In a constantly evolving business environment, being flexible and keeping up with the changes is more important than ever. Circumstances are changing and so are customers expectations. As a business, you need to be prepared to embrace those changes and accommodate the current circumstances.
This is where conducting an adequate market research comes into play.
Watch the video and think of the following:
- What’s the purpose of a market research?
- What are the two questions you have to be clear on for an effective market research?
- What are the parameters you have to decide on?
- How many types of market research are there and what are the differences between them?
- Which method is free? Which method requires the largest investment?
- When would you resort to the services of a professional consultant?
- What does the speaker recommend for best results?
Listen for the missing words:
Congratulations! You’ve decided to try and answer yourbusiness questions with information from your market. It’s not that you don’t trust your, your spouse or your partner. You just feel the questions or issues are important enough toconfirmation from another source, ideally your customers.
Hello! I’m Peggy Collins with How To Conduct Your Own Market Research. To conduct effective market research, it’sthat you determine who your market is and what you want to know. Assuming you’re clear on who and what, you have some decisions to make on how you’re going to obtain the information.
First, you have to decide on some parameteres. How much am I willing to invest? What’s the budget? How quickly do I need the information? What are the? Do I want to do this totally on my own or work with a consultant?
Next, you have to determine the type of research. Secondary research is an investigation into information that is currently available on your specific market. This may include press releases, chamber of commerce data or government statistics, as well as any other publication with information relative to your market. This information is typically free and is a good place to start your investigation.
Syndicated research is a little different. That’s published research reports that are available forpurchase. Syndicated research is good value but the challenge is finding publications that are germaned to your specific market.
An Internet search that includes the topic and term ‘research’ will lead you to sites such as marketresearch.com that provide information on available publications.
Customary or a primary reserach is the ‘big dog’ of research. It allows you tospecific information on your specific market. It is, in effect, everything you need and nothing you don’t want. While custmary research typically requires the largestinvestment, it is often the best value when time and quality of the information are determined. Primary research requires you tothe sample, design the measures, collect the data and analyze the results. Concerning the complexity of the process, it is oftento at least consult with a professional. As a general rule of thumb, regarding research, it may be cheap, fast or good. Unfortunately, only two of the three conditions are realistic and something will be. Wherever possible, I’d reccommend leaving research to the research, for the best data and analysis.
I’m Peggy Collins, wishing you good luck and good business!
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Note:
a) The unidentified word in the English captions (subtitles) at 1:26-1:27 is ‘germaned’
b) Think of the expression ‘the big dog’? What do you think it means?