Sunday, August 1, 2010

Know What You Want: Part 5 Start Your Small Business Now

Now that you already know how to do the research and you already found out what's your market going to be, then it is time to know what you want. It means you need to know exactly what you are looking for. So if you are really interested to know how to set up a small business in a right way, then it is advisable for you to keep continue reading this series of articles from Entrepreneur Philippines magazine. Remember, the more you know what you want, the greater chance of success you will have in the world of business.

Although there are many ways to conduct market research, what's important is that you know exactly what you're looking for. Being clear about what you want to learn, says Perez of Satisfind, will not only lead you to ask the right questions but will also show you the best way to gather the answers from the best possible survey respondents. 

Market research can be classified into qualitative, says Kai Salvino, Satisfind's director for customer research. The former explores the "whys" and "hows" and the latter gets the numbers and other measurable results like age, income bracket, and educational attainment.

Qualitative research methods include focus group discussions (FGDs) and in-depth interviews, while quantitative research counts the usage, attitude and image (UAI) study; product, concept and brand name tests; and pricing studies among others.

Also, it's important to define the market you would like to penetrate, says Paulo Lao, a strategic marketing lecturer at the University of the Philippines Institute for Small Scale Industries (UP-ISSI). "What market is involved? What are the customers' unmet needs and wants? Is the product or service you're going to offer better than the one existing in the market? That's really the source of business opportunity," Lao says.

Continue on Part 6 of Start a Small Business Now: ACCORDING TO PLAN.

Rewrite from Entrepreneur Philippines
January – February 2010 issue. All rights reserved.

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