Small Business Blog

If you have done consumer research and/or product testing, this section of your marketing plan should outline your research findings and how they support your product concept. As well, you should also summarize questions raised by your research and issues you weren’t able to address through research. Describe your methods of research in detail, so that you and the readers of your marketing plan can adequately assess the validity of the conclusions.

Ideally, you should use consumer and industry research to:

• Validate your product concept
• Confirm that your logo and brand messaging resonates with your consumer
• Test your pricing schedule
• Develop your understanding of your consumer’s lifestyle, needs and wants

The cost of conducting focus groups, administering statistically valid surveys, and interviewing consumers puts the highest quality research out of the reach of most small business owners. You should, however, do as much research, formal or informal, as your resources allow. Trade organizations are often great resources in this regard; they may provide their membership with published industry reports and/or access to low-cost, customized research.

What you need:

√ Copies of surveys, questionnaires, reports

√ Copies of relevant published research reports

√ A working summary of what you already know about your customer and your market, based on your own industry experience

Questions to ask:

• How was the research conducted? Who was the audience?
• What was the objective of the research?
• What conclusions were made about the product? Can you make any conclusions about the most effective advertising channels?
• What questions were raised?

Condensed Example

KidsWorld offered free membership to approximately 5,000 families nationwide for six months. These families were reached initially via a combination of direct mail and Internet advertising. In return for the free membership, families were asked to complete a brief survey at the end of six months (attached as Appendix A), rating the service on ease of use, relevance to their needs, and perceived value at the suggested pricing. Consumers were also asked for open-ended responses on how the service could be improved. No demographic information was collected.

Research Findings…

Research Conclusions…

Actions Taken…