How to do market research?
Jan. 15, 2019, 2:41 p.m.
Market research brings answers to what products or services is profitable to deliver on the market, and also it shows if the company fill customers needs. In order to make valuable market research, just split it into 2 phases.
Phase 1: Chose a proper way to do market research. You can use only one of them or a few, testing it on different customers groups: - Interviews (either by telephone or face-to-face) - Surveys (online or by mail) - Questionnaires (online or by mail) - Directing any of the mentioned methods to potential clients group and gathering their feedback
Phase 2: Collecting and analyzing data. It’s difficult to work with any data, in different formats and about multiple topics. Dividing received information in two groups will help you to avoid many problems caused by the unnecessary mess:
- Group 1: quantitative data, for example: What are your potential leads coming from? What’s their average age? What size of company do they come from?. Quantitative methods require a large size sample and it’s based on mathematical analysis.
- Group 2: qualitative data, for example: What are trends on your targeted market? Where’s your potential to grow? What are values your clients are looking for? Qualitative methodology your sample can be much smaller, and as a result of your analysis, you can get to know customers opinions and pain points.
Common mistakes while doing market research:
1. Not knowing what you are looking for.
2. Gathering data only from engaged customers.
3. Using secondary data, so information gathered by other people in your company or already some time ago and the worst you can do - ignoring your research results.
Conducting first market research may sound overwhelming but it’s a ‘must’ while building a company!