What you need to know about fact-finding your way to success

How do you go about it?

Firstly there are two types of research:

Secondary research: Any company can undertake this kind of research. There is so much information freely available nowadays that secondary (or desk) research will probably answer some of your basic questions: Think trade journals, associations and bodies, financial pages, shows and exhibitions, not to mention the Internet. It’s never been so easy to access information without moving from your desk! You may well be doing this already but just haven’t given it the research label.

Primary research: This is where you carry out your own qualitative or quantitative bespoke research.

Qualitative research
In pukka Market Research speak this involves the use of unstructured exploratory techniques that are based on small samples in order to understand a problem further and provide an understanding of how or why things are as they are.
Various methodologies are used including:

• Focus group discussions
• Workshops
• Face-to-face or telephone depth interviews
• Immersion in customer environment

Quantitative research
Normally involves large numbers and often involves statistical analysis. The approach is structured and every respondent is asked the same series of questions.
Methodologies include

• Face-to-face and telephone interviews
• Postal and self-completion questionnaires
• Omnibus surveys.

Each of the methodologies can work very well but, realistically, most are probably beyond the day-to-day pressures of your business for you to contemplate doing yourself, even if you had the necessary know-how. But one does enable you to get information that will help you identify, qualify and sell to your market easily, cost- and time-effectively and with often incredibly impressive and useful results: Exploratory telephone research.

It’s important to make a couple of distinctions between the fact finding that you are likely to undertake and the role of Market Research companies right from the start:

Market/Marketing Research is a vast subject and companies that specialise in providing it as an independent service in all of its many forms employ people who spend years training to provide that service in a professional way. That’s why much of the work they do is beyond the capabilities of most small businesses.

However, if you take a sensible and realistic approach to what you want to find out, there’s a lot you can do yourself provided you don’t do it under the guise of independent Market Research.

There are strict rules that govern Market Research companies and prohibit them giving their clients information or results that are linked to respondent names without the full consent of the respondent (in some countries, not even then). As market researchers they have a responsibility to protect respondents and preserve their anonymity.

You are not bound by those rules. You will be talking directly to your market and your activities will be squarely and openly focused on fact finding in order to facilitate your sales efforts.

You cannot apply the ace card of independence to your fact-finding activities so it is imperative that you are straightforward and honest with your interviewees right from the outset to encourage them to open up.

However, you do understand your business better than you could expect any research company to, so you could pick up on valuable nuances that they might well miss.

Use your nous, keep it honest and ethical and you’ll find that you can get the information you need.