Data indicates that that most start-ups fizzle out within two years of initiation. The reason given for this trend is failure to conduct market research. Established brands also face this challenge when introducing new products into the market. This means that it is not an issue of funding or business experience. The main problem is failure to understand the environment you will be operating in. Successful ideas have been executed through razor sharp focus after thorough survey of the operating environment.
Success in execution of any idea requires diligence, perfect timing and adequate planning. Carry out a primary survey as the owner of the idea. It is possible to involve other employees or third parties but the information they give is always second hand. As such, conduct a SWOT analysis where you identify the strengths, weaknesses, opportunities and threats you are likely to face when implementing your idea or rolling out the product.
Collect both quantitative and qualitative data. Since you have a background understanding of the environment, ask your potential clients about general market orientation and the specifics as they apply to your idea. You may include social media and web surveys on the topic. You may opt to organize focus groups and even web surveys to better understand the area you are operating.
Surveys are aimed at gathering information for use in decision making. In order to get the right information, you need to ask the right questions. Begin with friendly and easy questions that help you create a good rapport and which the respondent can confidently answer. Afterwards, ask the hard hitting direct questions. Forcing a respondent to give a particular answer will skew your survey results. The resulting findings will not be reliable.
Turn the information you have received into action. Discussions and questions to respondents should give you valuable information about customer perceptions, needs and challenges. Use this information to develop a plan of action. Create what is referred to as SMART goals. This means that they are specific, measurable, attainable, realistic and timed. Since you do not control the market, you should be ready to make adjustments when need arises.
When ideas are being generated, they are very brilliant. Once introduced, they are shaken by customer reception and unexpected challenges. Some people give up at this stage and abandon the best ideas. Use these encounters to sharpen your idea and make it more relevant. Some people will try to modify your idea to suit their needs. Have the bigger picture in mind when doing your marketing.
Industry penetration and execution of ideas requires a great deal of confidentiality. Respondents can be misleadingly biased. Respondents on the other hand may give you skewed information that misleads your decision making. This can be avoided by approaching questions and respondents with caution. Ensure that your respondents are honest and reliable not to leak information and ideas to competitors.
A full marketing survey could be hampered by lack of funds. This calls for innovative ways of information gathering. You may use internet surveys while at the same time spending more time to understand the market and sharpen your ideas. Ensure that you hit at the right place. Schedule all your actions and be ready to modify ideas from time to time during implementation.
Success in execution of any idea requires diligence, perfect timing and adequate planning. Carry out a primary survey as the owner of the idea. It is possible to involve other employees or third parties but the information they give is always second hand. As such, conduct a SWOT analysis where you identify the strengths, weaknesses, opportunities and threats you are likely to face when implementing your idea or rolling out the product.
Collect both quantitative and qualitative data. Since you have a background understanding of the environment, ask your potential clients about general market orientation and the specifics as they apply to your idea. You may include social media and web surveys on the topic. You may opt to organize focus groups and even web surveys to better understand the area you are operating.
Surveys are aimed at gathering information for use in decision making. In order to get the right information, you need to ask the right questions. Begin with friendly and easy questions that help you create a good rapport and which the respondent can confidently answer. Afterwards, ask the hard hitting direct questions. Forcing a respondent to give a particular answer will skew your survey results. The resulting findings will not be reliable.
Turn the information you have received into action. Discussions and questions to respondents should give you valuable information about customer perceptions, needs and challenges. Use this information to develop a plan of action. Create what is referred to as SMART goals. This means that they are specific, measurable, attainable, realistic and timed. Since you do not control the market, you should be ready to make adjustments when need arises.
When ideas are being generated, they are very brilliant. Once introduced, they are shaken by customer reception and unexpected challenges. Some people give up at this stage and abandon the best ideas. Use these encounters to sharpen your idea and make it more relevant. Some people will try to modify your idea to suit their needs. Have the bigger picture in mind when doing your marketing.
Industry penetration and execution of ideas requires a great deal of confidentiality. Respondents can be misleadingly biased. Respondents on the other hand may give you skewed information that misleads your decision making. This can be avoided by approaching questions and respondents with caution. Ensure that your respondents are honest and reliable not to leak information and ideas to competitors.
A full marketing survey could be hampered by lack of funds. This calls for innovative ways of information gathering. You may use internet surveys while at the same time spending more time to understand the market and sharpen your ideas. Ensure that you hit at the right place. Schedule all your actions and be ready to modify ideas from time to time during implementation.
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