Market Research Project HELP!!

[angel8783]

I have a question for business owners and anyone else who wants to answer.

I am doing a project for my marketing class in which we have to "launch" a product of our choosing (which can also include a service). Through a series of events I got roped into doing market research as my product. I am fearful that it is not profitable for our target market, but I have to forge on anyway.

My question is, if you are a small to midsized business owner, professional, or otherwise, and you are making a decent amount of profit and want to make more. How much would you pay for any of these market research techniques:
online surveys of consumers
in-depth interviews
focus groups
generalized pre-written reports about your area

The results a market research company like this might give would be where to better advertise and how to reach your target. My group member and I have decided to target our local area, but we do realize that most market research companies target on a national and worldwide scale and do not provide these services for cheap.

Also for consumers, if you were given an opportunity to screen for possible participation in online surveys, interviews, or focus groups, and there was promise of incentive if you were chosen, would you be willing to share your opinion (and sign up and be screened for free at first). (the incentive if chosen after the initial screening would range from $5-30 depending on the type of research and amount of time and effort needed on your part)

None of this is real, all fake for a project!! I just need some input.

[offwego]

Laura,

one thing I want to mention (aside from saying it sounds like a neat project) is that marketing or market reasearch is one of the biggest gaps in most small business owners (or smaller mid size) business plans.

At best it seems to often be face to face or informal and many of them (if your thinking retail not sure if you are) don't track customer data in the same way a larger chain can through a rewards program or similiar.

Is there anyway to shift your focus a little towards say larger regional firms?

As to the pre research on an area that information should be availble through goverment and or chamber of commerce or local business associations (ie stats on number of people, average education, wages households etc and trends for same) normally for no cost. (sorry)

I'm a commercial banker dealing with midsize firms so feel free to PM me if you'd like to discuss further.

Good luck with your project!!

[angel8783]

It has been a major fear of mine through this whole thing that a lot of the information most small businesses go for are free already, no need to pay for them!
(I did come up with a concept to offer a prewritten annual report about the local area such as how many people subscribe so and so newspaper and how many people have such and such cable carrier(there are about 5 cable/sattelite carriers in my area) for about $250, I am thinking mostly growing non profits like churches and growing businesses with no time to search for these stats might want something like this)

I am trying to incorporate larger regional businesses into our target. I think that may save our project actually.

Luckily I don't have to actually do it, we just have to write a paper and do a presentation on how to launch it (hence Marketing class)

Thanks for any input!

[offwego]

Laura,

honestly the prewritten thing would be a tough sell and most people would know they can get that data.

What about offering a perhour search fee for info instead of prepackaged?

That way you could tap the same market but instead of presenting at as canned it would be "custom" and it might be more appealing (course in practice one would have most of it prepared in advance and just tailored).

Telephone survey's might be your best bet as they can be done via cards etc that a merchant could hand out with a promise of that "reward" system you discussed.