Market Research - DIY or Agency?

[blissy]

Hi guys,

This question isn't that specific to anyone but I think its relevant to almost all the startup businesses posting here.

Alot of people are asking about market research strategy and I just wanted to compile some opinions on whether businesses at this level should try and do their own market research, or whether it is worthwhile consulting a market research agency at this stage, who will have more experience in targeting the correct demographics and getting decent proportional panels together.

I guess it almost always comes down to cost vs time vs experience.

Any opinions would be gratefully received.

[Indizine]

Yeah, its down to time and cost. Much like anything else really, if you can do it yourself, will you do it properly, and if so, can you really be bothered and would rather pay someone.

[Global Assistant]

Alot of my customers ask me to undertake market research for them. It is a time consuming process and have you got the time to spend on it yourself? Also people who do this work professionally, as you say, are experienced and know what to consider, where to research etc. But as always money is the driving factor.

[skeeter]

You have to do the actual research yourself...you need to conduct it and do the leg work. Missing out on this would be awful.

For small business...I would recommend you get some intelectual input on how to structure your research. What activities to do based on your case. You only know what to do if you see a lot of business cases.

I suggest that you do the actual research yourself (that way you get a feel for it) and present the findings back to a professional. If you get input at the begining you will get direction. And at the end, you will get professional analysis, which you will find presents you with opportunities you just wouldn't see yourself.

By analysis I mean people that can work the tools properly to present the findings. These tools are the tricks of the trade...they are not software tools either. They are brain tools. Get their brain working for you.

A second pair of eyes is important. You will find input at this level is actually affordable. Easy for you. Easy for the marketing person too.

It is a very simple way of you employing the right people at the right time without it costing too much.

PS - If you are doing large scale quantitative research...obviously you are going to need a team of people whatever you do. But I doubt this to be the case and if it is, there are ways and means now we have the internet.

[Global Assistant]

Skeeter

I would hope that the new businesses had already done "leg work" research before deciding to form their new business. But do all start-ups know what sort of research they should be doing after that or what they should be focusing on? It probably comes down to the type of business and their business backgrounds. I feel one of your Top 10 tips coming on!

[HuggyBear]

You have to do the actual research yourself...you need to conduct it and do the leg work. Missing out on this would be awful.

For small business...I would recommend you get some intelectual input on how to structure your research. What activities to do based on your case. You only know what to do if you see a lot of business cases.

I suggest that you do the actual research yourself (that way you get a feel for it) and present the findings back to a professional. If you get input at the begining you will get direction. And at the end, you will get professional analysis, which you will find presents you with opportunities you just wouldn't see yourself.

By analysis I mean people that can work the tools properly to present the findings. These tools are the tricks of the trade...they are not software tools either. They are brain tools. Get their brain working for you.

A second pair of eyes is important. You will find input at this level is actually affordable. Easy for you. Easy for the marketing person too.

It is a very simple way of you employing the right people at the right time without it costing too much.

PS - If you are doing large scale quantitative research...obviously you are going to need a team of people whatever you do. But I doubt this to be the case and if it is, there are ways and means now we have the internet.

Why not get a professional to do the research and present you with the answers? Will cost just as much.

[skeeter]

I would hope that the new businesses had already done "leg work" research before deciding to form their new business.

No. That's not real life.

But do all start-ups know what sort of research they should be doing after that or what they should be focusing on?

No. What is written is not how it is done. What people do and marketing people do is different. I am doing one at the moment for a start-up...I've got another specialist to check my works. There are biases that need to be removed.

It probably comes down to the type of business and their business backgrounds. I feel one of your Top 10 tips coming on!

Absolutely...market size is easy. But where you sell, how you sell, how the sale happens. Tastes of users, turn-offs turn-ons the list goes on. You need to do the right research - specific to your case. Basic fact finding is obvious, but research usually leads to testing >> so on and so on.

Find me a good pratitioner to open the topic. lol. Every business starts off the same - an idea. So if you take 2 business ideas...measure at regular intervals one will be more sucecsful than the other. Research is worth it.

Why not get a professional to do the research and present you with the answers? Will cost just as much.

Yes. I see....it's not about cost. It's about getting the findings.

First,
it's your biz. You need to understand the market and do the leg work. That way you get close.

Second,
the professional charges high rates to make themselves available. The work only takes short period with all the right information. This is why it is cost effective. It is expensive per hour, but straight forward to deliver.

Third,
Professionals are skilled at the analysis end they don't have oodles of time to spend fact finding for you...they are better at telling you what to get. Employ Katherine/Sara as a VA if you are too lazy. I'm sure most VA's will take your money for this kind of work.

Hope this explains how not to get it the wrong way round. If you are lucky enough to have a start-up bucket of money...try and spend it on the right stuff in the right order.

[blissy]

Thanks for the comments guys, hope they keep coming from elsewhere too. Interesting to see people supporting both sides so strongly, although not - if i'm honest - unexpected.

[Global Assistant]

Employ Katherine/Sara as a VA if you are too lazy. I'm sure most VA's will take your money for this kind of work.

I'm sure that Sara will agree that we as virtual assistants will put in the hours, the effort and do a damn good job before we "take their money" - you know what Skeeter - choose your words better in the future - you wonder why people give you a hard time.

[skeeter]

I am saying that VA is obviously a great person to use to do the data collection part. Money buys time. I save somebody three months this afternoon.

A VA can save you a good week of messing about, probably for a fixed fee.

If people are trying to make money, i.e. in business, time...the more you save the quicker you move forward.

Did I really say something that was close to the wind?

will put in the hours, the effort and do a damn good job before we "take their money"

I didn't say you wouldn't. Quite the opposite.

I was saying use a VA, they will put the hours in, they have the resource to do it...and will do a damb good job.

I was saying that you specialise in that kind of thing.



Why oh why do my words get mis-interpreted? I'm about as straight down the line as they come.

you know what Skeeter - choose your words better in the future - you wonder why people give you a hard time.

Thank You for not taking my head clean off.

Yes. I really don't understand why I get a hard time. Quite why you don't simply say: "Yes" we do market research on instruction, we are good at it and enjoy it, it is a regular affair for a VA - if you want it done book it in. What are all the cloaks and daggers for?

So, yes, I do wonder.

This test campaign I am doing for a customer...it is not me doing the data collection. I can't do it. I'm planning it, I'll sort out the data when it comes in. I'll do the bits that join it together. That's my little bit. But I don't fancy the leg work...not my business.


Again, I struggle with forums et al. They make no sense. People seem to want to put the boot in over and above delivering solutions, getting things done and turning things round.


I continue to struggle.