Author: Serena Berrey | Editor: Elizabeth Zuponcic
The process of conducting market research for the purpose of learning more about your consumers can seem like a daunting task. Though it can be an undertaking that can pose challenges along the way, market research is one of the best avenues for a business to grow and be successful.
Just as with everything, there are best practices that will help the process move along the path of least resistance. At Focus Insite, we live and breathe market research and have uncovered some of the biggest setbacks and successes that can occur during the process. Here are our seasoned tips for conducting market research:
Determine Your Goals
The most impactful ways to determine goals for a company can be done in many ways. For market research to be the most beneficial, it’s important to first identify the business objectives and the specific issues or questions needing to be addressed. Being realistic about where your business is succeeding or struggling can be a key indicator as to where you need to focus your goals and attention. Another important goal to consider is who you want to reach and determine the purpose behind the action.
Is it to improve your current product or service?
Are you looking to attract new customers?
Or are you trying to find out who your current customers are?
By setting clear and measurable objectives for the research, as well as identifying the target audience and potential participants, your research results will be focused and relevant.
Specify Your Target Audience (Without Being Too Specific)
A pivotal step in successful market research is narrowing down your target audience to ensure focused and relevant results. As you create your target audience, evaluate these key factors:
- Demographics (age, gender, income, education, occupation, etc.)
- Psychographics (lifestyle, values, attitudes, interests, and opinions, etc.)
- Behavior (purchasing habits, brand loyalty, usage rate, etc.)
- Location (geographic location, such as a specific city or region.)
By specifying your target audience, your results will be more relevant and actionable for your business. Identifying your target audience allows you to tailor your marketing efforts and messaging to those who are most likely to be interested in your product or service. From there, you’re enabled to create more effective marketing campaigns that resonate, and ultimately, drive more conversions and sales, while efficiently allocating your marketing resources and budget.
Be mindful not to create too specific a target audience. Doing so can limit the scope of your findings. Be open to modifying your target audience during the market research process if you find your results are limited by your original targets.
Build A Screener Around Your Target Audience
Simply put, a screener in market research is a set of questions or criteria used to determine whether a potential participant is suitable for a specific study. A screener is a valuable tool and necessary in identifying and recruiting participants who fit the target characteristics of the study.
To ensure your research findings are representative of your target audience, it is imperative to build an effective screener. Building the perfect screener for a market research study requires careful consideration of the research objectives and target audience for accurate research results
When building a screener around your target audience, you should:
- Create a list of questions that will help you identify participants who match the target audience and research objectives.
- Your questions should be clear, concise, and easy to understand.
- Be prepared to revise your screener more than once before your final launch.
Before administering the screener to potential participants, consult with a market research recruitment agency so they can ensure the questions are clear and easy to answer, and that the screener effectively screens for your target audience before conducting market research.
These three steps of determining your goals, specifying your target audience, and building a screener around your target audience are guaranteed to help you conduct a successful market research study.
Success is Attainable.
Market research is not just about gathering information from customers or stakeholders. It’s about understanding the value of what you bring to the table and creating relationships with important decision-makers at all levels. By keeping in mind these three steps, you will set yourself up for success to execute worthwhile research that will enhance and grow your business!
We are dedicated to helping you make 2023 the best year yet for you and your business. Consider qualitative market research to improve your business goals and consumer experience. Contact us at [email protected] to let us know your market research needs.
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