Researching involves gathering data about your intended customers, markets, competitors, products, and other conditions that affect the marketplace.
Utilizing research studies to back up and enhance your marketing efforts can be very effective if applicable to the industry you serve.
There are any number of private or public independent research firms who may have already done the hard work to research and document information relevant to your product category and/or industry.
Be careful when asking future client about your products and services because the fact is, people can tell you:
- What they know
- What they think
- What they believe
- What they understand
- What they don't understand
- What they like or dislike
- How they decide
- What they think you want to hear
- But NOT what they will do.
And more to the point, they're no help at all when it comes to things they've never encountered.
"The public does not know what it wants ... there is no sure way of finding out until the idea is exposed under normal conditions of sale. If people could tell you in advance what they want, there would never have been a wheel, a lever, much less an automobile, an airplane or a TV set." Leo Burnett
This information and the rights to use it can be purchased. Citing this information in your marketing efforts can act as an objective opinion that legitimizes your product or service even further and thus can make your sales effort and timeline more efficient.
Budget: $60 - $100 per hour for each research consultant utilized. Typical projects average $500 - $1000