Market research made simple

Busy Marketplace

Why do market research?

To see how many people will buy your goods / services at the price you want to charge.

Won’t it cost a fortune?

Only if you hire a fancy market research firm. Doing the work yourself is a valuable opportunity to engage with customers.

OK, so how do I do that?

Online surveys can get lots of responses, while focus groups may provide more in-depth answers. Consider going direct to target customers. If you sell health drinks, say, ask a local gym about talking to its users.

Who else can help?

Google Adwords let you see what people are looking for online. If you sell wooden picture frames, say, but see that five times as many people are searching for silver ones, you can adjust your product range.

Any other tips?

Check up on your competitors. Are they leaving gaps in the market – or making it tough for anybody else to compete?

Experts say

Chris Hodges

Chris Hodges, Investment Director, Business Growth Fund.

Quick ones

Good To Great: Why Some Companies Make the Leap... and Others Don't

Jim Collins explores, in his latest book, why some companies make the leap and others don’t.