4. Market Research - To do or not to do
Our original questionnaire
To be honest, we procrastinated over this for quite some time. Market Research isn't the most exciting part of planning a business. It's all about stats, graphs and data. Despite the prospective bore fest ahead of us we knew it had to be done and it had to be done well. We'd put it off a fair bit getting carried away with fun bits like designing the logo. Most business advice articles and sites will tell you to do your market research first so that you fully understand your customers. Your market research is also fundamental in securing funding, so make sure you spend some time in getting it right.answer our market research survey to be in with a chance!**
There are many different ways to conduct your research, here’s our market research plan...
Basic ResearchWhen you come up with your idea, the first thing we recommend doing is taking it to Google. There are thousands of published surveys online that can give you a basic understanding of your market. For example, it was important for us to be sure that there was a strong, growing market of UK students studying abroad. This kind of data can be found online. YouGov is the UK’s leading data research agency; they publish well conducted polls and surveys on everything from transport to fashion, so this is a great place to start to find data for your market. These basic statistics will let you know if you idea has legs.
Focus Group 1A focus group is where you take a small group of your target market and ask them specific questions about your proposed business idea. With our target market being British students studying abroad, Fiona took the helm by rounding up some of her British friends that she’d met whilst studying in Maastricht. She briefed them on the concept and got the feedback on what they felt would work, how much they would pay etc. The first focus group you do may well be with friends or family, but make sure they represent the people you’re trying to sell to. At the end of this session you should have your initial 'yay' or 'nay'.
QuestionnaireNext comes the questionnaire. Taking the points we learned from our initial focus group, we were able to build our questionnaire. You need to compile a list of questions that will help you to get a broad understanding of how your target market think and act. Knowing these things will allow you to better serve your customers. You want to collect as many responses as possible so that your data is really strong. We're still collecting answers so please click here to take part.
Focus Group 2Once we’ve analysed the data from our questionnaire, we plan on doing a second focus group where we can iron out the finer details of our business plan.
Remember, to be in with a chance of winning a sample Munch Box you need to fill in our survey.
Next week we’ll fill you in on how we designed our landing page. Until then, come and say hello on Facebook or twitter at @packed_munches.
Sabrina and Fiona