Unimrkt-Can I do my own market research

If you plan to set up a new business venture please do some market research. Without market research, you may not be able to sustain your business for long.

An insight, into your prospective customers’ minds, is what will decide your strategy and influence your decisions. You could do market research on your own, provided you have the requisite knowledge, resources, time and primary data to forge ahead. If you have decided to conduct market research for your new business venture, or for expanding your existing business, you will need to fortify your knowledge on certain market research tools and techniques, like choosing your sample population for Customer Survey, Designing Survey Questionnaire, conducting surveys or Opinion Polls. All these will lead to quantitative market research, so important for the success of your business.

You should gather information on the type of industry to which your proposed business is related.Study the targeted demographics. Research the demographics of the area where you intend to sell your products or offer your services.In most cases, reliance on basic primary data available in the public domain will not help. It, at times, may not even be relevant. 

There could be four methods through which you could conduct quantitative research before you start your business:

  • Research the market and the players– Before resource allocation for advertisement; analyze the market as well as the target audience who consider you as your prospective customers. Compare other companies offering similar products and services that you propose to sell/ offer(so to say, would-be competitors to your company). Such comparisons would provide information on their marketing strategy, target customer strata, product mix, product pricing, and services bundled. This could give you a fair idea of the market and its response. Employ various market research resources such as market survey templates for designing the survey andSurvey Questions. These should get you started on your exercise of Market Research.
  • Gather customer data-Conduct Online Surveys or organize Focus Group Sessions to understand customers’ perceptions towards similar products and services you propose to sell/ offer. Of the two, select the method that you think will give a more realistic outcome. 

 

How to get consumers’ to respond to questions (through face-to-face interviews, Online Surveys, or telephonic interviews)? You could advertise on print media, social media or organize focus group sessions at strategic locations to conduct surveys. Incentivizing the prospective customers’ response by rewarding them through contests should attract many respondents. Engage students who are graduates and willing to approach the targeted respondents in the predetermined areas for getting their response for a reasonable remuneration per questionnaire. Alternatively, engage data collection companies that will do the job for you at a charge.

 

  • Purchase market research data– Chances are that you would have to procure such data through multiple resources.If such be the case place reliance on professional data collection companies. Such companies have expertise in quantitative market research. These companies have the resources and ability to conduct detailed studies of the market targeted. Through their data collection services, they can deliver credible data, for which you would have had to spend a fortune to gather and collate by yourself.

 

  • Consider Engaging a Market research company-A professional market research company has the expertise required to collate market research data and gather information on your targeted customer base. A systematic study made by them, for accurate market analysis, is more likely to aid your understanding of the targeted demographics spending behaviours and the buying decisions of the customers.

While you could do market research for your business on your own, the time, resources, and expertise needed for the exercise would greatly depend on the planned scale of operation, the demographic diversity and many other factors. It will also influence your decision to engage professional market research companies or otherwise.

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