Ongoing Market Segment Research
Helps You Monitor Market Changes
Market segment research can take any of three main formats: primary, secondary and informal.For practical purposes, researching your market segment is much the same as niche market research.
A Snapshot In Time
Regardless of when you do...or did...your niche market research, it is little more than a snapshot of your market segment at that point in time.
Through your research, you might be able to identify trends and factors that gave rise to the market conditions that existed at the time of your research.
However, as thorough and effective as your research may have been, it cannot accurately forecast what would or will take place after the research has been completed.
Markets continue to shift and evolve....and market conditions continue to change.
As a result, market segment research is an ongoing process...not a one-time event.
There are three main approaches to market segment research: primary, secondary and informal.
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Primary Research
This is the formal, 'scientific' approach, the purpose of which is to generate factual data.
In most cases the data is generated by focused surveys or
thorough examinations of recorded statistics.
Once the data has been generated, qualified experts objectively analyze and interpret it, usually reporting their findings, in written format.
As helpful as primary research can be, it is invariably a complex and costly process well beyond the resources of most self-employed people and owners of small to mid-sized businesses.
On the positive side, the reports of primary research can often be purchased for a fraction of the cost of undertaking the research.
In many cases, these reports contain information that is as useful to you as if you had undertaken the research yourself.
Reviewing these reports could be considered secondary market segment research.
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Secondary Research
This approach involves reviewing information and ideas generated by other people and organizations.The Internet is today's primary research resource.
Regardless of your industry or market, you can probably do most of your market segment research online.
Increasing search engine efficiency allows you access a huge range of information sources...from official organization sites to experts' websites and personal blogs.
Don't forget your competitors' sites. They often provide new and useful information and ideas about your market.
Also keep in mind that the information that you find online not always accurate or reliable. Online information is only as credible as its source.
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Informal Research
You can also take a more informal approach to your market segment research.The easiest way to do this is to build a research...or information gathering ...component into your normal activities.
Tracking Results
By
tracking your own
results, you are generating information about your own
activities in
the marketplace.
By analyzing these results, you can plan effectively for a continuously shifting and developing market.
By analyzing these results, you can plan effectively for a continuously shifting and developing market.
Networking
Whether
online
through social media or in-person through social networking,
networking activities allow you to gather useful information from
other people. But don't plan to just gather information...be prepared to share potentially useful information with others.
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Prospecting
Even
though the
primary purpose of prospecting is to identify potential
new clients,
it can also be used as a vehicle for gathering information.
Based on your niche market research, ask the people with whom you connect what they think about key issues that might affect them.
Not only will they be flattered that you asked their opinion, they may well offer some new insights and observations to supplement your market segment research.
Based on your niche market research, ask the people with whom you connect what they think about key issues that might affect them.
Not only will they be flattered that you asked their opinion, they may well offer some new insights and observations to supplement your market segment research.
Keeping In Touch
Like
prospecting,
keeping in touch
is normally a promotional activity.
However, by including surveys like a client satisfaction survey in your mailings or on your website you can generate more information to assist in your research.
However, by including surveys like a client satisfaction survey in your mailings or on your website you can generate more information to assist in your research.
Today, few things remain the same, especially in your market segment.
The best...and only...way to keep up to date on what is happening in your market, is to maintain on-going market segment research practices.
If you don't, you risk being left behind by your market.
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