While asking the "when is enough" question seems reasonable it is
really akin to asking, "When do you know you have done enough
marketing?
As a general question it is ludicrous.
The most accurate answer would be "when you decide to shut down your
business." Marketing is an on-going task that is required for the
life of your business in order to ensure new markets are generated
and old markets are expanded.
Research is exactly the same. You can
stop doing research when you retire and sell your company! If you
think of increasing sales as a distant land and marketing as the
ship that gets you there, research is the compass that shows you the
fastest way possible.
Now before you groan too loudly about
either the metaphor or the thought of research as never ending, you
must first consider what business research is all about. While
useful information exists on the Internet and in libraries the vast
majority of small business research is conducted by talking to
people. Talking to suppliers, your customers, your colleagues and
your competitors.
Research is a feature of
your business that should be undertaken on a constant basis. It is
really a frame of mind. By constantly looking for ways to improve
your venture you ensure that research is at the forefront of your
business activities.
Of course when most people ask "How much
research is enough?" they are actually asking is "how much time do I
need to spend in the library and on the Internet searching for
information, a task I really do not want to do because it is not my
thing, because I’m not very good at it and I am secretly convinced
it is a waste of time and not applicable to my particular type of
business because I know - I just have a feeling - there is not
really anything out there related to my business, and my business
will be a success regardless because I have a solid hunch.
I bet you didn’t realize it was such a
loaded question! When it comes to research most entrepreneurs carry
a lot of baggage. I wish I could tell you a magic number of hours
you have to spend but there is no such standard.
When is enough, enough? At a very basic
level you have done enough research when you can describe in detail
who your best customer is, exactly how you are going to reach them
and what competing products/services they already have available to
choose from. Your insight must be based on more than "gut feelings"
and "business intuition" and must be based on information compiled
from a variety of sources both primary and secondary. Only then have
you done enough.
|
Research Tip |
|
Research is not about finding data but
rather knowing the best sources
When you know
the best sources for your market and industry it is easy to
update your data on a regular basis.
Our
Source Lists are updated on
a daily basis to ensure they contain the most current
Canadian references. |
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