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?
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
- Cost – SME’s see it as expensive
- Time – SME’s think it will take a very long time
- 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