Friday, 6 March 2015

Market Research

The most common reply I receive to my question of "How did you complete your market research", is to receive a response that makes reference that the friends and family think it is a good idea. Of course they will, as the majority of friends and family members will want to be seen as supporting you. It will take a true friend to tell you 'don't do it' when supported with good reason.

Market research can save you much heartache in the future and even save you huge sums of money.

Effective market research is commonly broken down to Primary and secondary research. So your own specific research could include:
  • Questionnaires
  • Interviews
  • Focus groups
  • Sample distribution 
  • Product tests
  • Test marketing
  • Published information and statistics
  • Observation
  • Mystery shopping
You should also undertake your own competition analysis to see how your competitors approach the market with their product or service. You may have a different approach, but your competitors have started their business, so I suggest you will not have to re-invent the wheel after reviewing your observations.

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