Do-it-yourself market research
Posted: Mon Jan 06, 2025 6:39 am
Doing your own market research is not difficult, although it can be time consuming.
If you own a small business, you are probably informally researching your markets on an ongoing basis.
Every time you talk to a customer about what they want or talk to a supplier or sales representative, you are doing marketing research .
But more formal market research is also needed to keep your business vital and growing.
Where the two types of data sources and the three areas of research that are important for any business are shown.
You must collect information from and about your customers to focus your marketing efforts, maintain and improve your customer service, and to guide your efforts in developing new products and/or services.
As for the grid, the information you gather about your competitors qatar phone number can help you determine what works and what didn't, give you ideas for improving your products and/or services, and provide insights into how to increase or change your market share. I invite you to read: The importance of data generation for research .
The environmental section refers to those economic, social and political forces that shape the business. Gathering information about the environment allows you to be aware of and respond to particular trends or events that impact your small business.
Whether it's an expected drop in interest rates or the closure of a local factory, you need to be aware of it and judge the ripple effect it can have on your business, for better or worse.
Think of secondary data sources as market research data that has been collected by someone else. Telephone directories, government publications, and sources such as the Department of Commerce, trade magazines, and surveys conducted by other companies are all examples of information that you have collected, and that you can use to determine what your customers want, what your competition has done, and what the environment is like.
Market Research Basics
Primary sources provide first-hand information. When you survey your customers or question your competitors, you are gathering information directly from the source.
While this type of market research data can be the most expensive and time-consuming to collect, it can also be the most valuable, as it is the most current and the most specific. Discover the true value of market research .
Is the business idea viable?
The first step in market research is to frame the question or questions you want answers to.
Let's say, for example, that you have a successful retail business selling window coverings (blinds, awnings, and curtains). You might consider whether you can add a drapery cleaning service. So, the market research question is, is a drapery cleaning service viable?
Through monitoring business trends (reading as many online, print, newspaper, and business-related trade articles as possible) , I know that consumers are increasingly concerned about recycling and reusing.
If you own a small business, you are probably informally researching your markets on an ongoing basis.
Every time you talk to a customer about what they want or talk to a supplier or sales representative, you are doing marketing research .
But more formal market research is also needed to keep your business vital and growing.
Where the two types of data sources and the three areas of research that are important for any business are shown.
You must collect information from and about your customers to focus your marketing efforts, maintain and improve your customer service, and to guide your efforts in developing new products and/or services.
As for the grid, the information you gather about your competitors qatar phone number can help you determine what works and what didn't, give you ideas for improving your products and/or services, and provide insights into how to increase or change your market share. I invite you to read: The importance of data generation for research .
The environmental section refers to those economic, social and political forces that shape the business. Gathering information about the environment allows you to be aware of and respond to particular trends or events that impact your small business.
Whether it's an expected drop in interest rates or the closure of a local factory, you need to be aware of it and judge the ripple effect it can have on your business, for better or worse.
Think of secondary data sources as market research data that has been collected by someone else. Telephone directories, government publications, and sources such as the Department of Commerce, trade magazines, and surveys conducted by other companies are all examples of information that you have collected, and that you can use to determine what your customers want, what your competition has done, and what the environment is like.
Market Research Basics
Primary sources provide first-hand information. When you survey your customers or question your competitors, you are gathering information directly from the source.
While this type of market research data can be the most expensive and time-consuming to collect, it can also be the most valuable, as it is the most current and the most specific. Discover the true value of market research .
Is the business idea viable?
The first step in market research is to frame the question or questions you want answers to.
Let's say, for example, that you have a successful retail business selling window coverings (blinds, awnings, and curtains). You might consider whether you can add a drapery cleaning service. So, the market research question is, is a drapery cleaning service viable?
Through monitoring business trends (reading as many online, print, newspaper, and business-related trade articles as possible) , I know that consumers are increasingly concerned about recycling and reusing.