What is market research And When You Need It Foxi Algo
What is market research And When You Need It Foxi Algo.
Most people in business either ignore it. but the market research as something that only big companies can afford or, alternatively, they class it as one of those terms that people throw around without really understanding what it means.
Market research is one of the most powerful marketing tools for any business. Market research is basically asking either potential customers or existing customers (sometimes both) a few simple questions. The answers to these questions are then used to formulate the future of your business. Market research is a lot cheaper than going broke because of a bad decision.
1*)imagine yourself run a bakery and you are thinking about adding a takeaway food outlet to the front of the factory. There are two ways that you can go about this. The first is to buy all of the new equipment, employ the staff, change the signage, advertise and then sit back and hope that the crowd breaks the door down. This is the way that the majority of business ideas tend to evolve; and for every one that works there are hundreds that fail.
Formulate a few simple questions to ask your customers. way to go about this project is to do a bit of market research first.
- Do you buy lunch from a takeaway restaurant?
- s the food good or do you shop there because it is convenient?
- How far do you have to travel?
- Would it be convenient for you if we were open late in the afternoon so that you could by pre-made meals to take home for dinner?
- What type of food would you like to be able to buy for lunch?
- What other items do you need on a regular basis that you think we should stock (for example, newspapers, magazines etc.)?
- If we had a takeaway food outlet, would you consider trying us?
2*) to start talking to everyone who could be a potential customer. Pay someone to go door to door or jump on the phone and start ringing potential customers.
Most people are quite happy to answer a survey as long as you quickly clarify who you are and what you want and emphasis that it will only take a few seconds.
Hi, my name is jaccob and I’m calling you from a jaccobs’s Bakery. We are thinking of starting up a takeaway food business at the bakery and I was wondering if I could ask you a couple of quick questions?
A lot of market research campaigns like this and the results are quite. People feel important because you have taken the time to ask them their opinion and, most importantly, you will receive valuable information about exactly what the market wants, not what you feel the market wants two very different pieces of information.
Once the questionnaires have been completed you will need to interpret the information,You need to look for trends and majority of answers. If a 99 per cent of the responses said that they buy their bread from ‘Mike’s Takeaway’ , most importantly, they love it, you may have a problem. If they said that they use ‘Mike’s Takeaway’ because it’s close but the food is lousy and the staff are rude, you probably have a winner on your hands.
Another commonly used form of market research is the ‘mystery shopper’. This is the practice of hiring someone to buy something from your business to assess how good your service is. Your company need a lot of ‘mystery shopper’ and, like all market research, the results are always interesting for your company.
You need something like to include the appearance of your business, the promptness of the service, after-sales follow-up, technical knowledge, telephone manner, pricing etc. so recently you need to know main competitors to get The results were amazing.
- A Short advice from me take a simple survey send out a brochure and make a follow up call.
- Market research can be as simple as asking someone how they heard about your business. This tells you if the marketing dollars you are spending are working.
- A common problem with companies doing market research is that if they don’t like the answers, they ignore them. If you are going to take the time, cost and effort to do market research be honest enough to listen to the results and to do something about them.
- The success of your business depends on knowing and understanding the needs of your current customers and the needs of your potential customers. Market research should be ongoing, targeting different aspects of your business on a regular basis.
Finally, All the companies that are the most successful regularly conduct market research at all levels with their customers, their staff and even their competitors. They use the information that they collect to improve their level of service and to plan the future direction of their business.