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Market Research – can quick and dirty approach be effective

Market Research – can quick and dirty be effective for SME’s

For businesses knowledge of what customers / prospects want, need, think, value and what helps them in purchasing decisions is critical, if they wish to develop efficiently and effectively.

So is this where good old market research kicks in?

For me market research isn’t a one size fits all activity and over the course of a few articles, we will explore some of the ways that SME’s in particular can gain great information which will help them in the decision making process.

Detailed, statistically sound research conducted methodically and then rigorously critiqued and checked is essential in many cases (especially where the levels of investment are high or the business case justifies / requires).

What about quick and dirty approaches that can be conducted in a shorter time frame and at a fraction of the cost?

Research that answers questions like

  • How can I make sure that a new product or service that is being developed is fit for purpose?
  • How can I make sure this product / service is required and valued?

· Works best where there is a high level of commercial intent targeted traffic. May need to do Keyword Research Analysis ‘KRA’ first

· Reliant upon search traffic levels

· Requires thought and time to prepare improved message

· Need to know when to stop as ROI levels diminish

· Need to make sure you get honest feedback

· Need to be able to ‘Trust’ your group

· How do you capture the information you are being given if you are facilitating the group

· Might end up talking to the wrong person

· Exhibitors want to ‘sell’

· Need to exhibit if you want to talk to a volume of attendees

· Only provides a snapshot for how a competitor responds on that day

· Many competitors are poor at responding to enquiries

Need to make use of any feedback. Shouldn’t just be a paperwork exercise

Market Research - can quick and dirty approach be effective

Listed below is a table that outlines some examples of ‘quick and dirty’ approaches used to get information to help in the business decision making process. Each of these will be explained in more detail in later articles

The reasons that many SME’s don’t conduct research are

  1. Cost – SME’s see it as expensive
  2. Time – SME’s think it will take a very long time
  3. Value – SME’s think that the research will be an academic exercise resulting in a report and very little new information

Market Research – can quick and dirty approach be effective

In the next edition we will explore these 3 issues and look at some of the quick and dirty research techniques in more detail. For more information click here Andrew Goode on 01733 361729 . For more information on marketing and sales approaches click here

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