The Value of Market Research

ValueOn a recent blog post, I had a reader comment that they appreciated the post and the tips I provided, but they did not see the value of market research.  This was driven by the fact, as the reader put it, that market research is expensive.  For those of you who are reading this that are in the market research industry, I am sure you have heard this time and time again.  For those readers not withing the industry, you may even be thinking this. Read more of this post

Advertisements

How To Do Comparative Market Research

ComparingWhen meeting with business owners, there are two questions I ask of them.  The first one is who their best customers are (their target market).  The other question I ask is who they think their competition is.

Many times I get vague answers to who their competition is.  I feel like the reason this happens is because they are unsure of the word “competition” in relation of their business.  According to dictionary.com, the best definition in regards to business, competition is “the rivalry offered by a competitor (opponent)”.  Based on this, if your potential target market could go to some other business, hey are your competitor.

Here are some things I would recommend in order to develop and implement a good competitive analysis for your business.

Read more of this post

Why you should do market research before you start your business.

I grow my business through networking. It is a requirement for me to be successful as there is not a lot of people Google-ing “market research Raleigh” in a given month (I’ve checked it and it’s only about 150 per month).

During the networking opportunities with those with complementary businesses, I get often get the question of “What is your ideal client?” I typically smile at this because, unfortunately in my mind, they are not out there. However, I did meet one last week. My ideal client is someone wanting to start a new business and wanting to do it right. “Right” is doing research immediately after concept but before doing anything else. The below is a great representation.

Concept Implementation Model
Many new business owners and entrepreneurs do not do any market research. They are tacticians. In other words, they are good at what they do, whether it is running a restaurant, building homes, or developing the latest tech widget.

The idea of doing market research at the beginning of the process can help confirm or refocus

  • You beliefs about your concept
  • Your intended target market
  • Your marketing/advertising program

Have you ever done market research before you started an idea or business? If you did not and did some afterwards, did you wish you had?

–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 jnolfo@rhinomarketresearch.com.

%d bloggers like this: