All decisions related to new ventures contain a certain degree of uncertainty – both the information on which they are based and the consequences. Therefore, there is a need for market research. But do you know what this research is and how it is done? The market research methods aim to guide the entrepreneur in the strategies that will be taken. However, information alone does not lead to decision or business success. It is necessary to choose a course of action that helps to identify problems and opportunities and that indicates paths that reduce possible risks.
Entrepreneurs give importance to market research
Market research is an important tool that will guide the entrepreneur, the potential entrepreneur and company administrators in the knowledge of the market and in the definition of business strategies. The tool will enable a broad view of the business, considering all the components of the market that will impact the company’s performance, whether it is in the moment of creation or of innovation, expansion or relocation. The analysis of the macro and microenvironment will be made in different aspects, such as –
- Factors that generate opportunities,
- External as well as internal threats,
- Profile of customers and suppliers,
- Competitive strengths and weaknesses,
- Products and services that can be offered.
How to make?
Market research is a true exercise of entrepreneurial behavior, especially in the search for information, commitment and persistence. There are no ready-made formulas for searching for information. However, there are systematic research techniques and more practical ways of observing the company’s day-to-day activities. Interested in seeking information in the market, the potential entrepreneur can use primary data sources or secondary data sources. The information can be collected through visits to similar projects, in person, through the internet or with specialists in matters related to the business.
What is a field sample and how to select it?
A field sample is the technique by which a sample of the population is selected to be investigated. The reason for this is because it is very difficult to interview or observe all your clients or potential clients. It is important that you know that the larger your sample, the more certain you will be about the results obtained in the survey. This means that if 20 people say they would be willing to buy your product does not mean that it will be successful. It is necessary that it be a representative sample in your locality, and this can be determined in two ways – probabilistic or random sampling, and non-probabilistic sampling.
What are they in reality?
Probabilistic or random sampling consists of selecting people randomly from a given population. This technique allows all people in the population to have the same probability of selection and inclusion in the sample, which ensures that the selection of people to participate will not be manipulated. On the other hand, non-probabilistic sampling seeks different types of people to form a representative sample of the total population. To select these people, their demographic and psychographic characteristics are taken into account, such as age, sex, gender, interests and average income.
Analyze the data and present the results
Once all the information and data about your market has been gathered, it is time to analyze it. This is a very important step. It is useless to design a large survey and spend time gathering all the information, if the data is not analyzed correctly. Analyze in depth each of the data you obtain from your research. Don’t make the mistake of underestimating any comment or statistical data, no matter how small or insignificant it may seem. Prepare a report that expresses the results of the research, the solutions, recommendations or next actions to be taken.