Market research entails learning about your industry, customers, and competitors. You can’t overlook market research if you want to start and run a successful business. It helps you stay at the top of what your customers want and gives your business direction. Market research is key in assessing economic and industry influences, the viability of your product or business idea, and whether you can expand into a new location or market.
You can use the results of market research to write a new or update your existing marketing plan, start a new business, or assess the success of your marketing plan.
Running Market Research
You must understand your industry, customers, and competitors to run a successful business. Market research entails asking the right questions to the right respondents in the right manner. So, the main question is, how do you run market research?
- Determine the Research Objectives
Defining your research objectives is the first step in the market research process. This involves determining the key information you would like to uncover with the research. What information do you want to gather regarding your customers or the market? By first defining your research objectives, you will keep the market research focused, ensuring it is effective.
For example, if you are launching a new product, your goal will be to determine whether the market will accept the product. You will also focus on determining how much customers are willing to pay for the product.
- Creating the Research Questions
After defining your research objectives, you should come up with questions that you will pose to the market, your target customers, and competitors. When creating the research questions, you should consider the market’s key demographics. You should also consider the economic stability of the region where you operate.
- Data Collection
There are several ways of collecting data, falling into two categories: quantitative and qualitative. With qualitative research, the questions are more investigative and involve fewer respondents. Qualitative market research approaches include in-depth interviews and focus groups.
Quantitative market research involves many respondents and is essential when drawing specific conclusions. Quantitative market research approaches include questionnaires and surveys.
- Interpreting the Findings
This step involves interpreting what you have discovered during the market research. When organizing and grouping data, you should have your research objectives in mind. Researchers normally use lists, diagrams, tables, and mind maps to organize data, enabling them to identify any major trends. You can also interpret your findings by performing a SWOT analysis.
- Drawing a Conclusion and Making Decisions
Once you have the findings of the market research, consider what the findings mean for your business. What will you do about the findings? Any conclusion or decision you make should be in line with your business goals and objectives.
A Market Research Company Can Help
If you want to run successful market research for your company, it’s best to work with a market research company. At Product Insights, we provide professional market research services at an affordable cost. Contact us to learn how your business can benefit from our services.