The question that needs to be answered

Understanding the business question that needs to be answered: why is the research being undertaken?

Market research does not have to be an enormous undertaking requiring tens of thousands of dollars and many months of data collection and analysis. Rather, market research is a dynamic tool that provides the business manager with specific answers to a pressing business question.

One of the best ways to drive a project is to ask yourself, “what is the business question that I need answered?” In other words, you need data to make a good decision. Some of the business decisions you may be asking are:

  • Do we need to offer a larger kit size
  • Should we make tech support available 24 hours per day
  • Should we add electrolytes to our chemistry instrument
  • Could I raise the price if we had a faster result

You will also find that when you keep it simple and focus on the one business question your project does not “wander.” Too often projects grow because “as long as we have them on the phone, let’s ask them about new equipment then lets add a question about new cancer markers.”

When you have a very clear business question that needs to be answered, you will find that your market research project becomes crisp and short. Your results come in quickly and the project budget is very friendly.