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KristineS
05-20-2009, 12:43 PM
I found an article about market research (http://www.entrepreneur.com/startingabusiness/startupbasics/startupbasicscolumnistbradsugars/article175276.html) on the Entrepreneur.com website. Market research is such an important part of planning a business and it is something a lot of people neglect. This article gives a basic overview of what to research and how to research it.

When you all started your businesses, did you do a lot of market research or a little? If you did research, have your years in business reflected what you found out in the beginning?

vangogh
05-20-2009, 02:58 PM
When I first started in business I can't say I did a lot of market research, mostly because I didn't really know how. I was fairly certain there was a market for my services and I knew there was a lot of competition, but beyond that I can't say I knew much.

Over the years though, I have increasingly spent more time researching and defining my market and I think it's a major reason I've been able to grow.

Mostly I've spent time listening to people and what they want from my industry. Part of why I joined the old forum was to be able to talk to people and find out what they wanted. It's led me to refine my own processes in order to meet the demand of the market. You've probably seen me mention using Twitter and one of the most valuable things I get from it is market research. By setting up searches for phrases around my business I can learn what people are looking for.

I'd encourage everyone to continuously research their market to understand it better and understand where and how your business can deliver something of value and stand out from your competition.

KristineS
05-20-2009, 03:24 PM
You definitely have to keep your ear to the ground whatever your industry. Things can change really fast, so what you found out when you were starting the business may not be applicable now. I try to tap into as many industry sources as I can. It sucks up a bit of time, but the information I get is worth the cost.

vangogh
05-20-2009, 05:09 PM
One of the difficulties in market research is that early on you may not know where to look or have any way to collect good information. For me the best information has always come from my clients, but obviously you have to have some clients before you can get information from them.

That's why I think your market research has to be an ongoing thing. In the beginning do your best and if you have to guess at a few things, but always be learning and refining.

Patrysha
05-20-2009, 08:31 PM
I researched as well as I was able to before I jumped from working to self-employed this time around, but didn't fixate on it. I knew I could tweak my ideas once I got home...as long as I had my steady pt income that I'd been building online prior to leaving the day job. Of course, that is just for this time around.

My very first time experience with self employment...not so much. But then I was planning on going back to work after my maternity leave...until baby boy was born and I had to come up with a back up plan fast because there was no way I was handing him over to a daycare once he was a reality. My priorities and plans changed in a heartbeat.

I am a huge fan of research! I read an average of 10 physical books a week. Add in articles, reports, whitepapers, magazines and those just cover the ways I consume knowledge in written form. I am an information junkie that my husband has compared to Johny 5...

But more important than research is action. Reasonable action based on the research, of course, but action nonetheless. Otherwise the whole effort is completely pointless, isn't it?

phanio
05-20-2009, 09:30 PM
The key is continuously reasearch. Markets change - everything changes. Our economy changed over the last year - which forced customers to change - change how they spend - where they get their information. Plus, people age and with age comes change - new generations emerge with different priorities and paradigms.

What I like to use is two free services. 1) SCORE (score.org) where I can contact people online who have experince in my industry - that first hand knowledge about customers and markets is amazing. 2) SBDC - they have a wealth of tools for market research that can be used saming lots of time and effort - plus it's free (although I do facilitate some of their business plan seminars.

But, my best information comes directly from customers - what they are looking for - what their needs are - what is not being met.

vangogh
05-21-2009, 01:00 AM
I knew I could tweak my ideas


The key is continuously reasearch

It's really about continuing to improve your business. I look at the whole thing as an iterative process. Throw something out there and then start adjusting.

I listen a lot to what my clients tell me, but I also pay attention to people who aren't clients, but easily could be are saying.

MH Vishal
06-11-2009, 02:17 AM
It's not the amount of research you continue to do, it's the depth of it that matters, spend more time internally really focusing on what you need to understand to get your business through this period

vangogh
06-11-2009, 02:54 AM
t's not the amount of research you continue to do, it's the depth of it that matters

Good point. I'd say the basic idea translates to most everything we do. It's usually not about increasing quantity, but rather increasing quality. You have to do things well before doing more of it pays off.

Stephen Krueger
06-15-2009, 01:53 PM
You can use information found within your organization to research customer needs and assess the likely success of your sales and marketing campaigns.

Paul Elliott
06-20-2009, 01:17 PM
The key is continuously reasearch. Markets change - everything changes. Our economy changed over the last year - which forced customers to change - change how they spend - where they get their information. Plus, people age and with age comes change - new generations emerge with different priorities and paradigms.

I have recently acquired a client who has had a successful business for a number of years. However, her business has dropped and not simply because of the economy.

An analysis of her situation revealed that her market has gone off in a couple of directions that she has not covered. The research suggests that she needs to redirect her business and repurpose her offerings.

Paul

jonicode
09-07-2009, 11:26 AM
Research, research, research. You will also be amazed at how quickly information can become obsolete. The rule is everything changes and the relevancy of your information dates from your last update so keep working on it every time you can.

vangogh
09-08-2009, 01:31 PM
Good point. Research is definitely not a one time thing. You should always be out there gathering information about your market and customers. Like you said things change and you want to keep up with those changes.