Business reports indicate that a large percent of ideas and startups die out in a year or two. This is attributed to insufficient or total failure to conduct market research. The same trend is seen when established brands introduce new ideas and products. As such, the failure is never about lack of funds. It takes razor sharp planning and understanding of the business environment to successfully implement an idea.
Success in execution of any idea requires diligence, perfect timing and adequate planning. Carry out a primary survey as the owner of the idea. It is possible to involve other employees or third parties but the information they give is always second hand. As such, conduct a SWOT analysis where you identify the strengths, weaknesses, opportunities and threats you are likely to face when implementing your idea or rolling out the product.
Collect both quantitative and qualitative data. Since you have a background understanding of the environment, ask your potential clients about general market orientation and the specifics as they apply to your idea. You may include social media and web surveys on the topic. You may opt to organize focus groups and even web surveys to better understand the area you are operating.
The purpose of any study or survey is to gather information. In order to get the best information, you must ask the right questions. Soft questions that leave the customer feeling easy are the best to begin with. They help you break the ice and win the confidence of respondents. You may then turn to the direct and hard hitting questions later. Avoid forcing respondents to answer. They are likely to mislead you or give doctored answers.
Turn the information you have received into action. Discussions and questions to respondents should give you valuable information about customer perceptions, needs and challenges. Use this information to develop a plan of action. Create what is referred to as SMART goals. This means that they are specific, measurable, attainable, realistic and timed. Since you do not control the market, you should be ready to make adjustments when need arises.
At inception, all ideas are brilliant and their owners are enthusiastic about them. However, response from the ground and unexpected challenges cause some people to abandon them. This should not be your story. Find a way of modifying it such that it remains relevant to the business environment. Avoid distraction from individuals who try to modify it in order to suit their business models or goals. Implement your idea with the bigger picture in mind.
Industry penetration and execution of ideas requires a great deal of confidentiality. Respondents can be misleadingly biased. Respondents on the other hand may give you skewed information that misleads your decision making. This can be avoided by approaching questions and respondents with caution. Ensure that your respondents are honest and reliable not to leak information and ideas to competitors.
Most entrepreneurs lack the funds to conduct a comprehensive market survey. To circumvent this challenge, you need a bit of creativity. Use such tools as social media and web based surveys to gather the information you require. With the little information and resources you have, sharpen your idea such that by the time you hit the market, it will be polished and readily acceptable. Provide room for modification based on feedback during roll out or implementation.
Success in execution of any idea requires diligence, perfect timing and adequate planning. Carry out a primary survey as the owner of the idea. It is possible to involve other employees or third parties but the information they give is always second hand. As such, conduct a SWOT analysis where you identify the strengths, weaknesses, opportunities and threats you are likely to face when implementing your idea or rolling out the product.
Collect both quantitative and qualitative data. Since you have a background understanding of the environment, ask your potential clients about general market orientation and the specifics as they apply to your idea. You may include social media and web surveys on the topic. You may opt to organize focus groups and even web surveys to better understand the area you are operating.
The purpose of any study or survey is to gather information. In order to get the best information, you must ask the right questions. Soft questions that leave the customer feeling easy are the best to begin with. They help you break the ice and win the confidence of respondents. You may then turn to the direct and hard hitting questions later. Avoid forcing respondents to answer. They are likely to mislead you or give doctored answers.
Turn the information you have received into action. Discussions and questions to respondents should give you valuable information about customer perceptions, needs and challenges. Use this information to develop a plan of action. Create what is referred to as SMART goals. This means that they are specific, measurable, attainable, realistic and timed. Since you do not control the market, you should be ready to make adjustments when need arises.
At inception, all ideas are brilliant and their owners are enthusiastic about them. However, response from the ground and unexpected challenges cause some people to abandon them. This should not be your story. Find a way of modifying it such that it remains relevant to the business environment. Avoid distraction from individuals who try to modify it in order to suit their business models or goals. Implement your idea with the bigger picture in mind.
Industry penetration and execution of ideas requires a great deal of confidentiality. Respondents can be misleadingly biased. Respondents on the other hand may give you skewed information that misleads your decision making. This can be avoided by approaching questions and respondents with caution. Ensure that your respondents are honest and reliable not to leak information and ideas to competitors.
Most entrepreneurs lack the funds to conduct a comprehensive market survey. To circumvent this challenge, you need a bit of creativity. Use such tools as social media and web based surveys to gather the information you require. With the little information and resources you have, sharpen your idea such that by the time you hit the market, it will be polished and readily acceptable. Provide room for modification based on feedback during roll out or implementation.
About the Author:
When you are in need of the facts about market research, come to our web pages online today. More details are available at http://pkdata.com now.
0 commentaires:
Enregistrer un commentaire