Guest blog: There’s market research and then there’s market research

Did you know that the term ‘market research’ means different things to different people?

If I speak to someone at a networking event I have to be very clear about where my expertise lies, because they may assume that I do one of two very different things.

I find that this can get rather confusing, so I felt it might be useful to set out what we mean by each.

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Guest Blog: Enterprising women

Ruth StevensonOn 5th March I attended the Enterprising Women Panel at the University of Edinburgh Business School, which an international Women’s Day event.

The speakers were women who had set up successful businesses:

  • Tanya Ewing (co-founder of Tayeco and inventor of Ewgeco)
  • Kirsty Burnham (co-founder of SoLoCo)
  • Norma Corlette (Founder of Corlette Consulting and Co-founder of Communities Online)
  • Rachel Jones (founder of Totseat )
  • Dr Omaima Hatem (Event chair – Early Career Fellow in Entrepreneurship & Innovation, UEBS)

I’ve listened to many entrepreneurs speaking about their businesses but somehow there was something different about a panel consisting entirely of women.  Not just that this was unusual in itself, but also in the manner in which they approached things and the perspective that they held.

First and foremost, the enterprising women were unassuming and self-deprecating:

“I’m just an ordinary person, I’m nothing special at all”

“There’s people sitting at home that could have done it better than me, the only difference is that I went out and shouted about it.”

Despite this, the enterprising women were very passionate about what they were doing and the panel spoke about being prompted to start their business by life events and things that they cared about deeply.  Families featured heavily in the discussion, as did the importance of inventing something that would make a difference to real people.

What the women emphasised was that they wanted to inspire others to do what they had done themselves, and it was certainly inspiring to step outside the usual male-dominated suit-dominated environment and hear the stories of enterprising women who had succeeded on their own terms.

Friday Link: How to use market research to improve your business

Jane Frost, CEO of the Market Research Society, writes in the Guardian about ways that small businesses could benefit from working with a professional market researcher.

How to use market research to improve your business

Blurring the boundaries between technologist and marketer

Event report: Edinburgh International Marketing Festival

Creativity and innovation are fundamentally interlinked.  Creativity contributes to innovation, and innovation contributes to creativity.

Edinburgh International Marketing Festival’s Innovation in Marketing and Communications afternoon commenced with the assertion that the marketing sector has a lot to learn from Silicon Valley.  These days marketing isn’t all about persuasive adverts and fancy metaphors.  These days marketing and branding are intrinsically tied up with the product and the technology.  The marketing crowd were told that – like technologists – they need to come up with ‘products’ that are forward looking, commercially focused and always in beta.

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Will people buy my product?

At some point along the road to success it is likely that an entrepreneur will have to convince people that there will be a demand for their product.  They may need to convince:

  • An investor (should they invest in the company?)
  • A retailer (should they place an order for the product?)
  • Themselves (should they persevere with the product?)

When the tough questions are asked the entrepreneur who can conclusively ‘prove’ the demand for their product will find it easier to progress, and primary research is a systematic way of doing this.  Would you rather be Entrepreneur A or Entrepreneur B in these scenarios?

Retailer: I like the product, but will people actually buy it?

  • Entrepreneur A: I hope so.
  • Entrepreneur B: Our independent survey showed that 40% of the target market would buy it.

Investor: I wouldn’t buy the product for myself, so why should I invest?

  • Entrepreneur A: Because I like it and believe in it.
  • Entrepreneur B: Our independent survey showed that like you 60% of the target market were not interested in buying it, however 40% of the target market would buy it.

How can you get this magic information?

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