By now, you have amassed quite a bit of information. For some people, all this information might seem overwhelming. The research you conduct earlier in the program targeted your business idea. In this Bonus module, you get to identify exactly what your target market thinks of your service or product and how well it will be received in the market place.
To conduct your market research:
- Create a brief questionnaire where you introduce your service and get information from your target market.
- Go to a mall or a place where your target market is easily found, stop some people and ask them the questions in your questionnaire. Only talk to people who seem to fit your ideal customer demographics.
- You will need to interview about 100 people to get accurate information about your market. Don’t worry. You don’t have to interview all these people at once. Start with family and friends and then move on to strangers. Interview at least 10 people to start with before you start making any conclusions. With time, make sure you have interviewed 100 people. The more people you interview, the more accurate your results will be and the more you will get to know people’s buying patterns.
- When you complete your interviews, tabulate the results.
- Once your service or product is ready, go back to the market and test it to see if they enjoy it, if it works and if you’ll get a good response. This step is very important so that you know what needs to be tweaked e.g. price, the product/service itself, the packaging, the way you market it, etc.
When you’re going to interview people, you can tell them, “Hi, my name is….. Here’s a service/product I’m offering. Would you be interested in this? What price would you be comfortable paying for it (give some ranges)? Would the price determine whether you buy or not?” And then continue with your other questions.
You can get detailed instructions on how to conduct a simple market research and what questions to ask from the internet.