How to Conduct Market Research

Video Transcript

"Market research, is a term that often produces the same type of anxiety as calculus, inter-net service providers, or the dreaded, some assembly required on the box of the child's new bicycle. Relax. Market research is much easier than you may think, and a task we're constantly engaged in, though often sub-consciously. Hi, I'm Peggy Collins, and I'd like to take the stress out of conducting market research for you. Let's begin by understanding the terms that comprise market research. Market simply means the target you're aiming at, or supplying with your product or service. It may be specific consumers, such as surfers or business travelers. It may be specific businesses or industries, such as telecommunications, or automobile dealerships. Your market may be broader and include both consumers and businesses. The key take away, is, you have a specific group in mind. Research is simply the activity associated with diligent or systematic investigation, to discover or revise facts and theories. When you check the local weather forecast, you're conducting research. When you ask a customer what they are looking for, you're conducting market research. When you check the thermostat in your home, you're conducting research. The key take away is, you're engaged in these activities for a specific purpose. So, market research is simply investigating a specific group, for a specific purpose. Herein lies the cornerstone or foundation of all good market research. That is, you must decide who it is you want to investigate, and what do you want to know? Once you've determined who and what, you have three options. Conduct the research on your own, hire a consultant to assist you in conducting the research, hire a consultant to conduct the research, and deliver the information to you. Conducting your own research requires basic knowledge of different types of research, such as primary and secondary, qualitative or quantitative? If these terms are unfamiliar to you, please consider at least speaking to a professional that can help guide you through the process. I'm Peggy Collins, wishing you good luck, and good business."