PDA

View Full Version : Attempting market research


mullafaizal
18-03-2010, 10:56 PM
Hi everyone, my name is Mohammed and I am thinking of setting up an online business within the next 3-4 months. However before that i want to make sure that I do my market research for my industry and this is where i am stuck at!

I wanted to know of how you guys approached market research, i mean did u ask questionaires or simply stuck with published research or did u do the both. Now i know there is a publication on this site which fully explains how market research is done but still i feel that if i can hear real experienced business people then it would help alot.

Thanks
:)

bill mccallum
18-03-2010, 11:58 PM
mohammed

the type and depth of research should be as much as you need to demonstrate the viability of your business, but not restricted to what you offer, also what your competition has to offer.

the best kind of research is direct questioning of potential customers, but its also useful to have published data if there is any on your market/product/service.

just as an example, a few years ago I was helping a small business during start-up (a furniture maker), he had some products already produced as display samples, so I set up a display in a large shopping centre, promoted the products as individually hand made pieces and added 25% to the prices he was planning to charge. we took orders to the value of 5,000 in a week.

I know its not always possible to take this route, but as an exercise in market research it was invaluable. We were able to identify that (a) the shopping centre in question was not the best location for his business (b) that there was a huge interest in hand made furniture with the general public and (c) that the pricing structure that he had used in his cashflow forecasts were achievable.

Bill

amychubs
21-03-2010, 04:36 PM
im looking to do a bit of market research, im looking into starting up a fitness equipment rental business, and looking at doing a survey, but dont quite know how to word questions on a survey so that i get an accurate response.

could I state a question that makes the person think ie 'if you only wanted to use a piece of gym equipment for a short while, would you rent?' or 'if you didnt want to pay for a full years gym membership, would you consider renting?'

both these questions would make the person think about situations they might want to rent equipment, whereas ifi just asked 'would you ever rent out exercise equipment?' might not make them think much into it, get what i mean?

but i dont want the survey to be leading at all, i want true thoughts about what people would want to do, so just a bit stuck with it really.

bill mccallum
21-03-2010, 05:16 PM
im looking to do a bit of market research, im looking into starting up a fitness equipment rental business, and looking at doing a survey, but dont quite know how to word questions on a survey so that i get an accurate response.

could I state a question that makes the person think ie 'if you only wanted to use a piece of gym equipment for a short while, would you rent?' or 'if you didnt want to pay for a full years gym membership, would you consider renting?'

both these questions would make the person think about situations they might want to rent equipment, whereas ifi just asked 'would you ever rent out exercise equipment?' might not make them think much into it, get what i mean?

but i dont want the survey to be leading at all, i want true thoughts about what people would want to do, so just a bit stuck with it really.

The question I am thinking about is why would someone rent a piece of equipment in the first place? The cost of renting would eventually work out more than buying (in theory)....

I could only assume that the likely reasons would be short term exercise programme, e.g. preparing for a marathon (or other event) or rehabilitation after an accident.

My other consideration is the cost of delivery! These pieces afre usually large or heavy, which would incur high transport costs (unless you are considering this as a purely local business, which in itself restricts your market).

Following these comments...where do people go to hire equipment now?

Finding existing customers of hire services would give you the best source of information for your market research, you can find out the type of person and their motivation for hiring.

for example http://www.hireagym.co.uk/ offers hire and promotes for people who are considering buying "try-before-you-buy" a Reebok i-run Plus costs 11 a week (minimum 6 weeks hire).

hope some of this helps

Bill

amychubs
21-03-2010, 06:41 PM
The question I am thinking about is why would someone rent a piece of equipment in the first place? The cost of renting would eventually work out more than buying (in theory)....

I could only assume that the likely reasons would be short term exercise programme, e.g. preparing for a marathon (or other event) or rehabilitation after an accident.

My other consideration is the cost of delivery! These pieces afre usually large or heavy, which would incur high transport costs (unless you are considering this as a purely local business, which in itself restricts your market).

Following these comments...where do people go to hire equipment now?

Finding existing customers of hire services would give you the best source of information for your market research, you can find out the type of person and their motivation for hiring.

for example http://www.hireagym.co.uk/ offers hire and promotes for people who are considering buying "try-before-you-buy" a Reebok i-run Plus costs 11 a week (minimum 6 weeks hire).

hope some of this helps

Bill


cheers bill, yeah thats totally the kinda thing im looking at doing, i think with lots of promotion it would work really well, a lot of people want to rent things short term i think, ie people who are going on holiday/shaping up for a special occassion, or like u say, in rehab, i guess il have to do market research, do you think it could work?

but in answer to my original question, would it be ok to word the questions like that do you think?

thanks for your pointers

bill mccallum
21-03-2010, 07:56 PM
im looking to do a bit of market research, im looking into starting up a fitness equipment rental business, and looking at doing a survey, but dont quite know how to word questions on a survey so that i get an accurate response.

could I state a question that makes the person think ie 'if you only wanted to use a piece of gym equipment for a short while, would you rent?' or 'if you didnt want to pay for a full years gym membership, would you consider renting?'

both these questions would make the person think about situations they might want to rent equipment, whereas ifi just asked 'would you ever rent out exercise equipment?' might not make them think much into it, get what i mean?

but i dont want the survey to be leading at all, i want true thoughts about what people would want to do, so just a bit stuck with it really.

I think the phrase you used 'if you only wanted to use a piece of gym equipment for a short while, would you rent?" is reasonable.

bill

ALT
22-03-2010, 02:55 PM
Hi,

I think that you will find the following video in the Shell LiveWIRE video lounge really helpful -Marketing Masterclass Session 1: Effective Marketing Planning. http://www.shell-livewire.org/video-lounge

Best wishes,

Anna