Market Research Budget 101: An Entrepreneur’s Guide

Once you have found that great idea for your business, it’s crucial to determine whether your product or service can meet the needs of your target customers and achieve sustained growth. Big brand companies have the resources to spend millions of dollars on research and development every year, but start-ups and small businesses have much tighter budgets.

Fortunately, with a strategic approach and the right tools and resources, you can obtain the market research you need to minimize risk and increase your chances of financial success. Follow these tips to make the most of your start-up research budget.

Topics: Market Research Strategy Profound How To's

7 Ways to Ensure Your Start-Up Is a Success

Prior to launching in 2000, JetBlue identified a variety of unmet consumer needs. Its market analysis showed that airline passengers were willing to pass on hot meals and first-class cabins in favor of in-flight entertainment and upgraded leather seating.

JetBlue understood that its target customers were looking for more than cheap tickets — they also wanted a relaxing in-flight experience and a few unique amenities. With a mission to “bring humanity back to air travel,” JetBlue soon drew a loyal following of customers. Less than two years after it opened for business, JetBlue was one of the few U.S. airlines to make a profit during the steep drop in air travel following the September 11 attacks.

Topics: Market Research Strategy Profound How To's

7 Tips for Building Great Online Dashboards

In recent years, corporate brand and marketing teams have pushed their market research departments and agencies to go beyond using PowerPoint presentations to efficiently deliver data and insights. As a result, they’re increasingly turning to online dashboards to create informative stories, observe and act on customer feedback, and analyze trends, all with the goal of inspiring and driving action. But effective online dashboards must be built properly. Below are seven tips to take into consideration to ensure you fully leverage the power of online dashboards.

Topics: Market Research Strategy How To's

How to Run Focus Groups for Kids

First get into child mode! This is your opportunity to shut the lid of your laptop, close your eyes, and use your imagination. Find your inner child. You cannot approach kids research in the same way as you do an adult project.

Let’s assume you are researching a toy. Imagine you are a child playing with that toy. Step into their shoes and imagine the scene. Who are you playing with, are you on your own, with a sibling, a friend, mum or dad? Where are you? In your room, in the lounge, or playroom, outside? What are you doing with the toy, what game are you playing? Are any other toys involved? Hover above the scene. How old are you? What’s this toy giving you? What could make it even more fun?

Topics: Market Research Strategy Retail How To's

How to Sell Your Idea to Senior Management

You have an idea you know will work, but how do you convince other people in your organization to get on board? Getting buy-in from key stakeholders can often be challenging, even if your idea has clear benefits. In an experiment highlighted in the Harvard Business Review, managers were more likely to discard the very same ideas that made customers excited.

Innovative ideas can seem unfeasible at first, especially if they entail large-scale changes that will alter the status quo. But by doing your homework and gathering the right evidence to support your thesis, you can make a much more persuasive case and increase your chances of being heard. Using third-party analysis and industry data is essential to making a rational, defensible argument — and that’s where market research can help take your pitch to the next level.

Topics: Market Research Strategy How To's

Ready, Set, Launch: An Interview with Author Jenn Aubert

Launching a business can be an exciting and rewarding endeavor. But passion and vision are not enough. You also need the right tools and strategies to get your business off the ground and turn it into a lasting success.

Today, we’re interviewing author and entrepreneur Jenn Aubert for her tips on starting a business and researching your market. Her first book Women Entrepreneur Revolution: Ready! Set! Launch! explores the mindset, motivation, and behaviors of successful female entrepreneurs. She is also the co-founder and CEO of LearnSavvy, an online education marketplace and community for women business owners. Read the Q&A below to learn Jenn's practical advice for aspiring entrepreneurs.

Topics: Market Research Strategy How To's

Career Advice for Market Research Analysts

If you are currently working as a market research analyst or aspire to be one someday, there’s good news. According to the Bureau of Labor Statistics, the job outlook for market research analysts is expected to grow 19 percent over the next 10 years, which is much faster than the average for all occupations.

Topics: Market Research Strategy How To's

A Quick Guide to Market Intelligence

According to Quirk’s Marketing Research Review, market intelligence is “an ongoing, holistic knowledge of all aspects of the marketplace.” Market intelligence provides a high-level view by analyzing many different business areas including competitors, products, market dynamics, and customer insights. These four areas cover a range of specific factors, such as:

  • Corporate strategy, acquisitions, and executive teams
  • Pricing, promotions, and cost structure
  • Market size, segments, forecasts, and trends
  • Brand loyalty, product concerns, and satisfaction rates
Topics: Market Research Strategy Market Research Provider How To's

Finding New Customers Is a Priority for Businesses in 2016

To provide direction and guidance for market research initiatives for the coming year, Unity Marketing recently conducted a year-end user needs survey across its client base. With over 100 respondents, primarily C-suite and marketing executives, as well as entrepreneurs, the survey included a number of questions that weren’t specific to Unity Marketing. Rather, the results reveal the most pressing concerns for businesses of all types, especially those aiming at the affluent consumer segment — the top 20 percent based upon income. Here is what we discovered.

Topics: Market Research Strategy Marketing Market Research Provider How To's

The Strategic Value of a SWOT Analysis

A SWOT analysis provides a straightforward analytical framework that allows you to evaluate a business from all angles. A SWOT report looks at a company’s internal strengths and weaknesses as well as external opportunities and threats.

A company’s strengths and weaknesses could relate to its cash flow, location, trademarks, company culture, or distribution networks. Its opportunities and threats could involve factors such as market trends, technological changes, regulations, or demographics. By assessing these areas, you can find out where a company might have a competitive edge and where it needs to improve.

Topics: Market Research Strategy Marketing How To's