Market research is an excellent tool for: understanding your customers, knowing your competitors and how the market currently works, growing your business, improving and understanding your products and services before launch, and staying relevant in the market.
For these reasons, we want to help you with some tips or steps for conducting effective market research. Take note.
1.Understand the objective of your research: There are generally three types of objectives: administrative, social, and economic.
Administrative: These focus on the company's development through the planning, organization, and control of both material and human resources, with the goal of meeting market needs in a timely manner.
Social: These focus on the consumer and how to satisfy their needs through our service or product.
Economic: These are used to introduce a new business or product/service to the market and analyze its viability and future return on investment.
2.Define the problem: What is it we want to solve or find? Why? What for? It is important to have a well-written problem statement, as this will help us during the process to stay focused on the real issue and find effective solutions and answers.
3.Define the sample and the sources of information: Knowing where to gather information is crucial. You can conduct surveys, interviews, and observation, but depending on your objective, you won't always need these tools. You can also use other sources of information such as internal documents, competitor research, market reports, and more. The key to this process is distinguishing between useful and irrelevant information, because while there's a lot of information available, is it really what you need? Similarly, it's essential to determine whether the individuals or sample group you're targeting for your research are the right ones.
4.Data collection: This step in the investigation depends heavily on the clarity of the objectives set out above, in order to collect the appropriate information. Bearing this in mind, what should be done in this phase is to apply surveys, interviews, and observation processes or the appropriate collection of data that have quantitative information that may be useful to us.
5. Analyze the results: With the collected information, we can now analyze, group, and organize it, giving us clues about what is happening and providing avenues for possible solutions.
6. Prepare a research report: To better understand the collected information, this report is prepared. It structures the information and presents clear results. It is important to have a connecting thread that presents this information and makes the findings easy to understand.
7.Make decisions!
Did you enjoy this TDS Break? Share it on your social media. And remember, if your brand needs market research, write to us here so our ideas team can help you.
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