Much of the work that I do is based on research. To write a strong business plan you have to have good, supporting data. To develop solid marketing strategies, you have to understand your market. And at the forefront of really good strategy is market research and I love it. However, many do not.
Market research provides a great backdrop and framework for clarifying the direction and strategies you take in your business, how to approach those strategies and what next steps you want to take. As an example, I was writing a marketing plan recently for a client. Doing my research, I identified a really great opportunity that they might not otherwise have been aware of. The key to finding that opportunity was doing the research in order to better position my client for success.
Good research takes both time and commitment, but it’s worth the investment. Here are some things to remember as you begin the process:
———————–
1. Understand what information you need
Let me use an example here. Let’s say you put together a survey to go out to your targeted audience. You get responses back and realize the information is not helpful. You missed something. Before starting your research you have to determine specifically, what is it that you want/need to know.
——————————
2. Use good methodology
There are different approaches to research. The approach you take, primary or secondary, quantitative or qualitative will depend on what it is you are trying to accomplish. Don’t assume there’s one best method and take it from there. Take a look at how you want to approach your project and then identify the best, most cost-effective approach for collecting the data you need.
———————
3. Don’t be afraid of the data
The information you need is all around you and your ability to gather it, analyze it and make solid decisions from what you’ve learned is key.
—————
The last secret is no secret at all, but it’s something I want to share. Do the research.
Biz Practitioner
Latest posts by Biz Practitioner (see all)
- 5 Surprisingly Simple Ways to Stretch Yourself in 2023! - September 15, 2023
- What does excellence mean to you? - September 15, 2023
- Stay on Track, Creating Guiding Principles for Your Business - September 14, 2023