Who Should Conduct Your Market Research?
This is a great question especially when you come to realize the value of your time.
You see there are times when you should do the research yourself, and other times you could outsource this task.
Market research can take a lot of time away from you working on your core business. This is especially true if you have a small business and no marketing division.
Should You Outsource?
To determine if you should outsource, consider these questions.
* Do You Have the Time? – If it’s just you, chances are you do not have the time to increase revenue and conduct market research.
* What Is Your Budget? – Can you come up with the budget to pay someone to conduct market research for you? The cost will vary depending on whether you hire a marketing firm, or if you hire a virtual assistant to do the tasks you assign.
* What Are Your Goals? – If you’re not sure of your goals, then you may need to take time out to determine what they are before you conduct or have someone else conduct the research. Knowing the goals of the research will help the person performing it set up the right process for collecting data.
Questions to Ask If You Outsource
When you choose someone else to do your research, who isn’t directed by you but rather a full-service firm, you want to ask these questions.
* Does the Firm Have Experience in Your Industry? – It can be tempting to hire any firm to do your research, but the truth is, you need to hire someone who is in your industry and who understands your industry. If you hire someone who has no idea about your industry, they may not get the job done correctly.
* How Much Control Do You Need? – Whether you can handle hiring out your market research will depend a lot on your personality. Some people need to control every aspect of their business. If that’s you then you might want to set specific criteria for your research and have the people you hire to carry out your directions.
* What Contacts Do You Have? – It’s imperative to establish contacts in your field that you can go to for help when you want to conduct market research. You can interview them, or you can get information from them about a firm or person to hire to help you conduct market research.
* Is Your Business Stuck? – If you’ve tried in the past to research on your own, but your results have not improved your profit margin, then it might be time to bring in the big guns. Once you have a better idea of what is possible via the market research that the experts conduct, you’ll know whether your business goals are even achievable in the first place.
The important thing is to do market research. Whether you do it yourself or you hire someone to do it for you, just get it done. Do it right, and do it without preconceived notions. The best market research will actually change your mind about what works and what doesn’t work in your business so that you can make major changes that get results.
When it comes to outsourcing I can’t help but bring up the social media. Many business owners take on too much in their business.
Social media is not a hit or miss strategy. Quality content and consistency are extremely important.
Would you like to take the task of posting to your social media sites off your plate? Contact me so we can have virtual coffee and I’ll show you how I can help.
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