BusinessKM
Research - Analytics - Planning
FAQ's
Here we offer some of the more commonly asked questions regarding market research, analysis and planning.Isn't market research expensive?
No it needn't be. Market research can range from free to very expensive depending on what kind of information is needed. Most businesses don't need exotic data, but rather the right data in order to make better decision, minimize risk and determine which direction is best to go. This type of research is very cost effective and is usually not a budget buster.
Isn't market research only for big companies?
Absolutely not! In fact smaller companies are probably in greater need of good market research than larger companies as smaller companies don't usually have the financial cushion that larger companies do. Wrong decision may cause concern for large companies, but may be devastating for smaller ones.
What are the benefits of market research?
Market research minimizes the risk of doing business by:
- Identifying opportunities to expand and diversify company markets.
- Matching your firm's capabilities with market opportunities.
- Improving communication with current and potential customers.
- Uncovering and identifying potential problems.
- Creating benchmarks, measures your progress and evaluates your success.
What's the difference between primary and secondary market research?
Primary market research is research that is done by surveys, interviews, and focus groups. This type of research can be very expensive and is used mostly by larger companies. It can be very effective at getting at what people think.
Secondary research uses public and private sources of data that already exist in order to find out about the market in question. This is usually very cost effective. This type of research is very good at establishing market characteristics.
Why analyze my customers?
Simply, the better you know your customers the better able you are to serve them. Moreover, customer analysis can then be used to find more just like them or help you avoid customers that are unprofitable or just plain pains-in-the...you get the idea.
What is location analysis?
There is an old saying in Real Estate "Location, location, location". True, but which location? That's where we come in. We take what's know about a market and the geographic characteristics required and determine the best places to locate a business, new branch or a place to relocate to.
Isn't market research for national markets?
No, in fact there is a great deal of data on local markets, much more than people ever imagine. This allows a true picture of a market to emerge, and means businesses can make decisions on facts not hearsay, opinion, myth or urban legend.