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Primary Research Development
Written by: Michele HarrisArticle Overview: Conducting market research can afford you invaluable insight into your products or services. The following are some tips to get the most out of your research.
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Primary Research Development
The decision to conduct primary market research generally derives from a major marketing challenge or question regarding a product or service. Here are a few points to consider that will determine the scope & methodology of the research and result in a successful outcome.
1. Objectives: Be clear on your reasons for the research, exactly what you want to find out, how it fits into your overall brand strategy, and your priorities regarding data collection.
2. Results-Oriented: Are you making a go/no go decision on a new product or an ad campaign? Are you looking for the optimal target for your product or service? Determining how you want to use the results will affect the research requirements.
3. Target Specifics: Be as specific as you can about whom you want to interview. Some people are harder to find, and some groups are more expensive to research than others.
4. Target diversity: Is your target audience homogeneous or diverse? Often, the size of the research sample is contingent on the diversity of the target population, and should include a minimum number of subjects for each segment, e.g., genders, age groups, usage groups.
5. Show and Tell: Do you need to show samples, storyboards, advertising slogans, or prototypes? This will impact the specific approach used and the associated costs, including material distribution, i.e., mail, online, etc., focus groups or a central location intercept.
6. Understanding deliverables: Most of the time, you can expect a detailed written report at the conclusion of a research study which can include an executive summary, charts and tables or quotes from respondents. The more detail you seek, the more it will cost.
7. Small teams: Try to keep your team small. The more people having input into your research, the more likely you are to have a study that is unfocused and ultimately, unsatisfying. The marketing director, product manager, and ad agency (if appropriate) are usually the optimal team.
8. Timing: How will the research affect other planned company initiatives? Don't wait until the last minute. Plan on 2-6 months (depending on the scope of the effort) from initial planning to deliverables.
9. Be Research-savvy: Make sure your research sample is comprehensive enough to be useful and to uncover trends. Unearthing patterns over individual opinions are what matters.
10. Budget: Primary research can cost anywhere from $5,000 to over $100,000. Fortunately, there are a number of ways to accomplish nearly any objective, so you have choices.
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Article Tags: ad agency, ad campaign, advertising slogans, age groups, brand strategy, central location intercept, director product, e mail, executive summary, focus groups, genders, major marketing, material distribution, primary market research, prototypes, respondents, specifics, summary charts, target audience, target population
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About the Author: Michele Harris RSS for Michele's articles - Visit Michele's website 
Marketing expert Michele Harris has 20 years experience developing revenue-rich marketing programs for Fortune 500 companies and leading business development and client services for premier advertising agencies. As founder and Chief Matchmaker of Smarti Solutions–the leading marketing agency selection firm for the mid-size marketplace—Michele provides clients with sales and marketing consulting, an unparalleled, intimate knowledge of the boutique and mid-size agency landscape and an expert selection of qualified advertising agencies, PR firms, media and marketing companies across industries, capabilities and other criteria. Michele has been covered by The NY Times, NY Post, PR Week, Inc. Magazine, CNN’s Money Magazine and Crain's BtoB Magazine. To get sales and marketing guidance or assistance finding just the right advertising agency, PR firm or marketing company for your business’ needs, visit http://www.getsmarti.com
Click here to visit Michele's website   Making Power Points Social Media and PR Firms The Cost of Expertise Seducing Prospects 10 Ways to Woo New Clients Selecting a Marketing Company Dos and Musts Finding Your Marketing Match How to Hire the Right Marketing Company |
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NEW PRODUCTS LIKE = Projector phone in the market
- Hi ideasuniversity,
I'm back.
This just shows that there is no end to new stuff coming out. Someone has to work on it. Research and Development never stops.
Has anyone a new idea?
Let us know what it is. Maybe it can be shown here first in the future.
A fellow Business Man........
- Hello to all. My name is Bill Greiger and I am new to the community. I look forward to making new business contacts, associates, and hopefully friends. Good luck to everyone on their many business ventures!
Bill Grieger- Online Research and Development
Re: what position to request?
- Hi Michael,
Great suggestion from David, or you could try something around a design consultancy,
How about Website Design Consultant, Design and Development Manager, Website Support and Development Manager or maybe Internet Business Development Consultant.
Ultimately whatever you are comfortable with and good luck for the future,
Mal.
Re: Right budget for Advertising
- There's no advertising, like free advertising. Use your resources on every avenue and look for ways to get your name out to the general public with little or no money. I have a handful of friends who have tried launching businesses; some with no money and others up spending upwards of a few hundred thousand dollars. When it was all said and done, for the most part, both sides had an equal out come. Use your common sense when advertising anything. It can make or break a company.
Good luck,
Bill Grieger, Online Research and Development
BDC
- [quote="IWDCanada":jib6tqt9]I think if you try to do business in the Maritimes the Business Development Bank of Canada might be able to provide grants.[/quote:jib6tqt9]
On that note, does anybody have any experiences with the Business Development Bank of Canada that they would like to share? I have been considering approaching them for a business loan.
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