Should You Conduct Market Research?
Should you conduct market research? In a word - YES! Your competition uses market research. Here are a few things to remember as you consider the value for your organization.
1. Garbage in/ garbage out - The information you gather from the market research results will only be as good as the information you choose to collect. If you choose to use surveys or sampling with your customers or prospective customers it will be very important that you ask the right questions. You should not have to guess about the results you are looking at in the end.
2. Interviews are very helpful. I have 3 recommendations if you choose to use interviews as a data collection source. a) Ask the right questions b)Make sure you have the right person doing the interview c) How you collect the information is critical. Record or video the interviews to ensure you are not relying on the interviewers memory.
3. Lastly, I would recommend that you measure the types of Market Research tools you will use. Each will net different data for you to review. Change up how you collect information to ensure that people are not completing information without giving you what
I call “valid data”. Valid data as defined by me is information that is current, and based off of their personal experience, not what they heard from someone else 3 years ago.
Methods You Can Use:
1. Online Surveys
2. Focus Groups
3. One on One Interviews
4. Telephone Interviews
5. Surveys
6. Taste Test
7. Product Samples w/Immediate Interviews
All of these methods can be conducted by you or a third party market research company.
Remember that the market reseach tools you choose to use will help to measure how strong your product or services are to your existing customers. They will also measure whether potential customers will choose to use you, your product or service.
Related Stories
POSTED IN: Marketing, Sharpening The Saw
1 opinion for Should You Conduct Market Research?
Marketing YOUrself - Finding Customers
May 12, 2007 at 7:45 am
[…] do you find customers? You must find prospects first. Who are you targeting? Have you done any market research? Who are potential buyers? If you don’t know the answer to that question - go do your […]
Have an opinion? Leave a comment: