 Market research is an essential component of every business, especially when you're first getting started, but also as you continue throughout the business. Now, when people think of market research, they think of big corporations doing surveys, calling people on the phone, going out social media polls, all that kind of stuff. Market research does not have to be complicated and it doesn't really have to take you a lot of time. One of the great things about social media is that you can go out and poll people and you might not get a lot of answers at first, but you will get some answers. Really what you're doing with market research is you're just trying to answer the question, do people want what I'm offering and are they willing to pay for what I'm offering? You don't have to get complicated with surveys, you don't have to go poll a lot of people, but one of the best things you can do is when you are starting a business or even if your business has been going for a few years, go ask, the recommendation is usually go ask 100 people, hey, is this something you'd want and something you'd pay for? And if you get even 10 or 15 people, you've probably got a pretty good idea and you know that your market is there. But as we've talked about in other videos, we need to make sure that we're offering new products, new services, to attract more of a customer base if we wanna grow our business and to retain that customer base with new things that they need that help them in their lives. And so market research is really important, asking them what other problems can we help them solve? What other problems do they need help with and what would we like them to do for us in addition to what we've done for them in the past? Bottom line, market research doesn't need to be complicated, it doesn't need to be expensive and a lot of cases it can be free if you are just going out and talking to people whether that's in person or digitally, you can really learn a lot by just asking the right questions of a random group of people when you have the opportunity.