Market Research

News and Articles About Market Research

How to Validate Your Business Ideas Without Spending a Dime
Business Ideas

How to Validate Your Business Ideas Without Spending a Dime

Here are two extremely cheap (read: free) ways to test ideas.
Natasha Che
The Number 1 Mistake Most Founders Make
Make More Happen

The Number 1 Mistake Most Founders Make

You better be right if you are so confident your idea is perfect that you don't ask intended customers what they think.
Mike Jones
How to Ask Survey Questions for Maximum Marketing Benefit
Marketing Strategies

How to Ask Survey Questions for Maximum Marketing Benefit

A well-crafted survey of your customers is the best method businesses have for learning what they are doing well and what they can improve.
Eric Siu
The 3 Tasks You Need Your Product Management Team to Do
Product Development

The 3 Tasks You Need Your Product Management Team to Do

Develop something that's unique. Just don't expect it to be perfect.
Agatha Kurjanowicz
4 Tactics to Help Your Company Avoid the Top Startup Killer
Business Failure

4 Tactics to Help Your Company Avoid the Top Startup Killer

Startups fail for a lot of reasons: a lack of money (duh), poor marketing, a pivot gone awry, legal challenges. But another, different reason tops the list year after year.
Zach Ferres
3 Tips For Researching Your Rivals
How to Run a Small Business

3 Tips For Researching Your Rivals

Know your enemy and know yourself.
Christopher Hann
4 Phases of Market Research to Ensure Success
Entrepreneurs

4 Phases of Market Research to Ensure Success

It's not enough to make a great product. People have to want it.
Ray Beharry
5 Unique Ways to Build Your Brand Like the Big Companies Do
Branding

5 Unique Ways to Build Your Brand Like the Big Companies Do

Learn how you can grow your business using your five senses.
Wendy Keller
3 Insights to Identify a Multi-Billion Market Opportunity
Market Research

3 Insights to Identify a Multi-Billion Market Opportunity

Even if you aren't a member of the Dollar Shave Club, you know what it is.
Nathan Resnick
9 Ways to Profit From Your Passion
Business Ideas

9 Ways to Profit From Your Passion

Take what you love and combine it with business strategies to make money.
John Rampton
What to Look for First When Shopping Franchises
Franchises

What to Look for First When Shopping Franchises

There is so much more to think about than just money.
Kyle Zagrodzky
Why Are You Still Risking Millions on Your Intuition?
Market Research

Why Are You Still Risking Millions on Your Intuition?

Sophisticated algorithms can ensure sampling is done accurately for your market research.
Erin Kelly
7 Tasks Online Marketers Wish Weren't Such a Pain in the Ass
Online Marketing

7 Tasks Online Marketers Wish Weren't Such a Pain in the Ass

Online marketing tasks are time-consuming, not straightforward and possibly not user friendly. But they're still kind of fun.
Jayson DeMers

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.