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Don’t Reinvent the Market Research Wheel

In Market Research on August 1, 2011 by John Kenmuir

Credible, comprehensive market research on the size, makeup and characteristics of a given market can be time consuming, complicated and expensive, with costs often counted in the tens of thousands. At the same time market due diligence is central to good marketing planning and business strategy development.

The prohibitive costs associated with needed market research poses a dilemma for small to medium-sized enterprise. Depending upon the product or service in question, there is a solution; buy a copy of a standing report from a marketing research vendor. There are a number of online organizations that offer both downloadable and hard copy serice. Two such online examples are: www.freedoniagroup.com and www.marketresearch.com. Both allow you to browse available research by industry sector or product/service.

Copies of studies that might have cost tens or even hundreds of thousands to generate can be purchased in full for a few thousand. In some instances you can purchase sections of a study for less still. So, do your homework; cost is likely not an excuse to avoid it.

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