Field Trip Friday: Market Intelligence

Topic: Analysis, Characteristics, Market Intelligence|

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Sorry for not posting yesterday, I had a test along with a presentation of my business plan (which I’ll be sharing with you eventually). At any rate, today is the start of a new segment entitled Field Trip Friday. I had the opportunity to take part in a secret shopping of Universal Studios Florida. It was a great experience, and I learned some good pointers for completing primary research.

Primary research is a vital tool for today’s young entrepreneur as often times you’ll find the data you need simply isn’t accessible. Let’s look at a quick example. Say for instance you are interested in opening a fast service restaurant catering to the after hours crowd. You’ve developed the idea, know what you want to serve, and even have a location in mind. But without actually going downtown at 2am, how are you going to know if your target market is interested? You need to interview the individuals leaving the clubs and get a feel for whether or not your idea meshes with their specific needs.

I’ve outlined a few pointers below that I picked up today, and I think you’ll find them useful in the future. These can be applied to all types of primary research including interviews, surveys, observations (like secret shopping), and analysis.

  • Determine what you want to know and how you are going to get that information.
  • Identify your target market and approach them.
  • Have a questionnaire in mind, with follow up questions based on the answers provided.
  • Be honest about your reason for conducting this research.
  • Exude the passion you have for your idea, and your interviewees will pick up on this leading to more positive responses.
  • Be aware of any biases you might have going into the assesment and try not to let them play a role in receiving the information.

And since this is the first installation of Field Trip Friday’s, I’ve got a special treat for you – Show and Tell!

I’d like to introduce to you my new pet turtle, Larry David. He’s very small and still pretty nervous about his new home. In fact, he hasn’t been eating very much and I’m a bit worried. If any of you startup students have some pointers, please pass them along!

If any of you would like to showcase one of your “field trips” or participate in Show and Tell in the future, please let me know! Class dismissed.

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