Date post: | 15-Feb-2017 |
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7 KEYS TOEFFECTIVE MARKET RESEARCH
Market research, done correctly, can provide clear direction about the path your company needs to take.When market research is done inefficiently, however, it can lead to costly business mistakes and potential business disasters.
EFFECTIVE MARKET RESEARCH ALLOWS A BUSINESS TO:
Reduce Risk Spot Trends Find Opportunitie
s
Plan aStrategy
Understanding the right questions to ask – and how to correctly interpret the answers to the questions is the key to performing market research that is valid and useful.
These seven steps are essential for effective market research.
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Step 1 Define Problems and OpportunitiesIdentify and define your business’ problems and opportunities:
What is the issue or
problem?
What do I need to learn – and
why?
How will I use that
information?
?
??
?
Step 2 Set GoalsOnce the problem has been defined, it is important to set:
ObjectivesWhat do you
hope to learn?
BudgetSet, and stick to,
a reasonable budget.
TimetableDetermine the best
launch date, and how long the research
should last.
Step 3 Choose MethodDetermine the research method- primary, secondary or both:
1. Primary researchSurveys, panel studies, or test marketing.
2. Secondary researchAnalyzing existing data. This is cheaper and faster, but finding useful, accurate data can be difficult.
Step 4 Set Research Design
Determine research vehicle- survey, focus group, etc.
Determine who the sample is and how to incentivize them
Determine how to conduct the research (in-person, internet, etc.)
Determine the questions
Step 5 Gather Data
This is the time when you administer the survey, run focus groups, conduct interviews, implement the field test, etc.
Each answer, choice, and observation is collected and recorded, and each is equally important to the end conclusion.
Step 6 Organize and Analyze
Organize the raw data:
• Build tables and graphs• Segment results (age, gender, etc.)
Interpret the findings. Look for:
• Data with direct impact on current operations• Whether inconsistencies can be explained• General trends within groupings of results • Implications within the data
Step 7 Implement Findings
The final step is to take action based on research findings.
It is best to compile the most meaningful
takeaways into a report or presentation for company decision
makers.
In summary, here are the seven keys to effective market research:
Define the problems &
opportunities
Implement findings
Set goals Choose a method
Set research design
Gather data Organize and analyze
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