How Valuable Is Your Time? – DIY Market Research – J. LaRosa

Are you doing your own market research?  This could be very cost-inefficient. You could be spending more money (via your labor cost per hour) than you are saving by not purchasing research reports that have been done already. If you make $50,000 per year, that's $960 per week, or $24 per hr. If you spend 10 hours over 3-4 days searching the Internet for articles and information on your topic, then analyzing it, boiling it down, writing up your findings in your own words, creating a PowerPoint, you've just spent $240. You could have purchased a ready-made report (example: one of Marketdata's $99 Industry Overviews, 15-30 pp.), in a few minutes.

Chances are, not being a market research specialist, you don't know all the places to look for information (U.S. Census Bureau, trade associations, etc.), you may/may not have performed phone interviews, and you may be getting incomplete, outdated or worse, inaccurate information. No, everything on the Internet is NOT accurate. How much experience do you have forecasting, estimating market potential? In addition, your research may be biased. Sometimes, it's better to outsource these tasks to the experts. You can't do everything. Also, you get what you pay for. If the boss tells you there is no budget for market research, then tell him/her you can't guarantee the quality of your report.

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