1. Don’t overspend. In their haste, many business owners shell out big bucks on the first market research firm that promises to provide them with all the data they could ever want on their target audience. If you are hiring an outside firm, shop around for the best deal.
2. Know what you are looking for. Before you begin your research, prepare such specific questions as “What are the specific needs of my customers?” or “How much would my customers be willing to spend on this product?”
3. Investigate your reference materials. Internet sites can include dated or biased material. Check dates and double-check pertinent information against other sources.
4. Research the competition. The more you know about them, the more effectively you can establish your competitive edge.
5. Research price information. If done properly, your market research should tell you what customers expect to spend and how high they will go to purchase a product or service like yours.