Consumer Research and Your Target Market

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How do you know there’s demand for your product or service?
Large companies do extensive market research before introducing a
product. Consumer research focuses on the buyer and their motivation
and preferences.
Small companies and owner/operators funding their business on the
cheap don’t usually have the resources to perform extensive market and
consumer research such as face-to-face interviews or direct observation.
Online surveys are a popular alternative to costly labor-intensive surveying.
SurveyMonkey™ is a powerful example of a tool that can be used
on a company website if it has sufficient traffic or from cheap targeted
online ads. One pitfall of this option is the ability of respondents to
give answers different from ones they would give in person. Anonymity
offers a level of comfort that could skew results. Depending on your
industry and market, the extra expense incurred with traditional surveying
methods, such as random sample telephone surveys, mail surveys,
consumer panels and focus groups, might be necessary to obtain relevant
and actionable information.
Consumer research, if done right, could offer enough insight in
product design, target market, or key buyer motivations that shifts the
expense to an investment rather than a cost.

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James Guitard
By James Guitard

James Guitard

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James is a top-performing corporate tax consultant. He has held management positions in large organizations and previously owned and operated an online retail business that was acquired by a competitor. His interests and expertise are in the areas of business strategy/analysis and sales and marketing.

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