Friday, June 1, 2012

3 Types of Market Research

You may ask... Is it really Necessary? How important is market research for my business?
To answer your question, doing so can actually confirm if the business is profitable or not. Since everyone has different tastes and preferences, each of us having our own reasons and logic on whether or not we should buy or avail of a product and or service, this research will give you information on what your potential market prefers to buy and how you can adjust your business to meet the demand. Your market research will help you identify if there is a "Real Market" who will demand and will buy your product or service, it enables you to know what people really want so that you would know what to change or how to innovate your product in order to meet their preferences and ensure that there will be a continuous demand from the market. It gives you information on who the current supplier is, who your competitors are, what their prices are, how they promote their products and services and what they do to continue gaining the trust of their valued customers. This information that you will get from the research will help you identify what will make you different, unique and become the "apple of the eye" of your customers.
There are various ways to conduct market research for your business. The type of research you should do for your business should greatly depend on the type of market you are going after.
1. Survey - The most commonly used way to do market research is through surveys, this type of survey is popular because it is cheap and can easily be conducted by individuals and companies to ask questions from their respondents. Doing so can generate quick and statistical answers from your potential market. However, in this type of research, you should be very careful with the questions you ask because they may raise biased answers and may result to imprecise results.
2. Formal or written research - This research is done basically by gathering information through written mediums such as newspapers, articles, journals, books, etc. This type of research is good because you can find and get information and opinions with basis. Unfortunately, this type of market research is not really specific, since what you see is what you get, the answers won't be any more specific or you cannot get further answers.
3. Online research - This type of research is more and more becoming popular and can easily be conducted by anyone. There are various ways to do this, you can start with social media sites such as Twitter or Facebook where you can discuss potential products, asks questions and concerns from your customers and conduct online polls where you ask a question and give your customers the option to choose a given answer. This can greatly give you ideas on what your customers prefer or what your customers would like to see more in your upcoming products. Another way of online research is through Google's Keyword Tool. Just search for it in your search engine by typing "Google Keyword Tool", you will be able to immediately generate results by typing in keywords that are relative to your business and see if there is a good number of people searching for your product or service. You can try various keywords, re-arrange them and see whether or not the market is large enough for you to get a share against competitors.
Business involves planning, and those who achieve success never lay back. They devote time, effort, patience, and their passion to achieve it. Always remember...
Due Diligence is the key to a successful start up!
Caroline Marsh is a highly successful motivational business speaker, business mentor, and is one of Britain's leading female property investors. After being part of Channel 4's 'Secret Millionaire', Caroline became dedicated to live life with a purpose and her purpose is to inspire, empower and help aspiring entrepreneurs as well as professionals using her very own success strategies. Sign up and download a free copy of her "Concept to Cash - The 7 Secrets of Success Blueprint" to discover how you can guarantee your success and financial future

1 comment:

  1. I found this blog very informative and I would like to see some more blogs on this topic.
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