ABCs of Market Research

The ABCs of Market Research Betty Eitner Modal Consulting Inc. ©Modal Consulting Inc. 2011

Why Research the Market
Business decisions that are based on sound market research, analysis and intelligence have a substantial payout.
Knowing your market, it’s potential and identifying the ideal target is an essential part of any business being it a start-up, a spin-out or an existing business.
©Modal Consulting Inc. 2011

Market Research will…
identify opportunities
steer business decisions
provide consumer behavior
determine target markets
improve communication strategies
develop marketing strategy
create benchmarks
minimize risk
maximize success

Not as Scary as it Sounds
Secondary Research = Information
Already Collected by Someone Else
Newspapers, magazines, books
Studies, white papers, reports
Websites, brochures, trade shows
Statistical information
It is the most cost and time effective way of
collecting information.

Not as Scary as it Sounds
Primary Research = Firsthand
Information
Talk, listen, observe
Surveys, questionnaires, focus groups
Trade shows, webcasts, conferences
This can also be the most valuable, because
it's current and specific.

ROI of Market Research
The amount of market research you do is limited only by:
your time (if you're doing it yourself)
your budget (if you hire someone else to do it)
Market research is necessary at all stages of a business's life.
It can also prevent costly mistakes and realize excellent returns.

Identify Opportunities
Ongoing market research and analysis allows you to rediscover your market, your clients and your competitors.
What has changed about spending habits, priorities and needs?
What products and/or services can respond to the changes?
Are there niche markets out there that have fewer competitors?

Know What You Need to Know! ©Modal Consulting Inc. 2011

Before Getting Started…
Know what you need to know…
Clients
Who is your target audience
What & where are they buying now
Why should they use your services or purchase from you
Competition
Who are they & what are they offering
Can you do it better or more competitively
Can you find a niche market that they are under-servicing
Environment
Local, national or global – what effects your business

Market Research Grid Client Competitor Environment Data Organization ©Modal Consulting Inc. 2011

What you Need to Know
You need to gather information from and about your clients to focus your marketing efforts, maintain and improve your customer service, and to guide your efforts in developing new products and/or services.
Ensure you are looking for information that is pertinent to your current focus otherwise you can get into information overload and become overwhelmed.

Information gathered about the competition can help you determine what works and what hasn't worked, give you ideas for improving your products and/or services, and provide insight into how to increase or shift your share of the market.
Knowing the competition is one of the key components of successful business development.

Gathering information about the environment (economic, social, technological, regulatory and political forces) allows you to stay abreast of and respond to particular trends or events that can impact your business.
Whether it's a change in interest rates, a business closure or employment rates; be aware and judge the ripple effect on your business - good or bad.

The Key to Success…
All successful businesses need to have a close understanding of potential and existing customers and their marketplace.
Market research allows you to:
target customers;
track markets and trends;
market and sell effectively;
compete with other suppliers;
spot new opportunities; and
gain vital knowledge.

Thank you!
Modal Consulting Inc.
www.modal.biz
[email_address]

ABCs of Market Research

by Modal Consulting Inc. on Feb 21, 2011

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