The importance of market research should not be underestimated. Before putting time and resources into building specific areas of your company, it’s vital to research and understand your target market and current customers. There is an art to executing a successful market research campaign however, and before launching into any activity, you should consider the following…
What do you want to know?
It sounds obvious, but identifying exactly what information you want to find out from your market research campaign will help you to structure effective and insightful questions.
What information do you already have?
There may be answers to your questions already available, so before conducting any full market research activity, seek out any relevant secondary research.
What will you do with the results?
Have actions in mind for when you get your results. You must have a clear plan for how you will use your research.
Use quantitative and qualitative market research.
Broadly speaking, quantitative research will give you hard numbers, and qualitative research will provide you with reasons and insights. A combination of the two will give you a much deeper understanding of your customers. Read more on why a mixture of quantitative and qualitative market research is important in our blog.
If using existing or secondary research, check how old it is. Markets and opinions change rapidly, and you must continue to conduct research to ensure you have the most accurate results.
What format do you need your data in?
When you have determined your goals, you should be able to recognise the type of data you need to be able to work with it effectively.
Share your results
While you may be looking to improve your sales funnel with your research results, sharing them across multiple areas of your company will help to unify your operations and provide much needed context for important decisions which are being taken as a result of your data.
Look to outsource
It is easy to let assumptions cloud your research, so by outsourcing your market research to a third-party, you are able to get a completely fresh perspective on the data, as well as taking advantage of the knowledge of dedicated and experienced professionals.
If you would like more help on constructing and executing your market research campaign, please get in touch. We’d love to talk more about how we can work with you!