What are the main steps for conducting market research?
A good market research is the first step to any successful business or industry. However, to start the process, certain basic steps must be fulfilled. These may seem simple, but are the most critical. Here is a brief on basics of market research by understanding the basic elements of studying a business, brand, objective, and more.
What is the Problem?
Knowing that the problem is will help you understand the approach of the research, and identifying what the management is finding difficult to deal with. Once the cause is diagnosed, you can develop the solutions. Then you can select the market research angle and examine the experiences of potential customers, repeat purchasers, or first-time users or the target audience.
NOTE: Focus on action and configuration of research problem with clear objectives set ahead.
Which Inquiry Method to Choose?
There are various patterns of investigation that provide an opportunity to utilize the existing knowledge or refer secondary resources to get the data. Some of the scientific techniques include: formulating the problem, developing a hypothesis, drawing predictions and devising a test, at last conducting the research and analyzing the results. The methods used could be objective or subjective as per requirements.
NOTE: It is important to be impartial during analysis to get accurate outcome, emphasize on reality not personal judgment.
Which is Best Research Method?
Research method is different from that needed for inquiry. It may be experimental or non-experimental. The former method gives you control over variables that you can manipulate and influence the process implemented. But, non-experimental approach allows no intervention but only observation. The market research design is also vital. It is the framework adapted for conducting the study or collecting data to acquire information needed.
NOTE: Follow a research method and design, which arrives at solution in best possible time and encompasses all details needed to answer the questions.
What are the Data Collecting Techniques?
To collect data, you may combine interviews and observation research or common communication modes such as the email, internet, telephone, face to face etc. The collection of data may have a broad category of skills involved, and analysis of both reviewing previous studies and published external sources, or more. How the results are recorded is closely linked to the collecting technique you use.
NOTE: You may utilize more than one data collecting technique for better results.
What must be the Sample Design?
Examining ideal audience being practical and requires choosing the best sample size. A smaller yet accurate representation of greater population will provide great output. Once relevant population is established you need to make inferences on larger population by probability or non-probability sampling. The fist method engages random sampling, and the second is based on judgment of investigators and employs focused sampling only.
NOTE: Determining appropriate sample size will make you arrive at accurate decisions with less or no errors, keeping the market research cost down.
How to Analyze and Interpret?
For making the data collecting useful, you have to properly interpret and analyze the same. There are several analytical software and tools today that offer good results, cutting down on manual ways of studying the information. The marketing research report must be effective and contain detailed findings, answers to the conflict, discussion by experts if needed, simple language used to the reading audience can understand, concise reporting, references included, alternative presentation, graphs & stats for enhancing output.
NOTE: Prepare a summary report that can be referred by the clients to the technical or larger market research report.
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