How much time do people spend on Market Research?

[apexstrat]

My background is market research and competitive intelligence. I've built an info product around this, helping people to learn the skills that established companies use to research new opportunities in the market.

I built the guide on the basis that there is not enough good literature currently available on this topic and feedback from business consultants who felt that their clients would benefit from something like this.

My question to you guys is... how much time, effort, money do you spend on market research for your projects? Do you do any at all? Do you CARE?

Or do you jump straight in and test?

I'm happy to iterate the guide based on the demands of the market, so i'd love to get some feedback on this.

 

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[Andy Black]

Interesting.

If a client comes to me and wants some campaigns built, I typically do half to a full day of research first with a report of findings and recommendations.

Often, the next step is to build campaigns to then gather real-time market intelligence, and then report on those.

 

[apexstrat]

Thanks, that's useful to know.

What type of research do you do? Do you use surveys / focus groups / interviews or is it more web based?

My goal is to educate people as to the wide variety of market research techniques available to help them mitigate risk when starting a small business.

 

[Andy Black]

What type of research do you do? Do you use surveys / focus groups / interviews or is it more web based?

Web based. Keyword research based on what the client *thinks* their likely customers are searching for. Identification of "buyer" search terms. Analysis of competitor ads and landing pages of these buyer search terms. We're looking for the soft underbelly to attack first.

Once we've agreed where to focus initially, we then build actual campaigns to gather real live stats.

 

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