101: Market Research
The good news about market research is that it doesn’t have to eat up a huge chunk of your budget and it can help you use your other money — for things like advertising — more effectively. Done correctly, market research can show you how your customers perceive your business or what they would prefer you do in the future.
The following are some things to keep in mind when planning market research:
Check out competitors. You can do this by simply using their services, says an article by organizational development expert Carter McNamara at ManagementHelp.org.
“Go to their location, look around and look at some of their literature,” he advises. “Notice their ads in newsletters and the newspaper. Look at their websites.”
Gathering this information will help you identify needs that are not being met or things that could be done better.
Don’t forget secondary research. This is simply gathering data from organizations such as your local chamber of commerce, trade associations, the library or from the Internet.
“Two good sources to look for: ThomasNet, an online resource that connects industrial buyers and sellers, and the Harris InfoSource All-Industries and Manufacturing Directories,” advises an article at Entrepreneur.com.
Reference librarians can help you find other resources specific to your industry.
Build on what’s there. Instead of making market research a massive, time-consuming project, incorporate it into your every day work life. Restaurants do this all the time when they track the daily specials and how well the dish sold.
“Retailers can use sales receipts, delivery orders and charge slips to identify where customers live, or monitor inventory trends to gauge the popularity of certain product lines,” points out an article at AllBusiness.com.
Building on what’s there can also mean talking directly to your customers to find out what they would like your business to offer or expand upon.
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