Entrepreneur Magazine
When launching a new company, researching the market is
a must. Here's how to get started.
1. Start with the end in mind.
"Define your goals and why you even think you need to do
research," says Laura Sheridan, president of Viva La Brand.
Narrowing your focus and being specific will save you time and
money.
2. Know who your competition is and how they present
themselves.
"Many times everyone is saying the same thing, so researching helps
you differentiate your brand," says Brownstein Group's chief brand
strategist Joe Weinlick. Read reviews, buy products and understand
the post-purchase experience.
3. Follow your potential customers.
Leverage online channels to follow them throughout their day on
Twitter, blogs or forums. "You're able to watch people who aren't
doing something because they think they're engaged in market
research," Weinlick says. "So you get the full context of who they
are and how they make decisions."
4. Use online surveys.
SurveyMonkey.com and Zoomerang.com allow you to create
surveys, get reports and buy targeted lists. "For every question,
you have to ask, 'What if the respondent answers this way?'"
Sheridan says. "How are you going to use that?"
5. Conduct in-depth interviews.
You only need a handful of these to get a feel for your market's
needs. Sheridan advises asking open-ended questions and getting
feedback from potential customers in their own words: "Your
marketing materials should be in your customers' words--not your
own."