Market research is an effective tool to help you plan your business. It is about gathering information that gives your customers insights into buying patterns and locations. In addition, market research can also help you keep track of market trends and keep track of what your competitors are doing.
Set your research goals for the market
Sources and types of information
Collect, analyze and act on results
Successful businesses conduct regular market research to:
Identify new potential customers
Find out more about existing customers
Inform them of their decisions regarding existing and new products or services
Understand more about their competitors
Try new markets
Determine performance, value or promotional opportunities
Set your research goals for the market
It is important to clearly define your goals in order to achieve useful results from your research. A well-defined goal will help determine the best way to do your research.
You will also need to set aside time and money that you can allocate to research. You may want to consider using a specialist market research firm to assist you.
Sources and types of information
There are different data sources to help you research:
Customers
Competitors
Industry
Location
'Preliminary research' refers to information gathered from sources such as:
Survey
Oral interview
Focus group
Customer feedback
Quiz
'Secondary research' is information and data that has already been collected and analyzed by other sources, such as:
Office
Industrial and commercial publishing
Social media and websites
Market list and users
Press
The type of information you collect through these sources can be quantitative or qualitative.
Quality information measures the values, attitudes, and perspectives of a particular model. This type of information is useful if you want to find out why people buy your product, how they respond to your advertising or their perception of your brand.
Quantitative information is based on statistics and can be used to predict future revenue market penetration.
Collect, analyze and act on results
After identifying the source and type of information you need, you can start collecting it.
It is important not to let your opinions or preferences affect your research. Having a preconceived notion of the results will make your research biased and misleading. Open your mind and be prepared for unexpected results.
When processing data, make sure that you:
Keep your marketing research goals in mind
Categorize data that is most relevant to your business, not tracked by interesting information
Collect your data using tables or lists to easily identify specific trends and topics.
You may need to gather more information if your results are not conclusive.
Data analysis should allow you to make some conclusions regarding your initial purpose.
Update your business and marketing plan with information gathered from your market research.
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