Researchers indicate that very few startups survive beyond two years. This is attributed to poor or total lack of market research. The same fate faces products launched by established brands. It indicates that the issue goes beyond funding. It is an element of understanding the operating environment and planning how best to approach it. Razor sharp focus and execution is required to survive in the current business environment.
Success in execution of any idea requires diligence, perfect timing and adequate planning. Carry out a primary survey as the owner of the idea. It is possible to involve other employees or third parties but the information they give is always second hand. As such, conduct a SWOT analysis where you identify the strengths, weaknesses, opportunities and threats you are likely to face when implementing your idea or rolling out the product.
Collect both quantitative and qualitative data. Since you have a background understanding of the environment, ask your potential clients about general market orientation and the specifics as they apply to your idea. You may include social media and web surveys on the topic. You may opt to organize focus groups and even web surveys to better understand the area you are operating.
Surveys are about gathering information. The best way to gather information is by asking the right questions. Begin with questions that customers will feel comfortable answering with the aim of creating a good rapport. As the interview or discussion progresses, ask the hard hitting and direct questions. Never force an answer out of a respondent. You will be serving own interest, which is misleading and will not deliver expected results.
Take action based on the information gathered. Focus discussions and responses provide crucial information on marketing challenges, needs and customer perceptions. This information is vital in developing a plan. Such a plan should be SMART. This means that it is specific, measurable, attainable, realistic and timed. Though the plan is specific, provide room for adjustments depending on reception and changing business platform.
At inception, all ideas are brilliant and their owners are enthusiastic about them. However, response from the ground and unexpected challenges cause some people to abandon them. This should not be your story. Find a way of modifying it such that it remains relevant to the business environment. Avoid distraction from individuals who try to modify it in order to suit their business models or goals. Implement your idea with the bigger picture in mind.
Confidentiality is very important when surveying any business environment. The possibility of bias is real. Respondents might give you the information you want other than what you need. To avoid this, approach them with caution. Be sensitive to the answers given. Choose a group that cannot leak your ideas and intentions to your competition.
A full marketing survey could be hampered by lack of funds. This calls for innovative ways of information gathering. You may use internet surveys while at the same time spending more time to understand the market and sharpen your ideas. Ensure that you hit at the right place. Schedule all your actions and be ready to modify ideas from time to time during implementation.
Success in execution of any idea requires diligence, perfect timing and adequate planning. Carry out a primary survey as the owner of the idea. It is possible to involve other employees or third parties but the information they give is always second hand. As such, conduct a SWOT analysis where you identify the strengths, weaknesses, opportunities and threats you are likely to face when implementing your idea or rolling out the product.
Collect both quantitative and qualitative data. Since you have a background understanding of the environment, ask your potential clients about general market orientation and the specifics as they apply to your idea. You may include social media and web surveys on the topic. You may opt to organize focus groups and even web surveys to better understand the area you are operating.
Surveys are about gathering information. The best way to gather information is by asking the right questions. Begin with questions that customers will feel comfortable answering with the aim of creating a good rapport. As the interview or discussion progresses, ask the hard hitting and direct questions. Never force an answer out of a respondent. You will be serving own interest, which is misleading and will not deliver expected results.
Take action based on the information gathered. Focus discussions and responses provide crucial information on marketing challenges, needs and customer perceptions. This information is vital in developing a plan. Such a plan should be SMART. This means that it is specific, measurable, attainable, realistic and timed. Though the plan is specific, provide room for adjustments depending on reception and changing business platform.
At inception, all ideas are brilliant and their owners are enthusiastic about them. However, response from the ground and unexpected challenges cause some people to abandon them. This should not be your story. Find a way of modifying it such that it remains relevant to the business environment. Avoid distraction from individuals who try to modify it in order to suit their business models or goals. Implement your idea with the bigger picture in mind.
Confidentiality is very important when surveying any business environment. The possibility of bias is real. Respondents might give you the information you want other than what you need. To avoid this, approach them with caution. Be sensitive to the answers given. Choose a group that cannot leak your ideas and intentions to your competition.
A full marketing survey could be hampered by lack of funds. This calls for innovative ways of information gathering. You may use internet surveys while at the same time spending more time to understand the market and sharpen your ideas. Ensure that you hit at the right place. Schedule all your actions and be ready to modify ideas from time to time during implementation.
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