Marketing Research to Ensure Success

Researching your market and potential customers are very important to the up start of a venture.  There are several methods to get VOC (voice of consumer).  Marketing for Entrepreneurs give several options.  Depth Interviews, Focus Groups (FGs) and Surveys seem to be a few of the most common methods.
Depth Interviews is the process of sitting down with potential customers whom are interested and/or willing to do the interview process. These are people who are interested in your products or services that you are offering.  Getting a personal feel for the people.  This process allows you to actually look into the person's eyes that you are interviewing.  Being in their presents also gives you the opportunity to show how passionate your are about obtaining them as potential clients.
Focus Groups (FGs) are like the deph interviews.  The difference is that your in a group setting, usually 8-10 people.  According to Frederick G. Crane, FGs can be successful to get the overall groups/community's opinion on your products and services.  Giving you an overall feel for the VOC of potential clients/customers.
Surveys are a popular method for organisations to monitor customers preferences and levels of satisfaction, according to Neal Cole.  Also stated, survey framework appears to be based upon a outdated and false view of people as rational, independent agents with relatively fixed preferences.  The survey framework can generate unreliable and misleading results which can contribute to an illusion of understanding customers.  All of the research methods are useful in their own way.  Possibly all three could be used in some sort of combinations to obtain the needed information.

       Evaluating Marketing Opportunities

Seemingly every entrepreneurial that has an interesting idea, believes that they can turn it into a durable and get rich opportunity that will last as  long as they want it to.  Most entrepreneurs fail to research and evaluate the entire aspect of their possible business venture.  Most people do not even realize that there is a difference between ideas and opportunities.  As stated by Stuart Leung, Ideas are more nebulous and unrefined, and exist to provide a business with a possible general direction in which to move.  Opportunities are absolutely necessary, as they are often the catalyst that gets everything started.  I often hear people say that they are just waiting on their opportunity, or just need a opportunity to show what they are capable of doing.  Ideas provide the drive and vision, but can not be the replacemant of opportunities.  Ideas are thoughts in your head until you put the on paper, opportunity is when you are able  to put your ideas into action.  

Customer felt needs are also a very important part of the evaluating process.  Understanding what it is that your potential customers want and need is also important.  Providing exactly what customers want, or coming close as possible will help your business venture to be successful.  Because as stated earlier in the text book, making money should be secondary to pleasing your customers and making a name and building your brand.  If money making is the sole purpose your venture may not last long.

Trend Spotters

Trend spotting plays a significant role in the success of entrepreneurs.  Trend spotting is basically knowing your customer and potential clients inside and out.  Trend spotting should also inspire your target market.  Knowing your market's sensibilities and committing yourself to knowing your audience is very important.  Being committed to becoming a great trend spotter involves, knowing what is relevant to the market and becoming an expert on what they like and do not like.  Increasing your knowledge should give you insite to what prospective consumers' problems, strengths and limitations.  Also knowing your competitors and their products and services. This includes why and what they like and dislike about their product(s) and services(s).  Spotting a trend at the right time could boost your product.  Trend spotters, also look to satisfy unmet needs, solve acute problems and or energize consumers.  Also try and understand why people like certain products and services.  As stated by Frederick G. Crane, author of Marketing for Entrepreneurs, " A trend is different from a fad, which comes and goes quickly.  A fad does not change society, but a trend does.