Market research remains an essential business process despite the many changes in the business world. It helps entrepreneurs to identify the various business opportunities and threats that surround them. Also, intensive market research helps firms to find solutions to the multiple problems that they face. There are many types of research, and you can, therefore, research on anything that affects your business or customers. Here is a step by step guide on how to successfully undertake market research.
1. Problem Identification
The first step is to understand the opportunity or the problem that drives you to conduct market research. When you define the issue, you will stand a better chance of understanding the information you require. Problem identification will also help you know the channels to use to derive the information you are looking for. At this stage, derive the essential questions that you will answer at the end of your research.
2. Research Design
You can conduct your research in three main designs. For instance, you can use analytical research when the problem is ambiguous. If your study needs a precise explanation, a descriptive analysis will be the best option. If your research seeks to find out the relationship between different variables, casual research will be the best choice.
3. Research Method
Outline the exact method of research that you will use. You can either conduct qualitative or quantitative research according to your variables. If you select quantitative analysis, you will represent your data in figures and values. For qualitative research, you can present the data in different forms, including audios.
4. Data Collection
Once you have defined your research method, collect data and organize it carefully. There are two main data collection sources, primary and secondary. You can use both or choose one which seems affordable and convenient for you.
5. Data Analysis
After gathering your data, analyze it so that you can translate it into actionable insights. There are many techniques and models which help in data analysis. Research on them and select the best for your data.
6. Data Interpretation
This is the final stage, where you must convert the data into useful information. This step involves reporting where you present the research findings to the various stakeholders. After the presentation, your business should take action which relates to your findings and conclusions.
If you intend to conduct market research for your business, start by defining the problem. Choose an applicable research design and method. Collect data, analyze it and end your research by presenting it and taking the necessary action.