Business Research: Six Simple Powerful Questions To Grow Your Business

I want to introduce six simple, yet powerful questions to help you analyze information you gather from discussing your business ideas with your customers, suppliers.

Ask yourself these questions after you have had a few conversations with customers or suppliers to use what your learn to uncover new information about your business idea.

Six Questions:

  • What did I like about what I learned? The key is to look for something totally new that you had not previously considered?

  • What did I not like about the feedback I heard?Usually this will uncover some concept you thought was really important but the people you interviewed did not. This is important. Billy Graham said "No smaller package have I ever seen than a man totally wrapped up in himself!". I say, "No smaller company have I ever met than a company so totally wrapped up in its own ideas that it is unable or unwilling to see the customer's true need!" Listen to this feedback, carefully.

  • What do I not understand? Either go back and question the customer or prospect again to clarify something, OR do additional research. It is not uncommon to for professional researchers to do additional research based upon what they uncovered. If you do not understand keep probing until you do. It is important to ensure that you have not misunderstood customer needs.

  • What does this new information tell me about the customers needs? Typically, we all start our business based upon our own perceptions about the needs and wants of our target market. Does this new information require you to change your pricing? Add or eliminate features? Will your business idea even work?

  • What should I change or modify? Make a list of the things you should change or modify based upon what was discovered in your survey.

  • What can I afford to change or modify? Next, look at what you can afford. Take the list you prepared in the last question and prioritize. Mark each item in one of three categories: critical change, should change or would like to change. Then, assign a cost to each change. Start with those marked critical and proceed until your list is completed.

The key to making this research work is setting your personal agenda aside and being willing to change your approach and try new ideas. Remain open to what your customers are telling you. use the questions in this article to think about what they said in answering your questions.