Posts Tagged "market research"

Getting The Knack Of Market Research

Posted by on Oct 29, 2014 in Blog

Getting The Knack Of Market Research

“I have always found that plans are useless, but [the act of] planning is indispensable.” – Dwight D. Eisenhower Planning is the first stage in creating a winning strategic business strategy, however planning requires accurate data in order to make reliable projections and forecasts.  Plans based on unreliable or inadequate intelligence are essentially worthless.  So, it’s critically important to the success of your business that the data from your market research is accurate, reliable, timely, and focussed. The following steps can help you to improve the quality and depth of data that you receive from your market research. Define Your Target The amounts of data that you can gather in a given market research campaign are potentially limitless. Since you only have a limited amount of time and resources to spend on data collection, you need to limit your scope and focus on an actionable target. Define the goals of your research before you begin your data collection process by figuring out what exactly you are trying to discover.  Examples of common goals at this stage of market research include identifying your target market and their wants and needs, or learning the best price point for your product based on...

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