Marketing research is crucial since it guides you to make better decisions for your business. This research can help you to gather information about your customer's needs and keep you informed about what your competitors are doing in your industry. Below, are five steps to follow during your Marketing Research Process:
1. Establish your research objectives by defining the problem
Maybe your objective is to launch a new product to your existent target market, or you want to reach a new market. It is essential to formulate the right questions to be able to define your problem or business objective:
- What is the purpose of the study?
- What problem are you trying to solve?
- What is it that you're trying to learn?
Frequently, the questions that you need to formulate, give you enough information about who your target market is:
- Who is my ideal customer?
- What is their occupation?
- What do they do in their spare time?
Keep in mind that doing comprehensive marketing research also helps you understand your competitors' position in the market by providing the essential information about their abilities, and this can be a guide to your business decisions.
2. Design your research plan
After answering the questions above, it's time to design a research plan and find out about the following:
- How are you going to gather the information you need?
- What methodology are you going to use?
- What is your set budget for this research?
Here are a few techniques to help you conduct your research:
- Interview potential and current customers
- Conduct surveys
- Run user's tests on your business landing page or website
Consider the development of your research plan as an opportunity to explore identified in step one.
3. Collect data
Gathering as much relevant, useful or efficient information as possible can tell you what you need to know, and on what aspects you need to take actions on.
During this stage, it's crucial to make sure your collected data is valid and unbiased, to accomplish this it's essential to ask both open-ended and close-ended questions, e.g., multiple choice questions asking:
- What age group range best describes you?
- What is your marital status?
- What is your education level?
- What is your occupation?
- What are your interests/hobbies?
- What problem does this product/service solve?
- In what ways does this product/service make your life easier?
4. Analyze data and report results
When you analyze data instead of looking for specific pieces of information, you need to focus and look for trends.
Writing a summary is a must, and it should include the methodology that you followed, your results, conclusions and the recommended course of action.
5. Develop your marketing strategy
Finally —it's time to take action! A marketing strategy gives you guidelines on how to use information from your market research and set up specific marketing goals on how to position your company's product or service.
The more you know about your potential and existent target market, the industry and your company, the more successful your business will be. So, don't hesitate to invest time and resources in comprehensive marketing research, it is the best decision you could make!DG Studio takes pride in helping our clients conduct effective market research in order to reach their their ultimate business goals. Schedule an appointment today to get in touch with our Creative Product Specialist Antonio and see how we can help your business!