Let’s take a deeper look to determine the market research process that needs to be in place to execute success. There are two solid categories of research data – primary and secondary. Primary research is important because it is the research you will work tirelessly to obtain or the research you will spend lots of money on to hire someone to obtain for you. Primary research involves surveys, interviews, observations, and geographical research. This research all comes with a price. It’s up to the entrepreneur to decide the best methods to use to obtain the primary research. For example, my potential company will be international (located outside of the US). Because my husband is from Bulgaria, we travel to Europe quite often. It is more efficient and cost-effective for us to conduct our primary research in the form of personal and group interviews, phone surveys, and surveying via direct mail or email. Most of my costs for primary research comes from postage, print services, media usage (recording using tapes and film), and incentives for the use of people’s time. Again, the entrepreneur should choose the method that best fits their lifestyle.
Secondary research is one of my favorites because it is information that has been examined and studied by state and government agencies, universities, labor unions, media sources and several other entities. Public, commercial, and educational sources are among the top class of secondary research. If you wish to continue to be cost-efficient, like me, public or educational sources are the way to go. Public sources are usually free and offer reliable information from public libraries and government agencies. An educational source is the statistical research conducted by universities. Though educational sources are often overlooked, the information is typically obtained by professors of the highest honor. In most cases, educational sources can serve as substantial evidence for an entrepreneur. Commercial sources, which include banks and other financial institutions, are great and highly recommended, but they do involve a fee. As a state employee in the art world, I rely heavily on public and educational sources to keep me updated on the status of the arts across North Carolina. I also enjoy reading sources from people in the academia world – it gives me the sense of a more interpersonal source.
Any company’s business plan will be impossible to develop without the market research process. With the above scientific discovery methods in place, an entrepreneur should feel confident in the market research produced for their business. So, to answer the question above – if the market research is accurate and consistent (along with other business strategies) you and your business will be successful.
Schree Chavdarov uses her background in social justice to connect communities to their most valuable resources. Her experience brought her from grant-writing for the Louisiana Bucket Brigade in New Orleans to serving as community arts coordinator for LEAF Community Arts in Asheville, NC. Schree is also currently enrolled in the Masters of Entrepreneurship Degree Program at Western Carolina University. Webmasters and other article publishers are hereby granted article reproduction permission as long as this article in its entirety, author’s information, and any links remain intact.