Over
the years I have seen a lot of small businesses waste a lot
of money on marketing
research. In many cases they commissioned the marketing
research simply because they had allocated a budget for
it.
In some cases the small business management
didn't even know why they were doing the marketing
research, but just wanted to know more about the market.
In other cases management could have saved the small business
a lot of money by just listening to the feedback from the frontline
sales staff.
In other instances the small business initiating
the marketing research failed to ask the right questions, or
used the wrong marketing
research techniques, or the marketing research was done
to postpone a decision rather than to assist in decision-making.
Marketing research can be an extremely valuable
tool when used wisely and it doesn't always need to cost the
earth. For example, you could send out a marketing research
questionnaire to existing customers with your monthly accounts.
Telephone marketing research surveys can be reasonably inexpensive
and students are often keen to do this kind of marketing research.
Even an old-fashioned suggestion box can sometimes
yield some valuable information.
The important questions to ask yourself before
undertaking any marketing
research are:
1. What do I want to know?
2. Why do I need this information?
3. What decisions will I take once I've got it?
Answering these three vital questions will
lead to ACTIONABLE RESEARCH rather than research that tells
you lots of "fascinating" facts but doesn't help you
make any decisions.
If you decide to contract someone else to do
the marketing research for you, then it is important to brief
them thoroughly.
Here are some small business marketing research
briefing guidelines -
Marketing
Research Technique #1.
Clearly state the marketing research objectives. What is it
that you want to know?
Marketing
Research Technique #2.
Supply background information. What is the history of the market?
Define the problem to be solved or the reason for the marketing
research.
Marketing Research
Technique #3.
Set action standards for the marketing research. What decision
will you take once you have the answers? For example - "We
will use this marketing research to help us target our advertising
more effectively."
Marketing
Research Technique #4.
Decide who it is you are researching. eg. Former customers,
existing customers, people living in a certain suburb, people
of a certain age group or whatever. How would you define the
group?
Marketing
Research Technique #5.
Decide what information you are seeking. Considering the set
objectives, what areas need to be investigated?
Marketing
Research Technique #6.
How about timing? Does anything need to be taken into consideration
regarding the timing of the marketing research? For example,
the results might differ before and after an advertising campaign.
When are the research findings needed by? Are
there any information priorities?
Marketing
Research Technique #7.
Consider what marketing research method would best suit your
needs and budget of your small business. There is no point in
using the cheapest method of researching the market if it fails
give you accurate results. For example, a written marketing
research questionnaire sent out with your accounts is likely
to generate a different response than might be expected from
a focus group.
Decide what marketing research methodology
best suits the needs of your small business.
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ideas for increasing small business profits.
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