Market Research

News and Articles About Market Research

How to Use Social Media to Ethically 'Stalk' Competitors and Job Candidates
Social Media

How to Use Social Media to Ethically 'Stalk' Competitors and Job Candidates

People naturally want to put their best foot forward but, sometimes, you really need to know what that other foot is all about.
John Rampton
There Are People You Need to Consult Before Taking the Entrepreneurial Leap
Entrepreneurs

There Are People You Need to Consult Before Taking the Entrepreneurial Leap

You need a clear idea of what you're getting into and so does everybody who will have to go along for the ride.
John Rampton
3 Ways Untested Business Plans Are Worse Than a Waste of Time
Business Plans

3 Ways Untested Business Plans Are Worse Than a Waste of Time

Test your promising idea first. Write the plan after the market determines it will work.
Alexander Osterwalder
What's the Secret to Startup Success? Timing.
Success Strategies

What's the Secret to Startup Success? Timing.

We all know that there's no shortcut to success, and there's no magic formula that can create the "perfect" startup. But this one factor rises above all others.
Jayson DeMers
The Problem With Entrepreneurship's Failure Fetish
Pivots

The Problem With Entrepreneurship's Failure Fetish

Viewing failure as a coming of age and glamorizing the pivot has undervalued deep research and sound execution.
Jan Verleur
Free Options to Popular Paid Marketing Services and Tools
Tools

Free Options to Popular Paid Marketing Services and Tools

Call it the $0 marketing stack.
Kevan Lee
Music to Marketers' Ears: Americans Don't Totally Hate Waiting On Hold
Marketing

Music to Marketers' Ears: Americans Don't Totally Hate Waiting On Hold

Hold the phone. We're more patient than you think, especially if marketers pull these tricks.
Kim Lachance Shandrow
Want Big Data to Help Your Marketing Team? Hire a Data Scientist.
Big Data

Want Big Data to Help Your Marketing Team? Hire a Data Scientist.

Marketing departments need specalists to tease out what is significant from mountains of available information.
Brian Kardon
How to Find Your Next Big Business Idea
Business Ideas

How to Find Your Next Big Business Idea

If you dream of owning a business but aren't sure about what kind, here are some valuable ways you can find your next big business idea.
Lewis Howes
5 Tips for Profiting During Those Crucial First 5 Years in Business
Growth Strategies

5 Tips for Profiting During Those Crucial First 5 Years in Business

The attrition rate for new businesses is brutal but there is much you can do to beat the odds.
Firas Kittaneh
To Find Your Ideal Client Begin With a Study of Yourself
Market Research

To Find Your Ideal Client Begin With a Study of Yourself

Looking at your business and industry with fresh eyes is the best start to looking for new customers.
Stephen Sheinbaum
How Consumer Insights Can Turbo Charge Your Brand's Marketing
Market Research

How Consumer Insights Can Turbo Charge Your Brand's Marketing

To get the most from your advertising you need to first understand, in detail, the audience you're working to appeal to.
Shannon McCoy
6 Keys to Proving a Viable Startup Business Model
Startup Basics

6 Keys to Proving a Viable Startup Business Model

What should an entrepreneur do to convince themselves, as well as potential investors, that their business will work?
Martin Zwilling
Stay Competitive With These 6 Sources of Up-to-Date Information
Tools

Stay Competitive With These 6 Sources of Up-to-Date Information

The Internet certainly offers an ocean of information. The challenge lies in vetting the timeliness and accuracy of that information.
Jeff Boss

If you’re an entrepreneur starting a new business, doing market research can be vital in order to determine the feasibility of your business venture before committing substantial resources to it. Market research -- or the process of gathering, analyzing and interpreting information about a market to determine past, present and future customers for a product or service -- can occur in a variety of ways.

Doing market research means finding out information such as the industry as a whole, your competitors, where you stand in the market, product or service pricing and more.

It typically involves two types of data:

Primary research: This type of research you compile yourself or hire someone to gather for you, through conducting interviews, surveys, questionnaires and focus groups -- over the phone or through email. When conducting primary research, you can gather two basic types of information: exploratory or specific. Exploratory research is open-ended, helps you define a specific problem, and usually involves detailed, unstructured interviews in which lengthy answers are solicited from a small group of respondents. Specific research, on the other hand, is precise in scope and used to solve a problem that exploratory research has identified. Interviews are structured and formal in approach.

Secondary research: This type of research is already compiled and organized for you. Examples of secondary information include reports and studies by government agencies, trade associations or other businesses within your industry.

 
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