Ask Barney: Should you invest in market research?
Nicole, tagged me in a post and so I thought I would answer you Nicole. You said you've got a, a work that says there is some market research based on some key words that you've come across that a you're interested in and the report costs $3,600 in - $3,680 and you want to know if you think that's a good expenditure.
So I'm going to give you a very blunt answer.
And the answer is no.
That is not a good expenditure. Do not spend that money. If you need to do market research, I want you to exhaust every single possibility for doing market research all by yourself, for free, before you go out and start spending money. So what does that mean?
Where to get Market Research?
First of all, the Internet. I mean you can get almost anywhere on the Internet. And the thing I've learned about the Internet is when you come across somebody that seems to know something that you want to know, just, reach out to them and get their email, their phone number and call them. If you call me up or if you send me an email, I'll answer.
I believe that the vast majority of people out there in the American marketplace are very happy to answer your question and if you just find somebody and find their name and you have a question for them, just ask them. Ask all your friends about the products you're talking about and see what they have to say. I'm not quite sure what kind of market research it is that you want, whether you want access to clinical studies or or or wha. But I believe that everything you want in terms of market research is probably available for free, but you're going to have to spend some time, but I'd much rather spend some time and get the satisfaction of making new relationships. What's so wonderful about reaching out to people and talking to them is you're going to start a new relationship..
"What's so wonderful about reaching out to people and talking to them is you're going to start a new relationship."
There'll be somebody that you'll meet, and they will give you feedback about who you are and what you're trying to do. And they may be a wonderful contact for you in the future. They may send you a customer, they may continue to provide you with good feedback or good advice. Please go out and find these people and these people that you find on your own are so much more satisfying than just dropping some money somewhere and getting a report. Often, these people who do that are just in it for the money. They're not really trying to help you out. You need to find people that care about you and Will help you out. And I find that there's plenty of people out there who would do it for free.