Market research is the process of collecting, analysing and interpreting data about your target market, consumers, competitors, and the industry. Market research aids in making well informed decisions. Let’s briefly look at the process of conducting market research.
1. Define the research problem
2. Develop a research plan
3. Collect data
4. Analyse data and generate insights
5. Present findings and adjust your plan
Step 1: Define the Focus of Your Research
Before you begin collecting data, you need to know the focus of your research. This allows you to choose the right research method and tools.
Step 2: Develop a Market Research Plan
After gaining some understanding of your research goals, develop a plan to take steps toward answers and new understandings. To start, what primary and secondary sources will you use?
Step 3: Collect Data for Market Research
How you collect and crunch data will depend on the type of research method you’re using.
For qualitative research, like focus groups or interviews, write out answers and compare notes later. With surveys you might produce reports. Tools like Google Forms or Survey Monkey often offer free reports that organize your data and even include illustrations where applicable.
For quantitative research, collect raw data using a simple spreadsheet or a more advanced data storage software. Once the data is collected, tools like Google Data Studio or Tableau allow you to organize and depict the data as graphs or charts.
Step 4: Analyse Data and Generate Insights
Analyzing your data helps you discover answers to your initial research question and turn those answers into strategies. This process begins by organizing the data.
Step 5: Present Your Findings, Adjust Your Plan, and Continue Testing
Now that you’ve done the heavy lifting, it’s time to put the findings to good use. Typically, this involves presenting your research to stakeholders and discussing improvements to your business or marketing plan.
These steps will lead to successful research that will bring results to the problem research.