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Skillful Research Required to Create Your Business Market Plans

In order to determine who is most likely to purchase your products or services, you’re going to have to conduct both primary and secondary research. The latter type of research has usually already been completed and compiled by other businesses, government agencies or trade associations. According to the business Web site entrepreneur.com, primary research usually requires you to gather both exploratory and specific information – and it’s this specific kind that’s often rather expensive. It nearly always requires you to “question [a] target group of individuals . . . [by using] direct mail, telemarketing or personal interviews.”          

Efficiency of Using Direct Mail and Telemarketing

  • Direct mail. As most of us know, “junk” mail has become a serious problem for far too Americans. None of us enjoy sorting through all of the direct mail inquiries, grocery store flyers, and other unsolicited mail when just trying to find out personal mail.  Even if you deliver concise questions to the public through such mailings and provide a return envelope, you’ll probably only obtain about a five-percent response rate – although it’s sometimes slightly higher;

  • Phone surveys are often fairly useful and successful. There are actually some professional telemarketers who can complete close to 10 telephone interviews per hour, if provided with an accurate “call” list. Of course new employees and those working with outdated phone lists can often only complete about five or six interviews per hour – on a good day. Although phone surveys are usually much cheaper to pursue than direct mail responses, you still have to just use telephone lines during the cheapest hours of the day.

How Some Market Research Interviews Are Conducted in Public Forums

Many residents of unusually large cities like Chicago, Los Angeles or New York City often see newspaper ads asking individuals to sign up and go to specific conference rooms in those cities to take part in market research projects. While there, individuals are often videotaped as they’re asked individually – or as a group -- about a specific company’s products. (You can also hire market research companies to help you -- they often solicit participants over the Internet.)                                                                                                                                               

These same types of interviews are then held all across the country, providing the companies that can afford to conduct them with critical data regarding their primary customer base and each person’s specific preferences. In some cases, those attending may be asked to actually taste or use certain products and then provide their written opinions about them. Before they leave, these participants are usually well paid for their services.

Conclusions

Whatever you do, always conduct adequate market research regarding your new products or services to be sure there’s enough demand to guarantee your success. Keep in mind that you will also need to come up with clever ways to distinguish your products/services from those of your competitors. Be sure to also constantly brainstorm with others to come up with ways to attract new segments of the population who may be at least willing to “try out” your product/services.

 

To obtain help with handling all of your Georgia business planning needs, please contact the Law Offices of Shane Smith today.  You can schedule your free initial consultation with a knowledgeable Peachtree City estate planning attorney by calling: (770) 487-8999.


Shane Smith
Advocate for the Seriously Injured in Georgia