2. Research

Research begins by asking a question. Different methods are used to get information. The fun part is seeing the results. Sometimes the answer is just what you expected. Sometimes the results will surprise you!

Honestly, have you done your research?

searchHow you look for information depends on what you want to know. A good way to research a market is to go shopping online and in person. Pretend to be a customer, look for the products and services you offer. Learn about your competition & potential customers.

For charities,  research is about the cause. Is there a real need, and can it be measured in some way? For example, it’s not enough to say ‘polar bears are disappearing’ — statistics will make the case.

Market research is a science, a fine art, and big business. A professional market researcher combines the brains of a mathematician with a psychologist’s understanding of human nature. Corporations pay millions to find creative ways to grab your attention.


Who are your competitors?
 
Do other companies in your area sell similar products or services as you?
 
Are you providing basic goods that everyone needs or exclusive luxury items?
 
Are your prices higher or lower than your competitors, or somewhere in the middle?
 
How are you special and different? What makes you unique in your market?
 
Is there enough demand to support another business of this type in your area?

 
You can do some grassroots research without a big budget. Do a Google search for your products or services. Ask your customers for information & suggestions. Your employees are a great resource, ask for their ideas. Don’t be shy, go visit your competitors too.

I can research your products, services, and competitors. I know enough about market research to find existing studies, analyse data, and summarize the results. Major studies are published online, find examples at Statistics Canada.

If you really want to conduct a study, you’ll need to muster your troops and wear comfortable shoes! I can design surveys, focus groups, and test markets.  You might need to hire a market research company if you’re applying for grants or loans.

 

Ask me if you need help to research your market.
Marquee Powered By Know How Media.