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The benefits of conducting market research aren’t just for the big Fortune 500 companies. Small businesses can greatly benefit from the results of smaller scale market research both for new companies as well as for established small businesses. Here are the 3 biggest mistakes regards to market research: Mistake #1. They don't do any market research. Or, their market research simply consisted of asking just a handful of people, typically their friends and family. Often times entrepreneurs are so enthusiastic about their business idea that they skip right over the important stage of market research. On the other side of the spectrum entrepreneurs have spent 15, 20 or more years in their industry and believe they know the industry well enough to not need to keep up on market research. Mistake #2: They don't survey enough people. For the micro small business the minimum should be 100 people surveyed. The larger the company, the more people you should survey. Mistake #3: They only use secondary research. Primary research is gaining first hand knowledge straight from the market group, often through focus groups and surveys. Secondary research is typically published online or accessed from library data that summarized findings from too broad of a market. While it is helpful to study the broad landscape; it is more effective to gain primary research results for your specific niche and demographics. Key Elements of a Successful Market Research Project: 1. Define the research objectives. Before you sit down and plan out your research questions figure out what it is you want to accomplish through the research project. 2. Define the framework of who your sample group is. You want to make sure you include a balanced representation of the voice of your target market. 3. Develop your questionnaire. Not only do you want to choose your questions carefully, you also want to craft the order of the questions, the wording, directions to the interviewers, directions to the panel, and other variables that are apart of your specific focus group or survey experience. 4. Do a test run. This will make sure that subjects understand the questions, directions and specific words or phrases used in the questionnaire. It will also help confirm that the questionnaire is accomplishing the research objectives firs outlined. 5. Collect your data. 6. Process your data. 7. Analyze your data. 8. Write up your research report Conducting a market research project is far less costly than launching a new product or service initiative, especially if that new business development is launching in the wrong direction! Yoon Cannon is a systemic business growth coach, consultant and speaker based in Philadelphia, Pa. She specializes in helping entrepreneurs grow Million Dollar companies through best practices in marketing and productivity. To receive additional, powerful free tips and strategies request your complimentary monthly subscription to Biz Growth Tips Newsletter visit www.paramountbusinesscoach.com or call (215) 292-4947 EST.
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