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7 Essentials To Researching Your Market
By Noel Peebles
http://www.instantsellbusiness.com
Over
the years I have seen a lot of companies waste a lot of money on market
research. In many cases they commissioned the research simply because they
had allocated a budget for it.
In some cases they didn't even know
why they were doing the research, but just wanted to know more about the
market. In other cases management could have saved the company a lot of
money by just listening to the feedback from the frontline sales
reps.
In other instances the company initiating the research failed to ask
the right questions or the research was done to postpone a decision rather
than to assist in decision-making.
Market research can be an
extremely valuable tool when used wisely and it doesn't always need to
cost the earth. For example, you could send out a questionnaire to existing
customers with your monthly accounts. Telephone surveys can be
reasonably inexpensive and students are often keen to do this kind of
work.
Even an old-fashioned suggestion box can sometimes yield some
valuable information.
The important questions to ask yourself before
undertaking any research are:
1. What do I want to know?
2. Why do
I need this information?
3. What decisions will I take once I've got
it?
Answering these three vital questions will lead to ACTIONABLE
RESEARCH rather than research that tells you lots of "fascinating" facts but
doesn't help you make any decisions.
If you decide to contract
someone else to do the research for you, then it is important to brief
them thoroughly.
Here are some briefing guidelines -
1.
Clearly state the research objectives.
What is it that you want to
know?
2. Supply background information.
What is the history of the
market? Define the problem to be solved or the reason for the
research.
3. Set action standards for the research.
What decision
will you take once you have the answers? For example - "We will use this
research to help us target our advertising more
effectively."
4. Decide who it is you are researching.
eg. Former
customers, existing customers, people living in a certain suburb, people
of a certain age group or whatever.
How would you define the
group?
5. Decide what information you are seeking.
Considering the
set objectives, what areas need to be investigated?
6. How about
timing?
Does anything need to be taken into consideration regarding the
timing of the research? For example, the results might differ before and
after an advertising campaign.
When are the research findings needed
by?
Are there any information priorities?
7. Consider what
research method would best
suit your needs and budget. There is no point
in using the cheapest method of researching the market if it fails give
you accurate results. For example, a written questionnaire sent out with
your accounts is likely to generate a different response than might be
expected from a focus group.
Decide what methodology best suits your
needs.
© Noel Peebles, Market Leaders ebooks.
http://www.instantsellbusiness.com
http://www.instantsellhome.com
http://www.homebizideasgoldmine.com
http://www.marketleadersltd.com
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