How to Generate Market Research for Businesses

Research ImageIf you are a person with a number of business , you are always concerned about your market. How your market reacts to your service and market. With the other competitors surrounding , you would then think of how your market would behave around your product or service and for sure they will be affected about the competitor. There is a chance that these clients will try to search for new things.  Finding out what other companies and how the market reacts to it is what you call doing a market research.

Doing a market research is a good thing especially if you are still starting your business. Doing marketing research helps you identify the positive and negative outcomes and the attitudes of the market. When you are generating market research for your business you are gathering data’s about your own market and your competitors. When you are doing this it can help you at the same time with your company’s business plan.  It lets you see the current status of your business and this could be the right time for a new change. So how do you generate market research for your business? Here are top 5 ways on how to generate it.

Intro to market research

  1. Doing market research may mean more than doing online research. You can always go to other businesses and ask how their status in business is going and how they are going well. In this way you will see how others operate and how they exists in the eyes of the clients.
  2. You can always ask their clients and know how they can differ from your own business. You can also witness how your competitors behave in the market and how they serve their customers well.
  1. You can do more than having research online by having telephone interview or survey, doing a market survey from one business to the other. You can always do market research through different types of surveys. You can do personal survey through telephone or chat.
  2. Having observation to your market and your competitors is another good way to generate market research for your own business. You can always then compare as to how things are different.
  3. The best way on how to know other products and services business is to pose as one of their clients. In this way you can do market research for your business.
  4. Do know the type of market you would like to do a research and from there you can already build your questions as to what they prefer in their generation and their age.

If you are having a hard time starting your market research you can always do the old school of market research, as this is effective. Do also know how to stay in the modern generation and find a lot of online market research ideas with your social networking accounts. This is already the new age and that you need to do this already. Be unique and take the challenge.


Marketing Research Data Collection Methods

This post is going to be a bit more technical than usual, we are going to talk about the data research collection methods and more about the difference between primary and secondary source data.

The difference between Primary And Secondary Data

If you have ever seen really poor stats and think “this can’t be right” its likely to have been secondary data. This is data that can be produced from comparing one set of “irrelevant data” across into a modern concept. For example if I believed the earth was flat, I could use today’s technology to help my hypothesis. Anyway, the video below can describe it a lot better than I can for you! Let me know what you think of the video, I really like these guys on Youtube too, so go and subscribe and like this video as well!

Using A Business Example

If we take a business I am heavily involved in (the blue chip car hire company) we can see how they use primary and secondary data. I really love how they implement this into their marketing and pricing too.

At first they didn’t do any data collection or research at all, which is part of the reason why they brought me in, so this is what we implemented. And its pretty much split between secondary and primary data.

Secondary Data

We wanted to get an idea of what people THOUGHT it would cost to hire a supercar for a day and a weekend. This is for anyone. So for example people who couldn’t afford it, people who didn’t ever have the need to do it, as well as individuals who might purchase on in the future. This was purely research and it cost us about £500 to get £500 responses, which is pretty cheap when it comes to market research and data collection. We found that people thought it was in fact cheaper than the prices we had, which is pretty much what we expected would happen.

Primary Data

We asked customers who had already seen prices what they thought it had been worth. This is people that already paid for thc car. And suprising they said they would have paid more for the ease of service. Now this is stone cold awesome primary data because these are customers giving a.) Reviews – Positive most of the time and b.) Feedback about the business, which allows us to integrate different pricing models during busy periods of time.


How to Research Lawyers & Solicitors in the UK

Finding a good lawyer or solicitor can be really difficult, we have all heard horror stories of people who have hired a solicitor and they have turned out to be unqualified or even worse dam-right rubbish! But with this guide we hope to put your mind at ease by showing you the ways you can actually go through a lawyers background to check if they are the people for you. The easiest way to find the best solicitor in your area is to talk to people who have had good experiences, but if you are new to an area, or no one you know has any experience with there local solicitors then you have to do the research and leg work yourself.

law firm research advice

The process:

UK Solicitors imageThe first step is relatively obvious, you want to go to google.co.uk and type in your keyword. For this example I will be using my local area with is: Salisbury, UK. So I would type into Google something along the lines of legal services Salisbury UK you can add additional keywords or change the search terms themselves but as Google is evolving and becoming smarter, this will likely give you much the same results anyway.

Now what I recommend is selecting from one of the top 3 results (in both the maps results and the organic search listings.)

Now I know some people will be thinking, these results can be manipulated by search engine optimisation, but the truth is, if they are in the top 3 for your local area, chances are they have hired an SEO consultant who is pretty good and hence pretty expensive! If they have the money to spend on this, don’t you think they have made the money by being good at what they do? Good businesses spend good money because they can!

Once you have your list narrowed down to 3 the next step is easy.

