How do I go about doing my own market research?
Is it just a case of stopping people on the street and knocking on peoples doors?
Asked by Steven Low,
February 2009 - Contact this person
5 Answers
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Hi Steve,
There are a large number of market reports available that cover a wide range of industries/sectors.
If you live in or near London, I suggest you go along to the Business and IP Centre at the British Library as they have a very wide range of information resources, including market research reports that you can access for free (http://www.bl.uk/bipc/resources.html).
As for stopping people in the street/knocking on doors - doing your own primary research - do you know the profile of your potential customers? You also need to give some thought to the information you want and what questions you need to ask to extract the info you need.
Check out the VentureNavigator article on Do-It-Yourself Market Research -
http://www.venturenavigator.co.uk/content/163?s=true
Janice -
Steven,
I don't know the stage you are at with your business but that will define the people you talk to and how you approach them, so suggest you ensure you have a clear offering with an initial positioning statement.
If you have a large contacts database you can use something like www.surveymonkey.com.or if you want to pay a company to survey an appropriate group then companies like www.evalueserve.com may be able to help.
You can talk to the people at the British Chamber of Commerce who manage the Export Marketing Research Scheme
One final idea is something I just did myself. I accompanied someone to an overseas market for a few days and we set up over 20 meetings between us in two cities and discussed a business proposal with potential clients.
Richard -
Thanks everyone; yes, when I initially asked the question I was a bit muddled over my primary research.
I am now in the position where I, myself, can offer advice:
Depending on who your target market is (one of mine is students) when you are surveying people it might be worthwhile carrying a big bag of sweets that you can hand out as a thank you for completing the survey.
Thanks again,
Steven -
Primary Market Research: DIY or use an agency?
That is the question.
For a business that needs to gain a general view from a large cross-section of the population, and in as short a time as possible, there is no doubt that primary research offers a viable benefit. This affordable way to test one’s target market is ideal for existing firms and new business start-ups and can play a vital role in obtaining financial support for your company.
Do It Yourself or with an agency?
The DIY method will allow you to carry out quantitative online market research (surveys) for little cost. It is definitely a method to consider when it comes to researching one’s market but it is also important to know how it differs from agency solutions.
The following link (full artcile) will tell you some differences between the 2 methods:
On our blog: http://marketest.wordpress.com/category/diy-market-research-comparisons/
or on the Marketing Donut website:
http://www.marketingdonut.co.uk/blog/2009/08/online-market-research-diy-or-use-an-agency
Good luck to all! -
I was also going to suggest Survey Monkey. It is a very simple and useful tool. I created 2 different surveys, targeting the 2 different potential target groups for my business and sent them all the link to the survey. I emailed them and also sent the survey to people who are on my facebook friends and group too. The results are broken down for you and very easy to analyse.
Also try doing primary research via your networking sites/groups.
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