Market Research

The Problem With Polling, Surveys and Opinion Is That People Fib
Polls

The Problem With Polling, Surveys and Opinion Is That People Fib

Trump's victory should be a wakeup call for anyone who makes a living peddling research, messaging and polling.
Ray Hennessey
The Perfect Plan to Properly Prepare for an Important Meeting
Meetings

The Perfect Plan to Properly Prepare for an Important Meeting

Preparation is not always fun, but the time you spend getting ready for a meeting can make for a more positive experience.
Jacqueline Whitmore
The Only True Way to Become a Marketing Genius
Marketing Bootcamp

The Only True Way to Become a Marketing Genius

Whatever the strategy, whatever the product, whatever the decision, test it and let the the results guide you to success.
Perry Marshall
A Depressing New Study Finds Being Short or Overweight Can Hurt Your Career
Industry Research

A Depressing New Study Finds Being Short or Overweight Can Hurt Your Career

Size does matter, as short men and overweight women face the largest backlash.
Lindsay Friedman
5 Strategies to Effectively Determine Your Market Size
business size

5 Strategies to Effectively Determine Your Market Size

By understanding market value, you can determine two things: the addressable market and the available market. Learn to outline the difference of each for your startup.
Tx Zhuo
Market Research That's Specific to the Specialty Food Business
Market Research

Market Research That's Specific to the Specialty Food Business

Everyone knows that market research is key to getting your business off the ground, but there are things you must find out regarding specialty foods that can make or break your new venture.
The Staff of Entrepreneur Media, Inc.
Indiegogo Launches a New Product to Court Big Businesses
Indiegogo

Indiegogo Launches a New Product to Court Big Businesses

The San Francisco-based fundraising platform is positioning crowdfunding as a way for established businesses to do better market research and test new products.
Catherine Clifford
6 Signs You Are Not Ready for Entrepreneurship
Entrepreneur Mindset

6 Signs You Are Not Ready for Entrepreneurship

If you really think through what being an entrepreneur entails and decide to keep your job, that's OK.
Kimanzi Constable
How Entrepreneurs Can Benefit From Enjoying a Night Out on the Town
Market Research

How Entrepreneurs Can Benefit From Enjoying a Night Out on the Town

It's all about market research, of course, according to 'Bar Rescue' host Jon Taffer.
Jason Fell
Think Boldly but Validate Your Ideas Before Taking the Leap
Marketing Bootcamp

Think Boldly but Validate Your Ideas Before Taking the Leap

Successful marketers are brash when dreaming new initiatives but humble when testing to see if they are any good.
Brett Relander
Market Research Is Key to Recognizing Licensing Opportunities
Marketing Bootcamp

Market Research Is Key to Recognizing Licensing Opportunities

Done carefully, licensing allows brands to leapfrog into new products and markets with little investment.
Pete Canalichio
Ready To Launch

There's No Excuse for Making Any of These 7 Fatal Startup Errors

There are so many surprises that could kill your startup that it's a shame to fail making obvious mistakes.
Murray Newlands
Why This $34 Billion Company Is Dipping a Toe Into Crowdfunding
Make More Happen

Why This $34 Billion Company Is Dipping a Toe Into Crowdfunding

Consumer product behemoth General Mills is looking to invest in early stage consumer product startups on the equity-crowdfunding platform CircleUp.
Catherine Clifford

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.