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Market Research

9 Apr

As with any business, market research is of utmost importance if you plan on surviving and growing in a competitive market. The question is how do you do it efficiently to cover all of your bases?

You need a starting point. My starting point in any search is ‘ole faithful Google. (Side note-I feel that Bing isn’t quite there and I’m much more familiar and comfortable with Google’s platform.) Make a list of related words and check them off as you go. This will help you keep track of what you’ve looked up; we all know search engines have a tendency of taking us to places we did not intend, sometimes for the better.

Next, once you’ve got your list, make sure you have a goal. “Today I want to research pricing out my product. I’ll do this by looking at a variety of sites ranging from professional photographers and album suppliers to do-it-yourself album websites.”

Bookmark along the way! You can easily get caught up in looking for what you think you should be looking for and completely miss out on some great information along the way. I like to bookmark pages I stumble upon to come back to at a later day when I’m focused on another area of my market research.

I find it’s easier to do it in spurts of under an hour, take a break for a couple of days, let the information seep in and you might even find that you come up with a new direction or idea. That’s the beauty of research! You’re supposed to explore the territory.

Accidental research has lead to a lot of really important discoveries; Post-it Notes, Gravity, Golden-doodles… Where will it lead you?

I hear the question coming: How long should my market research take me? When do I know I’m done? In truth, you’re never done. Any successful business owner/executive/marketer will tell you that the search is always on for the next idea to keep you not just in the market, but ahead of the curve or hopefully leading the game.