How to conduct business market research with Focus Groups, Phone Interviews, eMail Questionnaires and Surveys and Mailing Lists.
Focus Group Market Research
A focus group is when a group of 10 to 15 people are collected and presented with a list of questions to ask about your product. They are asked certain questions about their own consumer behavior in relation to your business and product. The participants are usually chosen and targeted to match the profile of the consumer that you intend to sell your business to. In order to find participants you can use the resources advised by the local Chamber of Commerce or you can simply go to the closer spot. Participants in a focus group are usually paid $75 $200 for the feedback.
Just to give you an idea of how a focus group is treated, you should have a list of questions to ask the members beforehand. In case you have decided to do this function yourself, you will act as a focus group moderator. You should encourage open-ended if of conversation and encourage require members to get their feedback as well otherwise you’ll end up getting all information from the talkative participants only.
You should ask questions like what is the highest price that they would pay for a product, whatever the shop for such a product, do they dislike or like the product or its packaging?
You should try to determine the consumer behavior or cater to a particular aspect that you need more information on regarding a product such as how high you can price the product.
Telephone interviews Market Research
You can also interact with potential consumers via cell phone interviews which can be at a brisk inexpensive and fast way to get information. However, this can turn tend to be a little more week and nonspecific than a focus group. It all depends on how you choose your target potential consumers for the interview. If you simply take a phone book and start making calls, you are going to target a random group of people who may or may not be potential customers and hence the feedback that you get me on in a correct. However, just as with a focus group, you need to prepare a script before you make the call. If you are making cold calls, your script will need to include introduction of yourself and your intent for making the call. You should try to keep the phone interview short simple and clearly worded. You can also hire somebody else such as a college student to do telephone interviews for you. Just make sure that it is done in an efficient and professional manner. Another way of finding potential consumers for telephone interview is to have them called you rather than you make the calls. You can post about your primary research on a bulletin board in a college or in a shopping mall or any other popular locations such as coffee shops and have the people who are interested call you. You can begin by asking them information about themselves in order to see whether they match the profile or not. If they do you then proceed with the interview and tell them about whatever information that you are intending to offer. If any.
Direct-mail interviews Market Research
Direct mail interviews are similar to making telephone interviews only that the survey is made as a postcard, letter or a questionnaire. You can keep it as simple as competitive as you want but usually the questions are restricted to a minimum of 20 and precise is a maximum of one page. Anything longer will probably don’t and intimidate the and discourage the person. People do not like I’m single and the esoteric questions so your direct mail service should be structured to contain mostly yes/no or ugly disfiguring check off boxes. This is done so that the respondents can also easily and quickly. You can include a section where the respondent is about to give any extra premium or suggestion if he wants to.
E-mail interviews Market Research
These are similar to the telephone interviews except for the fact that the interviews are sent in an e-mail. Give instructions on how to respond and be appreciative to the respondent for the data you get back. You can use several online survey companies to create a survey with you for your business online which will be presented to the respondent as our online form and their responses recorded and sent back to you. Many online survey companies can do this for you at a reasonable price and even help compile and assimilate the data for you for you to in order to make it easier for you to read and decipher it and see the results. For an online interview, the respondent is usually provided with a small introduction and a link to click on in the e-mail.
In order to make a list of potential customers to call or send questionnaires to, you can get a list from many places including suppliers, trade association called list rental company. List rental companies can give you access to a group of people who match your required profile for the consumer as a mailing list. You can also contact the direct marketing Association for such a list.Surveys and focus groups. Informal. Have a list of questions. Colleges and malls for prospective customers. $15-$70 for surveys and focus groups. Questions to ask, will they buy, how much will they pay, do they prefer a competitors version, why, where do they shop. Telephone interviews. Cheaper alternative. Could be less focused. Depends on your approach to choose your sample data. Mailing list companies. Research companies. Online market research companies. Prepare a careful script. Many might hang up. Many might not provide accurate or adequate feedback. Hire college students to make calls. More time consuming. Direct mail interviews. Similar to surveys. More effective when offering paid surveys. Can use online research consumer Companies. Many of them have a data base and systems to send out prescreening surveys to their data base. Ideally yes no questions. No more that 20 questions. No more than one page. Can be as simple as a postcard. Email interviews. Similar to direct mailers.