1. Defining The Problem
Defining the problems is the
most important step in the market research because in this step you lay the
foundation for the rest of your research. Here defining the problem means
asking as many questions as possible and gathering all the relevant data to
embark on the right marketing plan. Once the problem has been precisely
defined, the research can be conducted properly. It is very important that the
researcher must clearly define the objectives of the research, because if the
research is done on the wrong problem, it will be the wastage of effort, time
and resources for the company. Example of business problem may be ‘Which
features should be added in the new version of product?’
2. Develop The Research Plan
Once you know the problem you
are going to address, it’s time to develop and design the research plan. The
research plan is a blueprint for conducting the marketing research. There are many
methods by which you can build your research plan such as taking interview,
conducting survey, analysis of secondary data (published data), online research
etc.
3. Collect Relevant Data
After analyzing of secondary
data, the next step is to collect primary data. The primary data may be
quantitative or qualitative. The
quantitative data can be measured in numbers like percentages, averages or
other statistics while qualitative data cannot be measured, it is just
observation. By observation, past behavior of people is analyzed in order to
predict future behavior. In this step, all the relevant information is
collected to solve the defined problem.
4. Analyzing The Data
Once the data is collected,
it’s time to analyze it. When analyzing the data, it’s important to look for
trends instead of specific piece of information. You may find the result not
according to your assumptions you made before collecting the data. So don’t try
to make your research fit your assumptions instead try to make new decisions
while considering collected data. It is recommended to get the input of other
people in your company at this step.
Doing so might give your business a fresh perspective and point out
anything you may have overlooked.
5. Take Action
This is the last step where
your research is complete. It’s time to present your findings in order to take
action by developing marketing campaign. However, this round of research is
complete but it’s not over. Because the business environment and trends are
changing constantly, which means the research is never over. It is the best
practice to analyze your data on a regular basis in order to see where you can
improve. Always do your research. The more you know about the industry, the
more successful your marketing efforts will be.
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