Week 2: Understanding Your Market (Market Research)
Marketing research will give you a picture of what kind of new products and services may bring a profit. For products and services already available, marketing research can tell you whether they are meeting their customers’ needs and expectations. By researching the answers to specific questions, small-business owners can learn whether they need to change their package design or tweak their delivery methods–and even whether they should consider offering additional services.
Primary Research: The goal of primary research is to gather data from analyzing current sales and the effectiveness of current practices. Primary research also takes competitors’ plans into account, giving you information about your competition. You will need to conduct interviews, surveys, questionnaires or conduct focus groups. List some of your responses below.
- What factors do you consider when purchasing this product or service?
- What do you like or dislike about current products or services currently on the market?
- What areas would you suggest for improvement?
- What is the appropriate price for a product or service?
Secondary Research: The goal of secondary research is to analyze data that has already been published. With secondary data, you can identify competitors, establish benchmarks and identify target segments. Your segments are the people who fall into your targeted demographic–people who live a certain lifestyle, exhibit particular behavioral patterns or fall into a predetermined age group.
Weekly Goal: Get a good understanding of your products and your competition. Write or type everything down and put it in your three ring binder. Staying organized and having all of your information in one place will save you time in the weeks to come.
Need help understanding your market and conducting market research? We have you covered!