Market Research Process

The market research process goes through the following steps.

1. Define the problem or opportunity

2. Set goals

3. Create a plan

4. Access available information

5. Complete secondary research

6. Complete primary research

7. Analyse and act

Although they are in a particular order, you will find yourself refining each step during the entire process often, going back and forth through the steps making adjustments as you obtain new information. It may seem like a long and tedious process, but it doesn’t need to be.

1. Define the problem or opportunity

Whether you want to expand into a new geographical area, introduce a new product or increase flagging sales, you need to clearly state the problem. For example, when I teach new entrepreneurs just starting out, we often come up with a statement such as, “I want to start and run a successful (fill in blank) business.” In this example, the entrepreneur not only wants to start a business but also wants to learn to run a business. Furthermore, this entrepreneur wants the business to be successful, not just a business to get by or survive, but to thrive. Be clear and precise when defining the problem.

Next… Set Goals

Set Goals

2. Set goals

Once you have clearly defined the problem or opportunity, then you need to set specific goals. It is a good idea to list short term and long-term goals. Keeping with our landscaping business we might say that one goal is to start the business out of the owner’s home in year one, but to expand to an office/garage away from the owner’s home by year five. By understanding both goals, the owner will then be able to plan accordingly. In this case, the costing of the services will need to take into consideration the cost of renting or purchasing an office/garage away from the home of the owner, right from the beginning. Even though the move won’t take place for a few years, the owner needs to price things accordingly now. Using this information, make a research plan. Write out the questions you need answers to in order to create your success, even if you already know the answer. One question our landscaper will have to ask is… “How much does rent cost for a garage with an office space in North Vancouver?”

Welcome!

Welcome to my blog. I have been running a business, writing business plans,
and advising business owners for many years. It is time for me to put a few
of my thoughts down on virtual paper and share some of what I have learned
over the years.

If you have a topic that you would like me to cover, feel free to email me
at melody@melodyowen.com.

Enjoy!