So sometimes I receive the questionnaires from companies and take the opportunity to identify errors, like the one below:

If you cannot identify the errors, that is why we at DMB Research do what we do. The errors are:

 1.No multiple-choice options. People do search for vacancies on multiple platforms. A possible solution would be to ask which platform is visited the most (“go-to” means different things to different people). 

2.“Go to” is a buzz term. As I said above, it means different things to different people and I could go to many job boards. More standardized terms, free from individual interpretation, should be used. 

3.The option of “Other” is needed. These are not the only platforms that job searchers visit. (I had a friend that received alerts from the British Virgin Islands) 

While one may see these as small errors, they do affect the accuracy of the data. Whatever the result, there will be a reduced chance of proper decision-making because it is the inaccurate findings. Money and resources are therefore wasted all due to 3 small errors. 

 Keywords: strategy, brand, market research, customer, consumer research, business plan, customer service, employee engagement, employee culture, employee survey.   

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Band wagoning in your research

 Some people get excited because they see a new way of research, especially for large companies, without considering the 

1.The cost to the company 

2.The return on the attempt (Is it worth it?)

3.Statistical acceptability (I will not dive into this) 

The fact is, not every new method will apply to the decision you must take or the problem your business faces. To decipher the best method takes years of experience and an eye for detail.For example, I saw earlier in 2021 the use of Social Media as a platform for data collection. But one must question:

 1.Is my entire market on Social Media? 

2.Is the cost worth it, or is there a cheaper, more efficient way?

 3.What about safety issues?

 4.If my market or the target market is not a follower on my business page, how will I specify my sponsorship to get to the target?

 And so many other questions. 

In other words. Think about what you are doing when you see a new method. You may not be at that point as yet. And all you can and should do is prepare for the day when you will be. 

 Keywords: strategy, brand, market research, customer, consumer research, business plan, customer service, employee engagement, employee culture, employee survey.

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Measuring employee culture and engagement

 Second only to customers and investors is the employee, and you should be asking if they are engaged and if the culture encourages positive productivity. I can enter into the theoretical details of both but I think what is most important is your business’ capacity to conduct such surveys. 

So you must ask: 

1.Do my employees feel safe enough to tell whoever we have as the interviewers the truth (especially if they are employees themselves)?

 2.Should you hire a research company to ensure confidentiality? 

3.What is the intent of the surveys, to improve employee work environment or to identify gaps in management?

 4.Is funding available to make changes; big or small?

 All of these questions, and many more, should be considered before conducting employee surveys. But note, according to Simon Sinek“Happy employees ensure happy customers. And happy customers ensure happy shareholders – in that order.” 

 Keywords: strategy, brand, market research, customer, consumer research, business plan, customer service, employee engagement, employee culture, employee survey.

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Factors to Consider While Performing Market Trend Analysis

 The Economist just recently noted, “Bad data and late data can lead to policy errors that cost millions of jobs and trillions of dollars of output.” While the article spoke to the Covid-19 crisis and government policy in the United States, the sentiment extends to other areas as well. How much money has your business lost because you did not conduct market trend analysis?Despite these restrictions, however, if you were to conduct an analysis, you may not be as successful as you thought you might be. Why? 

1.Data is limited in Trinidad and Tobago. A decades-long issue and yet to change. But one must know where to look.

 2.Culture shapes how consumers think. Our culture makes us different and no number can expand on that fact. So, therefore;

 3.It’s not only the numbers but the qualitative data. 

 This isn’t your normal list online, but the work at DMB Research goes outside the box. Even in your industries, there are special factors found nowhere else. Consider these as you go about your market trend analysis. 

 Keywords: strategy, brand, market research, customer, consumer research, business plan, customer service

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The internet question: How business research helps in decision making

 By answering the questions that require a decision or providing the information to do so. 

 Key words: strategy, brand, market research, customer, consumer research, business plan, customer service.

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One may say to oneself,

 “I know my business, why do I need research?”

 Research, however, has a significant role in proper decisions making:

I. Research can catch the change. Markets change regularly. Your target market last year may not be your ideal client today. Your employees may have been happy and loyal a few years ago, but they may not be so now. You can conjecture a guess as to the what and the why, but why run your business with feelings or guessing. 

