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View Poll Results: How much market research did you perform before launching your business?
I allocated significant funds and time 1 11.11%
I asked a few friends, and moved on my idea 3 33.33%
Market research? I just jumped in and tried to keep my head above water! 5 55.56%
Voters: 9. You may not vote on this poll

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Old 19th April 2006, 12:13 AM   #1
jvance
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Default Poll: Market Research - How Much Did YOU Complete?

I have been thinking about this topic for a while, and figured I would post about it.

How much market research did you complete before you launched your business? I don't care if its bricks and mortar, online, MLM or whatever. If you own a business, how much time and resources did you truly spend on finding out whether the business was viable.

My thoughts? I have started 6 businesses (includes 1 franchise, 2 MLM, 1 bricks and mortar, and 2 online). Pretty much each of these were launched with either little or no market research. The only one that I really dug in a bit on was one that I needed investors for.

3 are still active (not the franchise or MLM)

I tend to think that most small business owners don't due a large amount of market research...I am talking significant money spent on market research firms, not just a quick poke around online and asking a few friends. I think entrepreneurs are too busy trying to get their idea off the ground to really go through the testing and research phase...but hey...let's see what the polls say!

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Old 19th April 2006, 03:16 PM   #2
Robert
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Quote:
Originally Posted by jvance
I tend to think that most small business owners don't due a large amount of market research...
I know I was in the "market research? what market research?" camp. Not a good thing but that's how I started.

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Old 19th April 2006, 11:46 PM   #3
foxdmatt
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I did a pile of research but spent almost no money, thanks to the net.

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Old 22nd April 2006, 08:36 AM   #4
aramyus
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Does any of you use Google adword for market research ?

If so, can you please post relevant links or share your experience (see explanations at the end of the post)

In my own experience, it is pretty easy to have global statistics on a market segment by surfing a few hours. However, you do not get the answers to the real questions: will my innovative product/service be well received in my market segment ? Is my product sufficiently innovative ? Is my marketing appoach better than the one of my competitors (when my product is a me-too product) ? Is my marketing plan realistic for this segment etc...

I have read a couple of times that some authors use Google Adword to research a new market.

The main idea is to have the interested prospect contact you rather than the reverse.

I have seen 2 approaches so far:

- you pretend you have a new product in final phase, you place a Google ad and explain to visitors that you do not want to miss any important feature. Then you have a form to let visitors make suggestions.

- you place an ad for the new product, and in in your landing page, you try to get visitors to call you over the phone


I am far from being an expert and I am sure there are other alternatives

Any idea ?

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Old 23rd April 2006, 05:22 PM   #5
Soapin'Angela
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hmmmm,

I just put "market research?" as my answer because my first business I didn't research at all and I'm no longer doing it. I think a lot of people fail to do market research because they don't want to be discouraged by the results saying there ISN'T a market for what they sell (at least I think that's how I felt deep down).

The business I'm part of now, I didn't do research for either lol. I do think it's important but I just didn't feel the need to. hmmm.

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