4 Questions To Ask Yourself When Starting Market Research

Market ResearchI am a big promoter of market research in all forms and in all types of businesses.  Research can help in start-ups, small companies and large Fortune 500 type companies.  Although I am a big proponent of using market research, I am a bigger proponent of using market research wisely.

Why?  Because I have seen money wasted in the name of market research when the company did not know what they were truly trying to understand.

Here are 4 tips to think about when starting about market research in your business.

  1. What do I want to accomplish?  I know this seems logical.  However, I have seen people do something they think they wanted to know and at the end of the day, the research did not really answer their core question.  A simple question gets turned into a massive project and the focus gets put onto the project and all the grandiose ideas.  Sometimes, simple is better.
  2. Why do I want to do market research?  Research for research sake is not a good idea.  However, understanding the why is important.  Is it because of something you are committed to do and understand?  Is it something someone from some corporate office is telling you need to do it even if you do not want to.  Understanding why you are doing the project will provide some insight into your commitment to the project and its results.
  3. Is there a different approach to accomplish what I want to know?  Even though I am a proponent of market research, doing a formal project may not be the best use of resources, money, and time.
  4. What type of research will accomplish my goals?  Primary or secondary research?  Qualitative or quantitative research?  Answer these questions and you can set up the correct format you need to accomplish your goals.

Answering these questions will allow you to set the foundation for successful market research.  I would recommend not to just quickly answer them.  Take the time to really think these out.  The better you do this forethought the better the project will be.

How do you think you can use these questions before your next market research?

–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 “The Rhino Crash Blog…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 jnolfo@rhinomarketresearch.com.

About J. Nolfo
Well...there is a lot to know. #Cx, #Analytics, #SM, Specialty #AgChem, #StL sports, & more. FT @BASFAgProducts. @Mizzou Alum. Supporter of the #Rhino. Tweets my own. #SMMW17 attendee....Dad...Hiker...Scouter...and so much more.

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