Market Validation Part 4: Keeping up with the News

iStock_000024849672Large.jpg

Market research reports are great to get a feel of a market, but the information can become dated very quickly. A change of government, a competitor goes broke, or new technology can disrupt a market quickly and change consumer preferences. You need to use other information sources to validate what is going on now, and what it might be like in the future. Otherwise, you could be basing decisions on information that is out of date.

So... where do you go to supplement and validate market research info?

  • Google News is the first obvious place to start. You can search for the keywords pertaining to your industry and set up alerts so that you can monitor the market in the future.

  • News agencies like Reuters and Bloomberg all have websites and Twitter feeds which can help you. Other agencies which offer some free info on global trends include Time and Forbes.

  • Twitter (by searching hashtags) and Facebook pages also offer news updates.

  • Don’t forget about Idealog as well as Stuff and NZ Herald websites.

  • LinkedIn Groups are also a great way to keep up with play. These industry forums are a great place to ask questions about a market. Of course, you need to balance this up with the knowledge that everyone on the forum may have an inkling that you are interested in this specific market, but you can get valuable information and advice.

The info sources above are just a taste of where you can look to check that the information you have is up-to-date. Don't forget to contact any subject matter experts that you might find mentioned in news reports or on Linked In. Most people are only too happy to present their opinions or give advice, providing you are upfront and honest about what you want to use the information for. Competitor websites that have media releases on them are also useful, plus monitoring job websites like Seek over a period of time can give an indication about what new skill-sets are needed to support your competitors' strategy.