5 - What to Look At When Conducting Market Research

What to Look At When Conducting Market Research

In Market Research Blog by admin

When you’re conducting market research, it’s important to be aware of what you’re looking at and looking for. The more you’re ready in advance before you start your research, the more likely it is that your research will be accurate.

  • Define Your Problem – When you start conducting market research, you need to first define the problem and identify the objective of the research that you’re trying to accomplish. Knowing these things in advance will be helpful.
  • Design the Project First – Think about all the questions you may have and how you’ll get the answers. Some you’ll be able to get via primary research, others via secondary research. Will you use a focus group, a survey or something else?
  • Consider a Using Qualitative Market Research Firm  – While it can be tempting to keep all of your work “ in-house,” it is important to look into getting outside help for your research needs. Market research recruiting firms usually have extensive experience and large databases of people who are excited to contribute to your research. If you need some assistance, we think Focus Insite might be able to help.
  • Know Your Audience  – It is important to keep in mind the kinds of people you want participating in your market research. Often times, getting the people you want can add a new layer of difficulty to your efforts. For example, gathering 100 stay-at-home moms to do a phone survey on lunch meat will be much easier than gathering 100 heart surgeons to an in-person interview on scalpel techniques. Rest assured that Focus Insite can help you do both, but be aware that some studies will be more time consuming and costly than others.
  • Know What Question You’re Trying to Answer – When you start researching, you need to have a list prepared of the questions you want to answer before you even start. Having a well thought-out and comprehensive screener survey can help you weed out people who do not meet your needs before you get too far into your research.
  • Collect and Combine the Information – Once you’ve collected all the information you need in the methods you’ve chosen, you need to put it all together and combine it. A lot of market research is both creative and scientific, and it’s best to use both. You don’t want the research to be stifled.
  • Analyze and Present – As you conduct your research, always remember and keep in mind what you are looking for as the end result. How you plan to use the information matters a great deal. Is it going to be used internally or externally?

When you conduct market research you need to know what to look for, and the way that starts is that you know what you want the end result to be. You know what questions the research will answer and how you’ll use it.