Have you ever done any market research? If not, you may be missing some valuable marketing ideas and information that you could capture by doing some research. Market research is a vital part of the process that most small businesses or start-ups neglect to do. However, it could be the single most important thing a new business does prior to formulating their business plan, location or marketing strategy.
Marketing research is the process of gathering data and opinions from consumers, employees, or a specific subgroup within the public, to improve decision making and reducing the risk associated with those decisions. Individuals/businesses can use information gained from marketing research to assess awareness, attitudes, perceptions, or opinions on products, services, advertising, brands, and/or companies. The two types of research are qualitative (words) and quantitative (numbers).
Qualitative research is an in-depth analysis of relatively few respondents, which provides a holistic insight and understanding of the issue at hand. For example, if a company is interested in testing company logos, qualitative methods would provide rich data.
- Focus Groups are an "informal" gathering of 6-10 people from your "target group" to have an in-depth conversation of opinions on your product, brand, advertising, and other areas of your product and/or service.
- Face-to-face interviews typically involve a one-on-one conversation with your consumers or decision-makers. These methods can be more expensive than a traditional survey, but will provide a more comprehensive evaluation.
Quantitative research seeks to summarize data and typically applies some form of statistical analysis. Using this method, for example, a company could measure their customer's level of satisfaction and then, in turn, make internal changes to increase that satisfaction.
- Researchers should use surveys or questionnaires when trying to measure an audience's opinions more accurately.
*Telephone surveys are often the most expensive, but are the most effective at getting respondents to complete the survey. *Mail surveys can be relatively inexpensive, but the response rate on a mail survey is typically 3-10% and takes more time to conduct. These cannot be used when results are needed quickly. *Online surveys are relatively new, but growing fast in popularity. With online surveys, you can ask survey questions, but also get feedback on things such as logos (using picture files) or commercials (using streaming video). *Intercept interviews are a tool a company uses when they do not have a list of their customer base, such as a restaurant or a sports team, but would still like to measure their customer's satisfaction.
For the small business owner it might be helpful to hire a marketing company or market research firm to help with these types of in-depth research however it's not to say that you couldn't ask your current clients or contacts as well on your own. Just remember you do not have to do all of this yourself, it's always good to consult with experts in areas that you are not familiar or experienced with so it's the best use of your time and it gets done right.
Now what do you do with all that great qualitative and quantitative information when you receive it? It is imperative that you work it into your marketing materials, Web site, correspondence, sales presentations, advertising and many other areas of your marketing plan. When you find out what your target market wants or likes, it is important NOT to ignore those results.
The concept behind a joint venture is obvious if you have a product to sell. You would simply want to find a partner who could help you increase sales. Maybe you would look for someone with an established set of regular customers who could sell to them for a portion of the profit. You might also find someone who sells a product that offsets your own to sell together in a package. In this scenario, it's clear that both sides benefit from the partnership.
If you do not sell a physical product, seeing the potential benefits of entering into a joint venture can be more difficult. If you aren't selling widgets, you are most likely selling a particular skill or service. If this is the case, you will be approaching potential partners in the role of "dealmaker."
The first step is to find a company with a product that suits your skill set. For example, if you're great at marketing and you know how to make money online, look for a company that needs help in those areas. Comb the Internet for excellent products with weak advertising. Look over all available aspects of their business, such as their website, order forms and other sales materials. Think of ways you can improve them.
Once you've figured out what you can offer, determine what you want in return. Use this information to develop a good proposal to present to the company. If they accept your joint venture proposal, be sure to take all the important steps in creating the JV, like writing a business plan, joint venture agreement and exit strategy.
Another way to enter into a joint venture when you don't sell products is to partner with someone who wants to sell their products through your business. Stocking the shelves of a conventional store is costly and difficult, but when you are part of a joint venture, your partner provides all that for you.
Joint venture marketing, or JVM, is a new trend that has become popular with the growth of the Internet. JVM partners obtain free e-products, like e-books and e-zines that they then sell on their websites.
Many e-products are available for free online. Many of them are Private Label Rights or Master Resell Rights products, and that means that they are ready for distribution when you download them. They come fully loaded with graphics and packaging -- all you do is add your contact information so people know where they got it. Then you can add them to your site and offer them for sale.
The benefit to you, as the small business owner, is offering a product on your site, and the benefit to the creator of the product is free advertising. You might also have an agreement that the product's provider receives a portion of the sales of the package on your site.
There is also a growing crowd of people joining what are known as joint venture collaborative pools online. These groups of Internet marketers' policy is: "I'll scratch your back if you scratch mine." They all advertise on each others' sites, thereby giving each other access to everyone's visitors and customer base. If you joined one of these groups, you might add a link on your site where a customer could sign up for an email list or newsletter in which members of the collaborative would advertise. These subscriber boxes help to build a large subscription list -- which means more potential customers. Plus, any e-products you sell can include your ads and links as well.
Regardless of whether you have products to offer, joint ventures are an excellent way to increase your profits and build a solid customer base. When entering into any JV, make sure you understand all aspects of the venture -- what's expected of you and what you expect of your partner. Learn how to write Joint Venture Agreements and make the most of your Joint Venture's with Justin Bryce. Justin is the founder of Lazy Internet Marketing and has made $23,457 in just 14 days using Joint Ventures.
Both Katrina Sawa & Amit Rana are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Katrina Sawa has sinced written about articles on various topics from Website Traffic, Internet Marketing and Start Online Business. (c) Copyright 2008 K.Sawa Marketing. Katrina Sawa is an Award-Winning Relationship Marketing Coach who's helped hundreds of small business owners take dramatic steps in their businesses to get them to the next level in business, revenues and life. She off. Katrina Sawa's top article generates over 18100 views. to your Favourites.
Amit Rana has sinced written about articles on various topics from Adsense, Affiliate Programs and Marketing. About the Author:-For more useful tips & hints, please browse for more information at our website:-