A sad truth about small businesses is the vast majority of them do not succeed. Many new small businesses hardly last longer than a single year. Among the most common reasons the businesses fail is they do not perform enough market research. Expanding market research to include information from focus groups can prove to be an enormously helpful means of getting a business on the right strategic track. Following the advice of friends and associates is not sustainable. A business has to draw from viable outside sources capable of delivering a new perspective.
An engaging focus group or having in-depth discussions with actual customers can help a business immensely. A business must never embody complacency in the market. The needs of customers do change and managers should be made aware of those changing needs. Solid market research discussions can offer helpful insights about customers.
To be sure the research work is done properly, it would be best to hire an experienced market research professional to handle the research design, execution, and analysis. Thanks to the modern technology, webcams can make setting up these types of sessions painless. Affordable online qualitative research services make the process both very easy and fast for small businesses.
The benefit of these sessions is the owner of a business can really get a feel for what customers want and what motivates them. Asking targeted questions and receiving the right feedback can aid in figuring out what is the best target audience to focus on.
Recording sessions such as these is strongly recommended. This way, an actual documented video of the session exists. The video can then be referred to time and time again and the valuable research material on the video can be reviewed and put to use. Video clips can be made for easy access. A written transcript of the session is also suggested. The transcript and video clips can then be reviewed and referred to when taking part in meetings related to the marketing of the business.
Engaging in quality market research is essential for a business to thrive. Doing so ensures the work is performed in such a way it delivers actionable results that can set the direction for your marketing plan.
Jim Longo is the VP of Research Solutions at Discuss.io, a consumer-connection platform for market research. He brings over 25 years of domain expertise in the market research industry. Jim is considered a thought leader with regards to online behavior and market research technology. He has consulted with brands and research agencies around the world on how to have insightful online conversations and was instrumental in building the first global online qualitative research practice at Harris Interactive (acquired by Nielsen). There, he led a team that conducted more than one thousand online groups in the first three years of its existence.