Market Research Made Easy

The key to any successful business is understanding your customers. BizLaunch Expert Andrew Patricio explains the keys of market research.

Category:

Howto & Style

Tags:

• Market Research Made Easy
• small business
• marketing for small business
• business plans
• business ideas

[kalpanaganeshm]

Informatics Outsourcing is an Offshore Market Research company providing Quantitative Market Research and Qualitative Market Research Worldwide.

[kylecook128]

indeed a nice piece! great!

[ViralWhisper]

@AlinaFierra - Great point, but @wkriski makes a good point too. Freeware / "Freemiums" are a great way to "test" the market without spending too much money. I completely agree that you need to know where you are going and market research will definately help guide you there, but it does take rubber on the road to know if customers are actually going to pay for something.

[AlinaFierra]

@wkriski To put something out there, means spending money and not knowing if you can make it back. If you don't know where you are going, how are you going to get there? BTW . . . Did you try to follow your own advice? If yes, what were your results?

[ViralWhisper]

Good example of how research can impact your plans. It is critical to understand your market and focus groups are a great way to gain insight. If the knowledge you gain suggests your service or product is not marketable or is at the wrong price point, you may need to adapt your strategy or scrap it all together. The key is to understand how your product or service will be viewed through the eyes of your customer. Market research is the tool that will help you gain this understanding.

[wkriski]

I think it's better to put something out there and see if people will buy rather than ask them. Many will say yes but won't actually pay in reality. Works great for digital products.