th images menu user export search eye clock list list2 arrow-left untitled twitter facebook googleplus instagram cross photos entrep-logo-svg

Know your potential market

Get your business on the right track by determining what kind of consumers you want to service.
By |

There are several ways to approach market research, but what’s important is you know exactly what you want to find out.

“Start with the basics. What answers are you looking for and how important are they?” says Perez. Being clear about what you want not only will lead you to formulating the right questions, but will also point you to the best methodology for gathering answers from the best possible respondents.

Kai Salvino, Satisfind’s director for customer research, says research can be qualitative, which probes the “whys”, and quantitative, which deals with measurable responses. Meth-odologies in qualitative research include focus group discussions (FGDs) and in-depth interviews, while quantitative research counts the usage, attitude, and image (UAI) study, product test, concept test, pricing study, and brand name testing, among others.

 

DEFINING YOUR MARKET

If you want to screen a new concept or get insights into what maybe a good idea for a campaign, you may opt to use the qualitative method, but if you want to measure the acceptability of an idea or product using a much bigger sample, you may use the quantitative method.

The qualitative study can be the basis for a quantitative research. For example, you can conduct a focus group discussion first and then do a quantitative survey later to validate the findings from the FGD, says Salvino.

Paulo Lao, strategic marketing lecturer at the University of the Philippines-Institute for Small Scale Industries, says it’s also important to first define the market you would like to penetrate.

“What market is involved? What are the customers’ unmet needs and wants? Is the product or service you’re going to offer better than the ones existing in the market? That’s really the source of business opportunity,” Lao says.

He adds that doing market research on an existing product category is fairly easy as it only involves observing how the entrenched players are doing. “You just need to fine-tune the product or idea to make it easier for you to get into the market,” Lao says.

But it’s a totally different approach when you’re introducing something new. Here, you will need to find out if the market has heard of the product or service, and if it has not, how receptive it would be if the concept were to be introduced.

“Or you could try the strategy of actually introducing the product or a business to a potential group of buyers or customers and accompany that with a survey,” says Lao.

 

ADVERTISEMENT - CONTINUE READING BELOW


Latest Articles

'Sachet' Banking: Will Php20-Savings Accounts Reduce the 86% of PH Housebolds That Are Unbanked?

The online platform from PLDT’s fintech unit will be available in over 1.2 million sari-sari...

byLorenzo Kyle Subido | January 22, 2018 10:00:00

SM, Robinsons or Puregold: Who’s the Biggest Supermarket Chain of Them All?

The answer depends on the year and whether you just look at single firms or the entire group

byLorenzo Kyle Subido | January 22, 2018 09:00:00

This Successful Entrepreneur Shares How You Can Build A High-Performing Company While Staying True to Your Values

Nextdoor CEO Nirav Tolia says its as simple as investing in people and putting them first

byNina Zipkin | January 22, 2018 08:00:00

One Easy Way for Solopreneurs to Grow Their Business Without Working More Hours

Group programs allow solopreneurs to work with more clients in a scalable way

byKamila Gornia | January 22, 2018 06:00:00

Go Bigger Than a Resolution

To achieve your highest aspiration, first bring it into focus, then reverse engineer the steps you...

byKim Walsh Phillips | January 22, 2018 02:00:00

Here's How Much Ford Vehicles Will Cost This 2018

As expected, Ranger lineup now cheaper

byDrei Laurel for TopGear.com.ph | January 22, 2018 00:00:00

Looking for a Career Change this 2018? Why Not Be a Google App Developer?

The numbers are looking good for SEA developers

byNicai de Guzman | January 21, 2018 09:00:00

Stop Calling Yourself the 'CEO' and Start Telling People What You Do

Whatever your fancy job title, you are what your company does

byGene Marks | January 21, 2018 08:00:00

4 Business Tips for Creating Millionaire Success

You need to believe in your idea if you're going to be successful

byTimothy Sykes | January 21, 2018 06:00:00

Apple Is Hiring, and You Can Work From Home

The Cupertino tech giant is currently looking to hire a number of full- and part-time At Home...

byAngela Moscaritolo | January 21, 2018 02:00:00

7 Surprising Traits That Make Millennials Excellent Employees

History's most technologically adept generation is perhaps also its most humane and collaborative

byDeep Patel | January 21, 2018 00:00:00

Hilarious Suggestions to QC's Order for Foreign-Named Businesses To Have Local Translations

Masayahing Bubuyog, anyone?

byKhatrina Bonagua for FHM.com.ph | January 20, 2018 11:00:00