subject: How To Apply Market Research To Advance Your Business Successfully [print this page] Congratulations on coming up with a fantastic idea for your business, having developed the nucleus of an idea in your mind so that you can project how you would monetise it, even though you are not 100% sure yet about all of the consequences. As such, you need to do some market research. Market research should indeed be part of everyone's business plan today, as you gather all the information to give you the best ammunition to make the right decisions for your future.
There are a number of different ways that you can gather your market research, but you first have to answer some searching questions. A number of different parameters will define your overall marketing approach and this will help you to determine how you are going to go about your consumer research in the most cost effective and timely manner.
Don't forget that every time you interact with a client or prospect you present yourself the opportunity to conduct market research and you should always remember this as you structure your formal market research approach. There is no such thing as too much information and whether you get a positive or negative response to your questions, it should all be factored into your final judgement.
Determine your restrictions before you begin your market research. For example, what are your geographic limitations, what is your overall budget, is there any limitation on the volume of sales that you can handle, what method of distribution will you offer, etc. Once you know what your limitations are you can conduct your consumer research to help you formalise a strategy.
Cast your net wide when you are gathering your intelligence. Look at your competitors to see what they are doing. Consult your local chambers of commerce, trade associations or other organisations that are relevant. This is essentially known as secondary research and may not be as focused as you would like.
Primary consumer research involves the gathering of information through surveys, one on one interviews, focus groups, or field trials. At the most focused end of the scale person-to-person service can provide you with the strongest data, although these can be expensive propositions due to the amount of time involved. Many organisations choose to opt for telephone or mail surveys, but the response rates are much lower. However, given an adequate sampling size you might find that these represent some of the most cost effective ways for you to gather the information that you need to base your decision upon.
In specific business areas market reports can provide an unparalleled insight into the niche itself. These reports are put together using information from experts in the field. They are often used by decision-makers at all levels due to the stringent methods used to gather the data and present it accordingly.
As all the experts say, information is power. You should ensure that your process of gathering market and consumer research is ongoing and constant. An organisation that is not actively gathering such data is, after all, effectively moving backward.
