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Conducting Informal Market Research By Asking the Right People

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Market research is critical to entrepreneurial success. It is absolutely crucial to understand customer needs in order to successfully launch a new product. Likewise, market research must be conducted on the industry, competitors, etc., in order to flourish.

However, formal market research studies are not always critical. Rather, by asking people who can offer good estimates of customer wants and needs, ventures can answer many questions more quickly and inexpensively.

Consider the following queries and suggestions:

Query: What types of toys will sell well this holiday season?
Suggestion: Go to a playground and ask kids what toys they are hoping to get this holiday.

Query: What exhibits at a local museum do customers like the most?
Suggestion: Ask the janitor where the crowds are biggest and where they spend the most time cleaning up.

Query: What new music products are people installing in their cars?
Suggestion: Ask the workers at a carwash.

While formal market research is often key to a significant product or service launch, informal research can give you important insight, quick information, and ideas for focusing larger, more formal studies. In each market, you must identify the people that interact with the masses and may thus be able to provide insight. These people often include pharmacists, mail carriers, plumbers, hair stylists, and crossing guards, among others.


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Kendall Kunz says

Informal market research is critical. I've been thinking of an idea for over three years and testing the idea out on many people I know. More recently, the idea is bubbling up to something that can be funded and a product is now underway. Informal research through hundreds of your friends can turn out to be real data. Some will like the idea, others won't get it. Why do those who like it also get it while others don't? If you sit down and profile simple things about each individual you've asked, you may just define a target market!

Posted at 6:35 pm
Larry MacDonald says

Right on. Your suggestions overcome the inherant bias by looking at facts vs. asking opinions that give the responders the opportunity to make something up resembling what they think you will be pleased to hear.
Posted at 12:07 am
U SUCK says

hat the the heck is this website now you are just making up websites now, this makes no sense at all what bullshit.
Posted at 12:51 am

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