It has been a big week in the Triangle area for those in and around startups, or those thinking about a new entrepreneurial venture.
In any given week, there are always good events to network and get re-acquainted with those you may not have seen around. This is true for the Triangle area too. However, this week we saw three different great events to not only network, but learn and understand hoe innovative and entrepreneurial the area really is. Continue reading “A Big Week for (Current & Wannabe) Entrepreneurs And Startups In The Triangle” »
business, CED, economy, employment, entrepreneur, new business, small business, Startup & Play, StartupNC, startups, Triangle
The economy is not very good. (Was that supposed to be a news flash?) OK, everyone knows that. Unemployment remains high and for the jobs that are out there, many employers are not finding qualified individuals. Everyday cost gas are taking a larger percentage of our take-home pay. Government involvement into businesses seems to be a more pressing issue. Before you decide to jump off a cliff (don’t do it…it’s really not worth it), you need to consider how you run your business. In you business, everyday you are needing to make decisions that affect the success or failure of the business. Continue reading “Why Market Research Is Important In Today’s Economy” »
Note: Regular readers of this blog know I post on Monday’s. However, to honor those who have died for my country (I do get international readers), I rested and remembered their sacrifice.
Last week, I wrote about why business owners don’t hire market researchers for their business. It all comes down to a great line from the movie Jerry McGuire, “Show me the money!” Well, ok it is really “Show me the value!” It just does not seem right to see Cuba Gooding Jr. shouting that. Continue reading “Why Business Owners Should Hire Market Researchers” »
When I get the change to talk with small business owners or those thinking about starting a business, I regularly get push back from them asking why they need to hire someone to do market research. Before I answer them, I ask them why they are asking me. The typical answer is that they know who their customer is. So I ask them who their typical customer is. Frequently, I get two types of answers: either so broad you would never be able to efficiently promote to them, or so specific, that there would not be enough of them to make your business successful. In my mind, this provides me an opportunity to show how I can help them succeed. Continue reading “Why Business Owners Don’t Hire Market Researchers” »
There are many reasons to conduct market research. It is mainly completed on the basis of services and products that the company is offering. Although the number of reasons are literally limitless from broad position projects to determining the best version of a logo, there are five main reasons: Continue reading “Five Reasons To Do Market Research” »
Last week, I wrote about using market research to develop your business plan. But, just as important as business plans is your marketing plan. There is an old quote in marketing that you “know only 50% of your marketing is effective, you just don’t know which 50%.” However, this old adage is just not accurate anymore. By developing your marketing campaigns in a correct way, you can track the effectiveness of your marketing.
Before doing anything, you need to think it out ahead of time and plan it. The old saying of the 5P’s (Prior Planning Prevents Poor Performance) rings true nearly every time and this is no exception. Once you have developed your marketing plan, implementation and tracking is easy to do. Here are some easy idea to help track your marketing. Continue reading “Market Research Findings Help Marketing” »
Over the weekend I met someone whose son is opening up a new franchise in Florida. In our discussion he had mentioned that although his son had a business plan, he felt his son needed a little additional research in his plan. I told him that, unfortunately, this is a common situation.
In a slightly dated, but still relevant, 2009 press release, from Michigan CFO Associates, it stated that 90% of small business owners do not do anything to jump start their stagnant businesses. Other findings from the research were: Continue reading “Market Research Helps Business Plans” »