Market research is one of the most important activities of the entrepreneur in running the business. But any market research used certain methods of research, which is a way of collecting information or data.
It seems that 80% of the market research is a collection of reliable market information. While 20% refer to the analysis and interpretation of information they gathered. This is the 80/20 rule. Because the market is made up of consumers and competition and because the necessary information will apply to them.
One thing I want to mention before I start with the 6 most popular methods that you can use for market research. The most important source of information represent consumers. Why? Because the methods listed below can use to competitors, but simply by consumers will try to find information about competitors that will help to conduct market research.
6 Methods for market research
One of the most used methods of market research and one of the strongest weapons we have an entrepreneur represent polls. Surveys are the most popular because most easily implemented and easiest way to collect information that still arrives in a form that is easy to analyze. Of course, if designed in the right way.
2. an interview
The second method of an entrepreneur his disposal an interview. This simply means meeting with selected people who will be interviewed and asking Mr. issues that will be of interest to your market research. The interview is more difficult in terms of inquiries and will certainly require more time to implement. As a disadvantage can also be considered a limited number of people who can interview.
Good old and still applicable and effective technique for conducting market research is observation. This means that the entrepreneur will observe a certain condition and records the flow of activities and behavior of the actors in that state.
4. Sample and errors
This is a method that does not apply much and can still provide valuable information. This method can be conducted on a random basis, for example to implement something new and just see what results we achieve with it new. If OK, then we leave it to function, and if it is OK improve it new. In this way we largely get information about the market.
5. Focus groups
Focus groups as one of the methods of market research is quite specific method and perhaps one in expensive methods because it requires technique to capture separate rooms for the implementation of the focus group session. Actually this method of market research based on it modertorot group used a specially prepared questions intended to provoke discussion within the group. Normally one session of focus group lasts two to three hours and it is necessary to conduct several sessions preferably with different members to obtain better results.
And of course, although the last in this list, but not less important than the other representing employees, especially sales team of your business. They are the ones who are in daily contact with consumers and they are the ones who daily interact with them. Several issues that they can get the answer will really bring quality information from the market.