II. Research tells you what your potential customer wants. It’s not only about what product you are making, but how it’s made, what it looks like, where it’s distributed and some other factors that can determine how profitable you may become. 

III. Research tells you with whom you are dealing. Most business owners think only about profiling their markets, but other entities interact with a small business. Employees, Competitors, Suppliers, and Vendors all can influence how your business is run. While you may not be able to control all aspects of your business, understanding who these entities are can help you as a solo/micro-entrepreneur to make informed choices. 

 Just to know. “Knowledge is power” is as accurate when it comes to business. For these reasons, better decision making is assured. 

 Keywords: strategy, brand, market research, customer, consumer research, business plan, customer service. 

 Want the E-Book for more on how you can do your own research as a small business? Contact Us with the title "I want the E-Book":

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 Ever so often, especially if you are a sole trader, you should know what is going on in your market.

 There are many benefits to market research: 

1.It identifies threats. If you knew bad is coming you can prepare for it 

2.Identifies opportunities. If you knew there was an opportunity to make more earnings in your business you would take that opportunity 

3.Helps the focus to be on the customer. A big issue locally is that of Customer Service. Yes, persons may buy but what do they think about your business. If a company ignores what customers think, the day the customers cannot buy anymore, loyalty goes out the door and a cheaper alternative is sought. Research helps you remember the source of your income 

4.You can forecast future profitability with increased accuracy. Accounting must come with realistic assumptions. Market research provides this. 

With all these points in mind, one can conclude that market research is more than a help for business, it is an essential process.

 Keywords: strategy, brand, market research, customer, consumer research, business plan, customer service.

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 I have been exposed to the creation of research required for business plans, and the contents of the business plan usually depend on the stage of operations of the business. A new business would conduct research to understand the market and to figure out the market optimal prices based on the prices of competitors (want to know how to contact competitors to get a bit of their info???, contact us now), the economic regulations that may affect operations and other factors. 

An established business may use its data to get its’ optimal price and to create a profile ofcustomers who are most likely to buy while identifying ways to improve operations from the mouths of customers. 

At the end of the day, the business plan is a document used to direct your business and convince banks and investors of its likely profitability.This is where a reliable accountant comes in.Any research done should be a supplement to describing your marketing plan with the 4 P’s: best price, most efficient form of promotion based on the customer profile, the product reception and acceptability (through sensory analysis, for example, if applicable), and location accessibility (if needed).

 Research should be used to assess the efficiency of your operations through analysis such as equipment efficiency analysis.The other sections of the plan can also benefit from research with employee engagement surveys and safety assessments.So show your investors you have everything covered with adequate research. 

 Keywords: strategy, brand, market research, customer, consumer research, business plan.

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 Bigger companies, whether you know it or not, have an advantage over medium or small companies that goes beyond size, reputation, and any other attributes you can quickly think of. Big companies know where to find the intelligence on their sites or social media, and some even take an extensive approach. They see metrics as the new path to success and hire the relevant analysts to match their current needs. Information Technology roles such as database administrators are no longer seen as “the people who fix your computers” but as those who create mechanisms by which big data is collected and stored. With these advancements, bigger companies will continue to have the upper edge on smaller businesses. What can you do? Use the data to which you have access. Yes, you may not have large databases, but Facebook and Google give you metrics on your site's performance. Don’t ignore when you notice your ideal clients having certain characteristics. Apply what you know, no matter how minute to your marketing strategy.

 Keywords: strategy, brand, market research, customer, the consumer.

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 I took a class in which a story was told about a fruit vendor who changed location because he observed that richer persons lived 2 streets over from where he was originally located. The teacher asked if this is data analysis/research. Someone said yes, the brain of the fruit vendor was his computer, and observation was the vendor’s methodology. In your business, you do research every day, whether you know it or not. The challenge may be making sense of it all. Market research does require some unbiased viewpoints you as a business owner may not be able to sustain because you are so close to your business. Imagine if the fruit vendor looked at the relationships he had with the lower-income street residents instead of profitability, he may have lost out on higher earnings. Getting out of your head with your business by talking to intermediaries such as Data Minders Business Research can clarify your unofficial research and present realistic findings that you can use to make better decisions.

Keywords: strategy, brand, market research, customer, the consumer.

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