The advent of the internet and the ever-changing technology have made it quintessential for both business organizations and not for profit organizations to understand that the concept of marketing has evolved. Indeed, this concept is currently more consumer-centric.
Constant changes have become the new norm in the business world, and the only thing that seems to remain constant is the growing need to establish an effective market research process. Keep in mind that every market research process can be helpful to your organization when it comes to evaluating market opportunities and taking advantage of them by making well-thought-out business decisions based on reliable data.
Therefore, it is accurate to say that effective marketing research is the backbone of nearly every successful organization initiative. But today, there are many companies that prefer to cut expenses associated with the marketing research process since it’s resource-intensive. Though this might not be the best decision for your company, many organizations have begun following this logic, particularly during service or product launches.
What most people don’t know is that the market research process does not have to be an expensive affair. So far, a growing number of start-ups and medium-sized businesses have demonstrated that following the right set of steps or protocols can help you carry out market research without having to spend a lot of money and other resources. Here are tips to help you achieve this.
Define the problem clearly
This is the initial and one of the essential steps in establishing an excellent marketing research process. Your company must define the aim and scope of your research. This can be helpful when it comes to determining the type of information that you need and how you can go about collating the required information.
Clearly defining the entire scope of your market research process helps stakeholders to deal with various overreaching business challenges. Some of these challenges include loss of market share, how to market various products or services to specific uses, and more. Having a clearly-defined research process will also make things easier when it comes to adjusting sample populations to correct for various types of bias during data collection. If you are unsure about how to define the entire scope of your market research, it is recommended to consult with an experienced analyst or researcher.
Plan your research effectively.
Once you have defined the main objective and scope of your research, it is recommended to plan the entire research approach carefully. The research approach or plan can sometimes be overwhelming to create because it includes methodologies and specific steps that can help explore the opportunities uncovered or answer critical questions outlined in your research design or scope. For this reason, you should plan it carefully or get a professional to do so.
Your research technique should focus on interviewing the right audience to acquire the right feedback. Also, conducting surveys within the industry stakeholders to acquire industry insights and rigorous testing on your organization’s platforms to understand the overall client perception are other strategies you should think about.
Collect the right data
In every research process, effective data collection is an important step. This data exists in two different forms, which include qualitative and quantitative data. Figure out the right data balance or mix. That means the data you collect should be partly observational and partly descriptive. Keep in mind that this data should be valid and unbiased.
Enter the data analysis and reporting
Now that you’ve collected the right data and you have a solid research plan, the next step is to perform in-depth data analysis. For most researchers, this is the fun part because the insights they uncover often open their eyes to an entirely new realm of possibilities. For this reason, it is essential for data analysts to remain unbiased and avoid assumptions based on their opinions and preferences.
The last step in a successful marketing research process involves summarizing all the findings into one document and include the specific steps that were followed to draw such conclusions. It is also essential to get rid of ambiguity, particularly during data analysis. Focus on making sure that your data analysis and presentation processes are accurate and reliable. That said, data analysts must mention various recommendations based on the specific findings outlined in their research project after in-depth data analysis.