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The Basics : Market Research

Updated: Jan 17, 2023

What Is Market Research? How can I use it to define my business goals?

Whether you're conducting market research yourself or want to hire outside the company for it, you need to know the basics of market research.


 

Market research is the process of determining the viability of a new service or product through research, conducted directly with potential customers.

There are many reasons to conduct market research. First and foremost, to satisfy your customers. Without happy customers, businesses tend to not last. Let’s try to keep your target demographic happy by taking a walk in their shoes to learn more about who they are, what they like, where they shop, what shows they watch, etc. 

Get yourself into the heads of the people you want to purchase your products or use your services. It leads to development of brand loyalty which itself results in happy customers. 




Things to keep in mind before market research :

  • Compliance with any data privacy laws

  • Sign-off from any necessary stakeholders

  • Anticipate issues with potential resolutions

 

Steps

Determine goals of the study, then create your roadmap.


Examples

Is my service or product viable? Identify Customer Preferences Compare Effectiveness of strategies in different markets Uncover Competitors' Strengths/Weaknesses



After you identify what your goal is, it’s time to devise a plan as to how you're going to obtain this information.


That plan should include whoever's going to be in the study and the method you're using to discover data for analysis.


 

Conduct Research


Types of Research Methods :

Primary

Focus Groups, 1-on-1 Interviews, Surveys

Secondary

Internet Searches

Qualitative

Primary and secondary research that is non-numerical in nature

Quantitative

​Primary and Secondary research that is numerical in nature


 

Collect data to create the market report


The data can be presented in interactive dashboards, infographics, videos, or motion graphics.


 

Things to remember

1. Bad methodology can result in poor quality data, so be selective in methodologies chosen. Examples would be poorly designed questions, the wrong method entirely, and even badly identified participants for your research.

2. Logistical Challenges like budgetary constraints or potential scheduling conflicts.

3. Using Poor Channels to gather data. Not all social media channels are created equal
.


 

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