Market Research Resources for Entrepreneurs
BEST INTERNATIONAL PRIMARY AND SECONDARY MARKET RESEARCH RESOURCES LINKS
Market research is very important for entrepreneurs. In fact, the role and importance of market research cannot be over-emphasized, especially for entrepreneurs. It is one key to business success which entrepreneurs must take into consideration.
From the time of product conception and through the time of product development, market research plays a very important role in determining the success of the product and by extension entrepreneurs.
- What are the different methods of market research?
- How do you conduct market research?
- How do you research your competitors?
- How market research can help your business?
In this article, we are going to look at the market research resources available to entrepreneurs. There are diverse arrays of market research resources which entrepreneurs can use to achieve their different business goals.
The market research resources available to entrepreneurs can be either internal or external to entrepreneurs. The market research resources which are internal to entrepreneurs include such resources as, purchase reports, sales reports, account receivables, and suppliers.
Resources which are external to entrepreneurs include trade associations, the competition, focus groups, interviews, journals, and through government sources.
The above-mentioned market research resources are all recourses which entrepreneurs can exploit successfully in their market research undertakings. Let us now examine some of these resources.
1. Sales Reports
Through sales reports, entrepreneurs can decipher important trends in consumer demand and patterns.
Suppliers can be a source of market research for entrepreneurs. Entrepreneurs can obtain important market research information from their suppliers. Suppliers play important intermediary roles and most times have access to very important market information.
3. Trade Associations
For entrepreneurs who are conducting market research for their product, trade associations are very important market research resources. Trade associations can be found in all the industries in various professions and human endeavours.
There are trade associations for medical doctors as well as manufacturers. As a market research resource, entrepreneurs can contact the trade association for the particular industry in which they are conducting the market research on.
4. The Competition
As a market research resource for entrepreneurs, entrepreneurs can study the programs and activities of their competitors for market research information and intelligence.
Entrepreneurs should not see their competitors as enemies but as veritable resources for information and market research intelligence.
A way to do this is to study the processes of your competitors, that is, how they go about achieving efficiency in their system.
Another way that the competition can be a great resource for market research for entrepreneurs is to look at the technologies which the competition is using.
This will give entrepreneurs an edge in their market research and in designing their own product, technology, and processes.
5. Focus Groups
Focus groups are also great market research resources for entrepreneurs. Part of what stands focus groups out as market research resources for entrepreneurs is the demographic diversity which the use of focus groups offers.
Focus groups are usually made up of selected participants with an assigned leader to discuss a particular topic. The discussions of the focus group would be guided strictly for the purpose of the market research.
Participants and members of the focus group would be asked questions about their beliefs, opinions, and perceptions about the product. This would be used to measure the performance and level of acceptance that the product would enjoy in the larger market.
A focus group is a qualitative resource for market research for entrepreneurs.
Another market research resource worth considering is the interview. Through interviews, entrepreneurs can talk to potential customers for their product in other to measure the level of acceptance which the product would enjoy when it is finally released in the market.
These interviews are conducted on a person-to-person basis. Through the interview process and feedback received, entrepreneurs can make required and necessary modifications and adjustments to their products or even discontinue the development of the product completely.
In a situation whereby entrepreneurs are seeking to provide solutions to what they consider as pressing problems, through the interview process, entrepreneurs can measure the viability and acceptability of the solutions they are proffering.
Interviews are indeed viable market research resources for entrepreneurs.
This is one good source of market research for entrepreneurs. Through journals, entrepreneurs can gather specific industry information to enhance their decision making. Just as trade associations, there are journals covering every key industry.
8. Through Government Sources
Another very important market research resource for entrepreneurs is the government and its agencies.
Agencies of government and the government have in store great information which entrepreneurs can lay hold of, to guide them in their decision making.
The challenge of government as a resource for market research for entrepreneurs is the bureaucratic nature in which government business is conducted. Access to information at the government’s disposal may not be as quick as entrepreneurs may want it.
In conclusion, there is an array of market research resources available to entrepreneurs. In conducting market research, it is important that entrepreneurs make use of the right research resource(s) so that the goal and purpose of the market research would be achieved.
Even though a market research would not provide all the answers that entrepreneurs may need, its findings cannot be disregarded altogether.
Effective market research can be the determinant of success or failure for entrepreneurs and their products.
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