While it takes time to set up your market research question and prepare your research correctly it doesn’t have to be hard to set up the research itself. Some research is accomplished by using available data. As long as it fits your research question there is no reason to dismiss information that is already out there. Surveying customers is also relatively simple as long as the questions are set up correctly (a discussion for another day). We will go over these methods of gathering information and hopefully this infographic will get you thinking about what information you might need to answer your research problem.
The biggest problem I see with folk doing their own market research is they don’t clearly define the question they want to be answered. Usually, people skip right to the survey or questionnaire and miss the point of market research, to find the answer to a specific question. Occasionally you can answer more than one question but I never advise it. Focusing on the core question is the best way to get a good result from your efforts. Defining that question takes time and effort and seeing how much it will cost you to do the research (in time or money) getting the question right is crucial. Here is an infographic to serve as a guide to defining your market research problem.
In case you didn’t know, the answer is yes and it doesn’t matter what industry you are in. Market Research is a daunting prospect especially for small business owners but I will be showing you this week how you can do it yourself without breaking the bank. Of course, it’s easier to hire someone and if you have the funds I think it’s a good idea. After working with market research for 2 years I realized how in depth it can get and the experts will always get you better results but that’s no reason to skip it if you don’t have the money. A middle ground is to have a coach helping you out, making sure you aren’t missing any big steps and that your research is designed properly. Feel free to contact me if that is the direction you decide to go. Meanwhile, here is an infographic about why you should be doing market research.