You can only conduct market research with a pre-established, loyal following.

This statement is false. Market research is a crucial step in understanding your target audience and can be conducted at any stage of a business, even before you have any customers or a loyal following. In fact, it's often most effective when done early to inform product development, marketing strategies, and overall business direction. Methods like surveys, interviews, competitive analysis, and demographic research can be used to gather insights about potential customers, their needs, pain points, and preferences, regardless of whether they are already familiar with your brand. Conducting market research only with an existing loyal following would limit your ability to identify new market segments or adapt to changing consumer demands.