This info-guide provides a summary of primary research techniques - primary, being research that is generated first-hand by you and your business.

1. Questionnaires

Pros:

• consistent and objective;
• calculate responses (statistics);
• additional questionnaires can be prepared if necessary;

Cons:

• inflexible;
• time consuming to prepare, print and calculate responses.

2. Surveys Prepared by College or Business Students

Pros:

• inexpensive;
• third party;
• survey prepared under guidance of program instructor;
• many students can carry out a range of data collection.

Cons:

• priorities and time frame may not be the same as yours;
• may not be able to fit practical market research into course content;
• inexperienced at obtaining information.

3. Informal Talks with Customers

Pros:

• open and revealing responses;
• inexpensive;
• can obtain subjective and non-verbal information;
• opportunity to ask unprepared additional questions.

Cons:

• time consuming;
• must prepare key issues in advance;
• responses may be vague and contradictory and without much thought.

4. Interviews (One-on-one)

Pros:

• face to face discussions;
• combines objective and subjective information;
• opportunity to obtain additional comments.

Cons:

• requires more prep time to develop closed, open ended and probing questions;
• time consuming to arrange appointments;
• few people may be willing to be a subject for an interview.

5. Focus Groups (8-12 people)

Pros:

• in-depth probing;
• wide open responses;
• observation of interaction and dynamics of participants.

Cons:

• may require a professional facilitator;
• additional cost of room and observers.

6. Suppliers, Distributors, Agents & Brokers

Pros:

• inside knowledge of industry;
• knowledge of players, trends.

Cons:

• could favor existing dealers;
• narrow view point.

7. Competitors

Pros:

• observe traffic counts, average sales figures and customer patterns;
• observations on any market aspect (i.e. location, advertising, pricing etc.);
• competition in other communities willing to talk to someone who won't be a threat.

Cons:

• biased;
• unwilling to talk to potential competitor;
• travel and long distance costs.

8. Retired From the Industry

Pros:

• objective and open;
• knowledge of industry and its pitfalls and who is succeeding.

Cons:

• information may be dated;
• tired of business concerns.

9. Mentor (experienced business person outside the industry)

Pros:

• objective;
• can analyze situation and be very frank;
• can assess your own capacity, resources and managerial ability;
• can advise on strategy and major decisions.

Cons:

• lack specific industry knowledge;
• not always available on a no fee basis.

DISCLAIMER
Information contained in this document is of a general nature only and is not intended to constitute advice for any specific fact situation. Users concerned about the reliability of the information should consult directly with the source, or seek legal counsel.