Step 5

Analyse and act on the results

Once you’ve finished your survey it’s time to analyse the responses and get the answers to the questions you asked at the beginning. Keep an open mind and be objective. Try to avoid conducting research to prove your preconceived ideas.

Remember these golden rules when interpreting the findings of your market research:

  • flawed questions produce flawed results
  • be aware of your own biases
  • be honest with yourself
  • the better the research, the more informed the decisions.

 

If your research shows that a proposed business venture has a high probability of failure it would be unwise for you to proceed, unless you’re able to obtain additional information which will change this assessment.

Where possible, keep a record of the people surveyed. If they are supportive you can contact them as prospective customers should you proceed with your plans.

If you are in business already, use the information you have obtained to develop your strengths, eliminate your weaknesses and create new opportunities.

Above all, remember that market research, like any tool, must be used correctly to achieve a satisfactory result.

Back to top

What's next...

Go back to...

Back to top

Back to top

© 2014 Small Business Development Corporation (All Rights Reserved) Home | Privacy | Disclaimer | Copyright