Life of a Business Owner

How many customers to talk to?

When studying your target audience, you inevitably encounter the problem of measuring the “average person”. How much does the average lawyer earn? How much time does an average visitor spend in a restaurant?

Maybe you will be surprised to know that by interviewing just five random people from the target audience, you will have a probability of 93.75% that the average value over the entire audience will be in the range between the minimum and maximum values ​​between five answers.

So, yes, talk to your customers every day, if you want to develop your product. The devil is that these five people should be as random as possible. Asking your five neighbors or your colleagues from work is a bad idea. In general, when it comes to marketing research, the main thing is not the number of surveys, but the correct randomness of the sample.

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