Solicitor Salisbury ImageGo to the individual websites and look at the cases or options, this might also be in the form a blog post, but most of the time they should have the cases they have worked on, or at least are working on.

What you are looking for here is something that they have already had that is similar to your issue. I mean I know I would rather work with a law firm that has tackled and WON something very similar to what I am dealing with. It’s obvious really!

The final step is to reach-out to these firms in the right way. You don’t want to just randomly call or email them. Instead what you need to do is explain your situation and say it’s very similar to case number: 50200 or whatever the case number is. This shows the solicitors themselves that you know a thing or 2 and also shows them that its a winning case, it’s a win win win situation!

Thanks for reading an remember to share this to those people in need. I can say from experience that getting caught up in the law is not a good place to be!


How to Research for a Business Premise (Stop Working From A Garage)

Getting your first premise as a business can be a very stressful and often time consuming process with the number of both legal, personal and financial restrictions, its no wonder that many people have to go to co-working places and a number of virtual offices, when all they actually do is work from home. The below guide is a small list of things to remember we put together for the business owner whose not sure if they should move into a serviced office, virtual office or just still work from home. A side-note: If you are working from home but find your earnings growing quickly you should consider an office or factory, this will help you disconnect between work and play, it will also help reduce stress too! This is what my problem was when I first started working from home! People think it will reduce stress but it actually increase it.

The first time business property tips – (Stop Working From A Garage)

business locationLocation?

The first thing you should consider when looking at business premise is the property. Do you really need a business location near your house or would it be better in the City? If you are a business to consumer business then I’d recommend getting a premise with a great location in a busy central location. If you are a business to business seller then think it might be cheaper to set up shop outside of the city and actually get a nicer office than going into a small place in the city? All these things should be considered.

business sizeSize?

Size of a business depends on where and what you should get as your business premises. If you are a shop that sells goods to individuals then generally the bigger the better in relation to price. But if you are a business that is based on a service to the consumer or business you are serving (aka your client) and this service occurs at their location or in the cloud (wifi/internet based) then there is no need for size to be a factor or a limited issue with your business.

What you need?

For example if you need a lot of shelving and racking then you will need an area both high and wide enough to put the heavy duty stuff inside your premise. If you don’t work in this style of environment then you won’t need as much but you will need other storage solutions that make sense for your location. We found that we needed so much racking and storage when we first started that it was actually killing us. We moved out of a house and garage where we started, and didn’t realise how much of the house and garage was committed to the business. Hence this lead to getting a location that was probably in hindsight, too small! Don’t make the same mistake.


How To Research A Business Idea

Doing a Market Research for your Business

Doing a market research is a way for you to find out how much market is available for your product or service. It is essential for understanding that market you are competing in, finding your unique selling point and knowing who will be buying your products. When you find your USP or unique selling point, you will be able to set yourself apart from your competitors and your USP is something that you should highlight when you are doing your advertising.

The most important thing you need to know is determining your tarIntro to market researchget market and potential customers. Finding the right market is important so that you will know if you will be able to sell the service or product that you offer. You can start by asking any existing customers about their opinions. The type of customers that you will get will depend on the services or products that you offer. Once you have identified your market, you can proceed with your market research. You can also visit local business forums and see what happens there to get an idea.

It is important that you get the right kind of information from old customers that you have and from the new customers. You should find out if they will buy what you will be offering. Pinpoint any concerns that they may have like the quality of your product or how you will do against your competitors. It is important that you also investigate your pricing. You should consider your costs and how much your competitors are offering for the same product or service. Get feedback from any potential customers about the price they are willing to pay for what you will be offering. Knowing what they think about your competitors is also important and if there would be anything that you could do just as well or maybe even better than your competitor. Once you have your business up and running, you can ask customers why they prefer your business over those of the competitors. You can also gauge how they feel about the pricing of the competitor.

Learning more about your competition is also very important. You can know more about them by looking into their market reports or any other published information that they have. Among the details that you would be able to get would be their turnover, sales pattern and profit. You can check libraries, trade publications and associations and the local chamber of commerce for these reports. You could also opt to directly go to your competitor. You can ask what they offer and check out their advertising too. Whatever information that you get can be used to develop a business that will challenge your competitor in terms of quality, service and pricing.

Two other ways to know more about the market, customer and competitor are:

  1. Create focus groups.

Gather small groups of people to give you feedback on your product after trying it out.

  1. Use questionnaires. It is preferable to have your questions answered by either a choice of answers or a scale rating. It could be useful to have questions asking for opinions.

Market reports and trend analysis will give you an idea about the market you will be entering, the competitors and if there are trends that you should be aware of. Your research will also depend on the finances that you have, the product or service that you are offering and the market you are in. So before you start up that business, do your research first!

Thanks for reading :).