Tips & Tricks of the Trade: Market Research
The term “market research” can be intimidating, especially if you’ve never done it and don’t know what it really means. What’s worse, it can be a huge waste of time if you focus your energy on gathering information that doesn’t end up being useful.
In addition to doing a market research project, I recommend business owners keep a folder handy in which to capture bits of information as they come across it on an ongoing basis. It’s a great habit to get into, and will help you keep an eye on trends and stay up-to-date on customer feedback.
Here is a summary of a few kinds of market research you can gather.
- General Industry Information – Take some time to learn about the industry your business will fit into and what companies with a similar product or service are doing both locally and in other regions. The Internet, newspapers and magazines can all be used to begin your market research project.
- Trends & Growth – It’s important to learn about emerging trends, as well as challenges facing your industry. This may include information on pending changes to legislation, recent innovations, market shifts, and financial or economic factors that industry insiders would be aware of.
- Industry Statistics – Statistics are valuable in providing a sense of where your business fits in the big picture. They are great for providing perspective, but will not on their own tell you whether or now, or how, to proceed. They do provide a backdrop to the other research you will gather.
- Interactive Research – This category encompasses many types of primary research, the kind you get yourself. It can include online or written surveys, focus groups, and even verbal questions, such as “How did you hear about us,” at the checkout counter.
Related posts:
Leave a Comment
