Why Market Research Is Important:
In order for any business to successfully market their products and services, they need to do careful market research.
But not all market research is created equal. There are many factors that affect good market research, and there are also many things that you can do that will spoil your market research.
Here are a few quick tips to will make sure that your market research is as effective and powerful.
Tip 1: Start Out With Realistic Market Research Expectations
You must start out with realistic expectations when you begin your market research. You should make a detailed plan of what information you think you’ll learn from your market research, what kinds of information you need to know about your future products, and how specific does that information need to be. How will the results of your market research affect your planning? When you start out with realistic expectations, you set yourself up for successful market research.
Tip 2: Determine To Keep Your Market Research Unbiased
You should also make sure, that from the beginning, you determine to be completely honest with yourself regarding your results. If you start out only looking to confirm what you want to believe, you will immediately insert bias into your market research.
It’s only human nature to want to confirm what you already believe, but the point of your market research is to find out specific answers to specific questions, and to harvest data that you can use reliably to predict the future success or failure of a product or service.
Be careful how you word your questions or that you don’t accidentally use body language that will bias the results. Always keep a constant alert on your objectivity to make sure that your market research stays completely unbiased.
Tip 3: Develop The Right Market Research Questions
In order for your market research to be effective, you have to ask the right questions. Sometimes the right questions aren’t always apparent. At other times you’ll need to change the questions based on the early results and feedback you get from your market research. By asking the right questions, you’ll get back specific information that you can use immediately. Avoid simple questions that can be answered with a simple “yes” or a “no”, and focus on questions that require the audience to think and dig deep, without feeling overwhelming.
Tip 4: Approach The Correct Audience
Now that you have a set of good questions, it’s time to approach the right audience you will be using in your market research. Obviously, it’s critically important that you approach the right audience.
Your audience profile should be based on your ideal customer profile. If you know who your ideal customer is, and what has their attention, you’ll know which audiences you should research. After all, acquiring data from the wrong audience won’t tell you anything at all about how your target market is likely to respond to your products and services.
Tip 5: Talk To Enough People To Make Your Market Research Statistically Significant
One of the biggest mistakes companies make when they set out to do market research, is not talking to enough people to make their results statistically significant.
Market research is expensive, so the tendency is to stop before gathering enough information to be sure that you have valid data.
There are many specific formulas that can be used to make sure that you’ve got an accurate sample of your entire target market. The goal is to make sure that your market research gets results from enough people, so that those results are representative of your entire market.
Tip 6: Pay Close Attention To Interpreting Your Market Research Data Correctly
Once you have your results, you also have to be careful that you interpret them correctly.
At this point there is always the temptation to throw out results that don’t conform to your beliefs going into the research, which would add a bias to the data. The goal at this point is to make sure that you have strong policies and procedures in place so that you accurately interpret the results, regardless of the outcome.
While we would all love for our market research data to always confirm what we feel is “right”, the entire point of performing market research is to let the target market tell us what they are looking for, not to confirm what we feel or believe.
By carefully interpreting your results, you make sure you have a successful market research project.
Market Research will always pay off big-time in your marketing strategy.
Careful market research allows you to know more about your market and your target audience. Your market research becomes the foundation of much of your marketing strategy.
Your market research helps you understand what products and services your target audience would buy. It’s only through careful market research that you can grow a company successfully, while minimizing the risks involved with bringing new products and services to the marketplace.
Using these simple market research tips, you can be sure that your market research strategy is stronger, get solid results from your market research project.