You, Too, Can Do Market Research

According to consultant Michael Goodman, large corporations have spent decades—and millions of dollars—perfecting the art of market research. They learned which techniques work and which don't, how to ask questions to get the most reliable answers, and what can (and cannot) be answered by market research.

Until recently, small businesses couldn’t even dream of underwriting such a considerable expense. Instead, they went with their gut or relied on anecdotal evidence. With the arrival of the Internet, the cost of fielding a study plummeted. Says Goodman, “Perhaps the biggest cost component was wiped out in a period of less than 10 years.”

This means that you can get in on the action. But before jumping headlong into a market research study, it’s important to understand how they work and how to use them effectively. In the first part of a weeklong series on the subject, we’ll take a high-level look at the four-step process:

1. Planning. Decide which methodology is optimal to meet your research objectives. Determine how many respondents you need. Figure out the cost. Craft your questions and answer choices.
2. Implementation. Organize materials and recruit respondents. Prepare for the unexpected and be ready for possible glitches.
3. Field Work. This is the most visible phase and the source of your data. Think of it as the machinery of market research.
4. Analysis. Develop insights from your gathered data.

The Po!nt: To get useful information, you need a sound plan followed by excellent implementation and field work, and thorough analysis.

To learn more about setting up a market research study, attend Michael Goodman’s second installment of the MarketingProfs Small Business Seminar Series. Market Research airs this Friday at 3pm Eastern.

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