Contributed by Steve Head (Former Advertising/marketing consultant and buyer)
1. Think about what group of people you need information from or about.
2. Try to imagine how you will reach them.
3. Decide how conducting market research is worth to your business.
1. Is there an age and/or wealth target for your particular research?
Depending on what age your research must cover, your methods will differ; e.g the bar and club scene is very different from wine and beverages in general. If you can get researchers into the right age and wealth categories, accuracy of results to your necessary targets will be assured.
2. What tools should you use for conducting market research ?
Each research tool does a different job whether it is studying the demographic of a local region, surveying a certain group of local people or something else. Your particular research answers must be formulated with the tool(s) to create the most useful results. Is there a business adviser at a local university who might help you begin to find a tool? Are there research findings already published that might help you replicate their project?
3. The necessity for research is driven by your curiosity because — Why?
If you are looking for an investor or simply curious about a future development, the depth and quality of your research might vary. How much is your need for information worth? Different methods and tools take an investment in time, money or both. Determine what cost you can incur to gain the research that you want, and determine if the value is worth the cost.
Hopefully these tips will aid you in conducting market research for your business.