How do you complete your Market Research?

The most common reply I receive to my question of “How do you complete your market research”, is to receive a response that makes reference to the friends and family, plus maybe some close associates, that think it is a good idea.

Of course many of them will, as the majority of friends and family members will want to be seen as supporting you and see good for you. It will take a true friend to tell you ‘don’t do it’ if they truly think so and will also back their view with good reason.

Market research can save you so much heartache in the future and even save you huge sums of money.

Yes, it is about the collation of data, but the important thing is the right data, not any data.

Effective research is invaluble during times when you are reflecting on your offering and how to position your value proposition (or USP).

Question and doubt - Entrepreneurs Mentor

What does Market Research include?

Effective market research is commonly broken down to Primary and Secondary research. So your own specific research could include:

  • Questionnaires
  • Interviews
  • Focus groups
  • Sample distribution 
  • Product tests
  • Test marketing
  • Published information and statistics
  • Observation
  • Mystery shopping

As part of your overall research, you should also undertake your own competition analysis to see how your competitors approach the market with their product or service. You may have a different approach, but your competitors have started their business, so I suggest you will not have to re-invent the wheel after reviewing your observations.

Ensure that you undertake your research with those that you consider to be your “ideal customers”, those that you want to pull towards you with interest. During your effective research, you will establish whether they like your idea, product or service, whether they would be willing to pay for it and at the same time learn more about how you can position your solution to address their pain or problem.

From my experience, I also find that businesses will win customers when they target their ideal customer market, because it is not a sales call, but you are still raising awareness of your offering.

Like me, I am sure you will also find people willing to help you with your research, so please don’t fear making contact for research purposes.

Make your market research effective and you will improve the speed and effectiveness to which you enter the market or pull those ideal customers towards you.

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