Using Market Research In Your Business Planning
May 14, 2012 1 Comment
Over the past two weeks, I have had the opportunity to work with a group of guys that I hope I taught them in a role of a teacher/instructor, as they taught me. The basis of the class was developing ideas for starting businesses without a lot money. Although we talked about a number of different business ideas, we also talked a lot about business theory.
Within the discussions of theory, we talked a lot about doing a business plan. Many businesses start a business without a written business plan. Within that plan, the marketing plan is a critical component. No matter how good your product and your service, the business cannot succeed without effective marketing, which begins with careful, systematic research. It is very dangerous to assume that you already know everything about your intended market.
You need to do market research to make sure you and your business is on track. One of the things to keep in mind about your marketing plan is to be as specific as possible. Be sure when doing your primary and secondary research that you give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all-important sales projection. You can do market research to understand a number of aspects of your business. These include:
- Developing and defining your customer profile
- Competitive Analysis
- Focus Group Development, Moderation, and Analysis for Marketing & Logos
- Understanding the feasibility of a new product or service
- Promotional and advertising development
Regardless of why you do market research, just doing it properly will help provide you a better focus for your business.
How have you used market research to improve your business or the businesses you have worked for?
–J. Nolfo helps companies understand their market and customers though a variety of market research strategies. He has over ten years of experience of market research for strategic planning purposes. He is the Director of Research at Rhino Market Research. He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“. If you would like to discuss this blog or how J. can help you understand your market and customer needs, email him at firstname.lastname@example.org.