Use Qualitative Research For The “Why”

Qualitative Research TweetWhen I first started blogging in October 2011, I had an idea of my first several weeks of postings. Since that time, I have written on things based on something I have seen, read, or experienced. This week’s post is a great example. A few days ago, I was reviewing my Twitter roll while I was out at a meeting and saw this gem from focus group moderator Shaili Bhatt. I almost hate to admit that I almost missed it. In my blog last week, I talked about how quantitative and qualitative research methods do not need to be mutually exclusive. However, the methods both have reasons for picking one over the other. Read more of this post

Advertisements

Quantitative and Qualitative Research – Not Mutually Exclusive Methodologies

Market ResearchI know a fair amount of people who do market research. Of all the people I know personally and professionally, most of them are divided into people who do quantitative research and those that do qualitative research. There are companies that do both, but generally, the people within these companies focus on one or the either.

However, just because these individuals tend to focus on one side of the business or the other, does not mean that your research needs to be purely quantitative or qualitative research.

Read more of this post

Why Market Research Is Important In Today’s Economy

BusinessThe economy is not very good. (Was that supposed to be a news flash?) OK, everyone knows that. Unemployment remains high and for the jobs that are out there, many employers are not finding qualified individuals. Everyday cost gas are taking a larger percentage of our take-home pay. Government involvement into businesses seems to be a more pressing issue. Before you decide to jump off a cliff (don’t do it…it’s really not worth it), you need to consider how you run your business. In you business, everyday you are needing to make decisions that affect the success or failure of the business.

Decisions are made every day on pricing the products and services you sell, determining who to hire for a given open position, or where to cut cost to improve operational efficiencies. In today’s business environment, these decisions can lead to the success or failure of the business. When looking at trying to grow your business, many owners look at the cost, the projected revenues, maybe even a new marketing campaign. However, too many do not consider doing adequate research to launch their efforts.

By performing market research early in the process of starting a business, growing it, or doing something to make it survive in today’s market, you can make smarter decisions. By doing this, you can help determine the success (or failure) of the new venture. You can also better understand who your target market. You may also be able to find the optimal pricing for your product or service.

Then, based on the research, you act on the findings to start that new venture in a clear direction. Doing this will help prevent failure and ensure success.

What is something you are thinking about that you can use market research 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 jnolfo@rhinomarketresearch.com.

Mobile Research Impacting The Market Research World

Mobile Market ResearchRecently there has been a lot of articles, blogs, and discussions about mobile market research.  This may be due to the fact that the Market Research in the Mobile World (MRMW) conference, which was organized by The Merlien Institute, was last week.

I do very little in mobile research due to a number of reasons.  A lot of it is because it involves “big data” and analytics and there are lots of companies that do a great job at that side of the business.  It is also becoming a more important part of the business decision making process. Read more of this post

Setting Up A Market Research Project

Science LabworkLast week I wrote about showing value in market research by creating actionable results.  In it, I mentioned about thinking with the end in mind.

I recently compared doing a market research project with the traditional “biology research project” we all did back in high school, in other words the Scientific Method. Read more of this post

The Case For Going Green in Home Building

The wave of the future is green construction

I started being involved in the hombuilding industry back in 2000 in Southern California.  At that time, the “green” concept was still in its infancy.  Many of the concepts had been around for a number of years.  And I feel like many home buyers wanted energy efficient homes.  Although there was a fair amount of clamoring for this, the research showed (through both internal studies as well as outside studies) that the value was just not there.  It would have cost significantly more to include energy efficient aspects in the design and features of the homes than buyers were willing to pay for them.

The value proposition started to shift, albeit slightly, a few years later when California started to experience rolling blackouts, intentionally engineered electrical power shutdowns where electricity delivery is stopped for non-overlapping periods of time over geographical regions that was mainly do the insufficient generation capacity in regards to demand. Read more of this post

Create Actionable Results To Show Market Research Value

Woman ReadingOver the past two years, I have been intentional about reading more.  For most of my professional life, I would generally read articles from reliable news based or association sites.  At the time, I just did not see the value of reading anything else.  It was also I did not take the time to do so either.

But recently I have been expanding my reading horizons by not only reading more, but to include fiction, non-fiction, and blogs.  One market research blog I especially like reading is from Annie Pettit (a market research guru); and one of her recent blog postings made me think, again, about the value of market research.

Read more of this post

Unique Market Research Techniques

Focus GroupDuring a meeting I attended last week, it was brought up on how to do research for a specific product.  The conversation led to unique qualitative research ideas.  Although ideas can  be as numerous as the stars in the sky, making sure that results are reliable from a research perspective needs to be kept in mind.

Over my time doing  research, I have done a fair amount of traditional market research projects.  However, I have had the opportunity to either develop or hear of numerous unique types of research projects.  Some examples are: Read more of this post

Using Market Research To Replicate Restaurant Successes

Restaurant

Tom’s Restaurant in Manhattan was made internationally famous by Seinfeld

When a restaurateur has a successful restaurant, they typically want to open up another one.  Often times, the owner sets up a new restaurant similar to the previous restaurant.  Many times, the new restaurant has a similar type of food, atmosphere, and price range.  She may also place it in a similar type of location like in a shopping center.

One of the things that the owner may overlook is the success of the actual location and surrounding populations demographics and psychographics.  Here are some things to do some research on when looking at new locations for new locations.

  1. Get a clear understanding of the trade area: This is the geography that a typical customer will travel to come to your restaurant.  Most neighborhood restaurants draw customers from a one to five mile radius of the site.  However, unique concepts could draw from much further.  
  2. Match demographics and psychographics to the concept: Make sure that the trade area population can support the restaurant, financially and psychologically.
  3. Location, location, location:  This is always true regardless if you are setting up a new restaurant or buying a home.  For a restaurant, being near a strong residential population, a strong retail area with lots of traffic, and strong traffic generators such as movie theaters, hospitals, or a tourist attraction.

Unless you have a very unique concept, the success of most restaurants are heavily determined on its location and the daytime and residential population of the trade area.

–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.

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

%d bloggers like this: