Gear up with data before you leapImagine for a moment that you are a spy. You have your night vision goggles, communication watch and, of course, a red ejection button in your car. Everything is ready for your infiltration mission. The only problem is: You don’t have any information on your target. So you’re all geared up, with nowhere to go.
The same scenario applies when starting a business without market research. You have the product, managerial skills and gadgets, but you don’t know who you’re targeting – or why they’re being targeted.
For example, let’s say you get the target location but still don’t know who it is, what they look like or why you’re spying on them. After spending enough time on this wild goose chase, you may figure out who you’re after, but the job will take twice as long.
Once you know who you’re targeting, why and when, the rest falls into place.
Back to our scenario: You have some basic info, your goggles, a smartwatch and the red button ready. But before setting off, you need a briefing on what not to do.
What not to do during market research
- No intel on the mission
- Asking difficult questions
- Forgetting the objective
- Trusting every source
- Mixing business and family
Busting myth landmines
- Market research is not just for startups; it’s a vital step in business development, product testing and rebranding.
- Market research is not the same as online research. Professionals use tools and methods that mere mortals cannot access.
- You don’t have to drain your savings. Many market research experts can design a strategy according to your budget.
- Qualitative or quantitative research may not be enough. Both statistics and feedback may be crucial to analysing your target audience.
- A quick survey seldom does much good. Although it’s a primary research method, it doesn’t give behavioural data to understand changing needs.
Investing in the right targetGaining intel is a critical part of launching a new business, product or brand strategy, and the last thing you want is to go into it blindly. So, whatever market research route you go with, remember to:
- Look at the data from a customer’s perspective
- Mix and match market research tools
- Analyse consumer behaviour and changing needs
- Make surveys as easy and user-friendly as possible
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