Easy steps for conducting Market Research for your business

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Defining problem what do you want to improve on.

Before starting any project, it is essential to know what the problem is we are trying to solve. So, it is pertinent to the study to understand

  1. Purpose of the survey– whether we want to test market readiness for a new product or understand ways to increase revenue for the existing product.
  2. Target Market– Understanding the target market, estimating its size and their pain points so that we can understand the need for our product.  Developing a buyer persona for the product is a critical step as it gives us a chance to understand their perspective.
  3. How much to spend– If we estimate the Return on Investment from the product, we can set allocate a budget for market research, and later we can track whether we hit the goal.

Developing the research plan

It should be clear in a research plan about the people conducting the survey and collecting the data. Define the tools in the process and even the time needed to do the research.

It should have the information about the analysis and interpretation of the data and the team members involved in the process.

Conduct the research

While conducting the surveys, tests, or focus group interviews, we should give importance to quantitative data over qualitative data.
Also, design questions in a way that they are unbiased so that it gets an appropriate response.

Analyze the finding

The analyst should not have any prejudice for the result. We should not let our preferences affect the result of the research.

Taking action
It may not be effortless sometimes to make others see our point and trust our judgment. With the help of the facts fro the research, we can support our decisions, and this comes from the results backed by our research findings.

Although it can be difficult for a business to get real-time data and act upon it in this ever-changing business world, with the help of data we can feel more confident about our decisions.

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