When you are preparing your outline and doing a business review there are certain methodologies that you should use when doing your research in order get to most important information and make your study more complete. The main types of research that will be done will be primary and secondary. Each method has its specific use and will contribute to the development of your marketing plan.
Primary Research
One of the most important areas to gather information in primary research is through the use of surveys. When conducting a survey you want to make sure that the sample size is large enough that you will get results that will be statistically accurate. Surveys should be conducted on two levels. The first should focus on your customers, whether they have already purchased from your company or they are the target market that you want to break into. Second, you will want to conduct a market-based survey, which will give you good information about the industry and what consumers are looking for.
Another type of primary research that you should conduct is interviews with potential customers. These can be done in a variety of settings. You can conduct focus groups with varying sizes of consumers to gauge the public’s interest in your product. You can have more intimate interviews with a one-on-one setting, or you could try to talk to people on the street or shopping center.
Conducting these types of interviews or group sessions can give good feedback on what the perception of your company is or what the public is looking for in the industry that you are trying to break in to. However, when using this type of data, known as qualitative research, it is best used when you have other data to back up the information from a small group of individuals. This is because a small sampling of people could give you information that would be considered an outlier when combined with better statistical data.
Secondary Research
Secondary research consists of information that is available in published sources. It is up to you to find this information and apply it to your company. To find relevant publications or sources all you will need to do is go to the local public library or if you are close to a college or university you will be able to find these sources in their libraries as well. Another good secondary source for information is the census or the Bureau of Labor and Statistics. These are great sources to use with a wealth of information and it is all available online, free of charge. Take advantage of these options, not only to save money, but everything that you could think of is broken down is easily obtainable data.