|
Why_Researching_Your_Market_Can_Pay_Big_Dividends
| Why Researching Your Market Can Pay Big Dividends
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.
About the author:
Get Your 100% FREE mini-course "17 Powerful Secrets That Have
Made Business Owners Into Millionaires." 100% FREE! Simply send
a blank email to: instantsellbusiness@ReportsNetwork.com
|
|
| |
| |
