Everyone of us at one point during our lives has a great

product/service idea. The timing is critical to convert this

idea to a profitable business; sometimes the idea comes too

early or too late for the market. Magic happens when the

product/service idea happens when the market is ready for

you and you execute well.

How many people need what you are selling? How many

people want what you are selling? How much are they will-

ing to pay? Is the answer to this multiplication enough to

provide the ROI that you need?

Market research will answer these questions. There are two

types of market research: secondary and primary. Second-

ary research is already published surveys, magazines, news-

papers, etc. and evaluating how this information relates to

your business idea or product/service if you are already op-

erating. This type of research will give you information on

your industry, competitors, your products/services, and your

customers.

Primary research can be as simple as asking prospects repre-

sentative of your market or customers their opinion regard-

ing your product/service. Or as complex as doing 1,000-

5,000+ questionnaires to represent your market. I have

done both and primary research is more complicated since

there is human interaction. A person’s tone of voice, a facial

expression, a posture, can change an answer and ultimately

the outcome of the market research. Following your intui-

tion, gut feeling, on either type of research is essential to

determine if your business idea has potential or not.

Your business is unique and so will be your market research.

Call us at (520)515-5478 or e-mail Mrs. Cecilia V. Rivas

Schürmann at schuermannc@cochise.edu to set-up an ap-

pointment to develop strategies to maximize your profits.

What problem are you solving?

Good business idea, good execution, and right timing equal magic

June’15

Marketing Tip