant workers - empowering redundant staff - empowering redundant employees - making redundancy work for you - is redundancy a dead end? - is redundancy the end of the road? - making the most of redundancy - empowering the redundant worker - Jack Lookman - Rita Nnamani - Olayinka Carew - Jack Lookman Limited - Amebo - Ire o - Ire kabiti - Empowerment and Inspiration - Empowering And Inspiring Generations

Following redundancy, many people wish to start something new, such as a business, a service, or a freelance profession. However, many people make the error of entering the market without a proper grasp of it. Market research is what distinguishes a promising concept from a profitable one. It is the process of learning about your customers, what they need, and how you can better serve them than anyone else. And it's one of the wisest things a laid-off employee can do before starting anything new.

Market research starts with listening. Rather than presuming what people want, you can get information. In the UK, there are numerous free tools and resources available, including government data, internet polls, local business networks, and social media groups. These can help you understand what people are buying, what problems they’re facing, and what trends are emerging. For instance, if you were made redundant from retail, you might discover growing demand for personalised online shopping experiences or small sustainable brands.

There are two forms of market research: primary and secondary. Primary research entails acquiring information by interviewing potential clients, conducting polls, or distributing surveys. Secondary research entails utilising existing data - studies, statistics, and articles that provide insight into your sector. Both are valuable, and when combined, they provide a better understanding of what works.

Market research also prevents you from wasting time and money. Before developing a product, launching a service, or investing in advertising, research allows you to evaluate assumptions. You'll discover which concerns are genuine, which audiences are most receptive, and how much consumers are prepared to spend. Many people skip this stage because they want to "just start." However, good research can shorten your path to success.

In practical terms, market research can be as simple as observing online conversations. What are the folks complaining about? What exactly are they searching for on Google? What are they purchasing more of? Google Trends, Facebook groups, and Reddit communities can provide surprisingly specific information into what's missing from the market. You might learn that people want local services offered with a personal touch, which giant corporations cannot provide. That is your opportunity.