When you’re conducting market research, it’s important to be aware of what you’re looking at and looking for. The more you’re ready in advance before you start your research, the more likely it is that your research will be accurate.
Define Your Problem – When you start conducting market research, you need to first define the problem and identify the objective of the research that you’re trying to accomplish. Knowing these things in advance will be helpful.
Design the Project First – Think about all the questions you may have and how you’ll get the answers. Some you’ll be able to get via primary research, others via secondary research. Will you use a focus group, a survey or something else?
Know What Question You’re Trying to Answer – When you start researching, you need to have a list prepared of the questions you want to answer before you even start. This is going to help direct the research that you do.
Look for Official Sources – The best thing to do is to look for government data, trade publication data, and industry data from reputable sources. Your sources are the most important aspect of your information because they will determine whether or not your research is accurate.
Start with Secondary Research – It seems strange, but the best research to start with is secondary research which is research that’s already been conducted. Find out what answers you can get from other people’s work first. Then use those results to inform your primary research.
End with Primary Research – After you’ve done your secondary research, it’s easier to design your primary research in a way that will get the best results. The results you need will depend on the questions you have so far.
Collect and Combine the Information – Once you’ve collected all the information you need in the methods you’ve chosen, you need to put it all together and combine it. A lot of market research is both creative and scientific, and it’s best to use both. You don’t want the research to be stifled.
Analyze and Present – As you conduct your research, always remember and keep in mind what you are looking for as the end result. How you plan to use the information matters a great deal. Is it going to be used internally or externally?
When you conduct market research you need to know what to look for, and the way that starts is that you know what you want the end result to be. You know what questions the research will answer and how you’ll use it.