Until you can afford to hire someone to conduct market research for your business, here are some tips that will help you to properly do it yourself.
Begin with the End In Mind
Before beginning any market research you must decide exactly what it is you want to learn about your customers or potential customers. Then, the survey or questionnaire should be designed in such a way as to provide the most detailed answers to those questions as possible.
The length of the market research survey is important. If it’s too short, you will not gather enough needed information. If it’s too long, fewer people are going to complete the entire thing. Always include a few open ended questions.
This means that the person taking the survey will have the chance to answer in their own words rather than having to choose from a list of predetermined answers. This will allow you to get information that otherwise you would miss out on.
Designing a Market Research Survey
Also, be sure that the questions include an answer that would be appropriate for every person taking the survey. For example, one survey included the question “How many nights do you spend in hotels each year?” Here is the list of answer from which the participants could choose: “A) 1-2 B) 3-5 C) 6-10 D) 10+”.
There was no option for “none”. There are thousands of people who never spend the night in a hotel, but because that answer was not an option, it’s likely that those people selected “A”. As a result, the business conducting the survey did not get accurate information.
By including answers that will apply to everyone, your results will be much more accurate.
Market Sampling
Once you have the market research survey, you will need to select a market sample. There are many ways to do this including drawing from a customer list, purchasing a mailing list based on specified demographics or using a random sample.
The type of sample you choose will be based on your needs. Obviously, if you want to learn about your customer service, a random sample will not be appropriate. Instead, you’ll need to use a customer list.
If, on the other hand, you want to learn about how recognizable your business name is to people in a certain geographic area, you would want to use a random sample.
For many industries, useful market research information has already been gathered, the results of which may be available for purchase online.
A simple internet search for ‘pet industry market research’, for example, will provide a good start for finding the information you may need.
Getting Good Market Research Information
Useful market research information can allow you to properly focus your advertising dollars, correct weaknesses in your customer service policies and improve in other areas of your business.
Using proper surveys and other techniques will ensure that you get useful market research information.
Whether you pay for the results of market research that has already been completed or if you do it yourself, consumer market research is not cheap. Be sure that dollars are well-spent by following correct market research techniques.
