Steps in Marketing Research is an article where we are going to discuss what Market Research is, its types, and ways on how we can accomplish Market Research.
What is Market Research
The definition of Market Research is “the process of gathering, analyzing, and interpreting information about a market or a product or service to be offered to the end-users in that market.”
This is just a small and simple way of putting Market Research into your brain.
However, there is more to it.
Accurate and thorough information is the sole foundation of all successful business ventures since it provides a whole lot of information about prospects and existing customers/end users, the competition, and the industry as a whole in general.
You get to determine the feasibility of a business before committing to it.
Market Research provides relevant data to help solve marketing challenges that a business will most likely face. You need to create a new marketing plan or adapt yours to meet the needs of today’s shopping experiences of the consumers/end users.
We believe by the end of this article, you should be able to come to a conclusion about your market and get an excellent understanding of your business values.
Stages of Market Research
As you are aware that there are a lot of changes that are going on in the market industry. However, there is one point that will remain the same, the need for marketing research.
Steps in Marketing Research Process
Define the Problem or Opportunity
The most important part of a marketing research process is to define the problem. You have to understand what you are trying to obtain before actually working on it.
Develop topics that will allow you to define your problem or opportunity, and examine all potential causes so that the research can be narrowed down to the information you need.
By understanding the problem clearly, you will be able to keep your research effective and focused.
Determine your Marketing Research Plan
After the above step, you will know your research objective. Now, it is time to plan out the type of research that will bring you the necessary data. Think of the “Marketing Research Plan” as your detailed plan of attack. In this step, you will determine your Market Research Method (like maybe a focus group, or a survey, etc.). You should also hold in mind the specifics about how you will identify and choose your samples.
Here are a few methods that can help you develop the market research plan.
- Interview customers or targeted prospects – Often, it is always best to go directly to the source to get the best feedback. Use your defined research problem to help select the right people for the interview. Create a market research questionnaire and share it across your own people so that you understand have a clear picture of what an individual is looking for.
- Survey – There are many online tools for this. You can create a new poll using SurveyMonkey and send it to your targeted audience so that you get the answers that you are looking for.
- Run User Tests – This is something that you can do on your website or home page. This is a cost-effective approach that can provide you with a lot of insights and data on how your customers/end-users behave or respond to something.
Your choice of research instrument will be based on the essence of the data you are trying to gather. Below are some classifications to consider.
- Descriptive Research – If your research objective calls for more detailed data on a particular topic, you will need to conduct quantitative descriptive research. This will help you measure specific topics of interest of your customers/end-users, quantitatively.
- Exploratory Research – You would need to use the Exploratory Research method when the topic is not well defined, or your knowledge of a subject is vague. Exploratory research will help you gain more insights, learn the basics necessary to go deep and narrow your focus.
- Descriptive Research – If your research calls for more detailed information on a specific topic, you will need to conduct a Descriptive Research. This type of research will help you measure particular issues of interest.
- Casual Research – The most commonly used type of research is Casual Research. In this research methodology, you try to get into a casual relationship between your customers/end-users.
Accumulating Market Research Data
This is the chicken and meat of your project. With all the answers/observations that you may have collected and recorded is precious and will be a part of the masterful conclusions. Most of the data you receive will be quantitative versus qualitative data. You will mostly gather a mix of these two types of data.
When collecting the data, always make sure it is valid and unbiased. Try asking open-ended and also closed-ended questions. Give the audience an option or maybe something like a multiple-choice question so that they can choose whatever is appropriate, and you can analyze based on their selection of options.
Analyze data and Report findings
This is the fun part. Now that you have accumulated all the data that you need, you will need to analyze the data. It is always essential to look for specific trends as opposed to particular pieces of information. Never try to find patterns based on your assumptions before collecting the data.
Run summaries with the tools provided in your software package, build tables and graphs with the results by groups that make sense, and look for significant trends in your data that you have gathered. Start to formulate the story that you will be telling your customers/end-users.
Lights, Camera, Action
By now, your research is complete. It is now time to exhibit your findings and take action. Put your findings to a test.
The problems, business environment are constantly changing, which means that your research is never over, it keeps going on and on. Keep in mind that you should be analyzing your data on a regular basis to check where you can improve. The more you know about your customer/end-users, the more you will be successful with your marketing research efforts.
The most magnanimous takeaway here is that, although this series of research is complete, it is not over yet!
Market Research Firms
You would love to know that there are many market research firms out there that can help you with all the market research that you were trying to do on your own. Ofcourse, all of this comes with a price, but they really get the job done for you.
Below are a list of 10 Market Research Firms
|Lexicon Branding||Sausalito, California|
|Starfish||New York, NY|
|Usman Group||Lincolnshire, Ilinois|
|Bulldog Drummond||San Diego, California|
|Fresh Squeezed Ideas||Toronto, Canada|
|Think Company||Conshohocken, Pennsylvania|
|Global Brand Works||San Francisco, California|
|Lookfar Labs||New Orleans, Los Angeles|
Best Market Research Software
So, like I said before, apart from the companies that can get the market research job done for you, there are many market research software also available out there on the world wide web. I am going to list a few but there are more. You need to look through and choose what best suits your requirements. You may compare the software and see which best serves your purpose for your business.
Market Research Software(s) are
Market Research Panel
Market Research Panels are growing too much in popularity nowadays. As time has shifted away from a land-line telephone to an online and digital world, the methodology being used now for taking surveys have changed drastically.
So let us see what a Market Research Panel is.
Market Research Panel – A panel is a group of individuals who have agreed to take part in market research surveys. These individuals generally share a large amount of household data, demographic data and also behavioral data during the process which makes recruitment for future market research easier.
Cost – Market Research panel costs depend on the type of people you want to reach and the type of research you are planning to do. Many market research panels use a point system to reward participants, they give more points or higher payouts for research that takes longer to complete the research. This is why online surveys and other types of market research clear and concise is important not only for the participants but also for the consumers/end-users as well.
Conclusion to Steps in Marketing Research
We hope you find this article useful. In case you are stuck and or need help, feel free to drop a comment below or submit your question. Do share it further and add your feedback about the article in the comments section.