How to do a market research with 4 steps
Before making any decision, a company should investigate the market in which your business is located. There are several ways to do this research. There is no standard model to carry it out, however, the only fixed thing is that it must be developed and used as a basis for decision making, either to create a new service/product or to disclose it. But how to do a market research?
In this article we will present how to do a market research step by step. But before that you need to understand the benefits of making market research and applying it.
The following are the main advantages of using one of the types of market research in your business. You will know:
- What the competitors are doing
- Understand what the public interest is in
- Understand what the average price to apply to your service/product so that it remains competitive, also understanding how much customers are willing to pay
- The best way to assist in sales strategies
- the suppliers of the area, etc.
If you want your company to grow in the market, it is necessary to understand the importance of implementing this model and how to do it. This is because market research is a great help when making decisions. By having knowledge of the market in which it is acted, it is easier to get right in those important elections.
What are you going to read in this article?
Market research: help in decision making
In summary, market research is a method used to collect data and information. These data are used as a basis when making firm and secure decisions.
Market research is a great help when it comes to knowing the profile of the client. It helps a lot for the creation of the buyer persona and in a complementary way to perfect the production of services/products and the dissemination in the best channels. This search format provides several details about the client, in addition to the material that should be used as a basis for the creation of the buyer persona.
Main types of market research
Briefly, two types of market research are used:
- the primary: when information is collected and analyzed by your company;
- the secondary: research is done by third parties, i.e. by companies that do market research, and it is at your disposal.
In addition, the main subjects covered by a market research are:
Knowing the consumption habits of the interviewees
This research format aims to get to know customers in a deeper way. It is used to know what the behavior of consumers towards a business can that be has not yet opened.
Know the strength of your brand in the market
Learning how to do a market research allows a company to know how your brand is seen in the market. To know if it is remembered by the public in a positive way, which are the most cited competitors, etc.
It can work like a good thermometer. From this type of market research the company gets the chance to learn if it needs to change something in its positioning.
Customer satisfaction survey
This is the most popular type of market research. Made to know if customers are satisfied with your company’s services, products or service.
Satisfaction survey with employees
In this case companies that do market research raise data that go beyond loyal and satisfied customers. The company looks inside, after all it needs to have a good team of employees.
This is an important step in learning how to do efficient market research.
Your employees need to be happy with the company. A company that does not have a motivated, productive and engaged team will not produce with its maximum efficiency. More than that: you will not be able to retain your top talents.
How to Do a Market Research in 4 Steps
Now that you know the main formats and types of market research you need to learn how to do a market research step by step.
1. What is the purpose of your research?
Nothing can be done without having a clear and definite goal. So, you have to think about what do you want to find out at the end of this market survey?
Your goals can be as varied as possible:
- Adjust the price of your services or products,
- Having a sense of the market,
- Define details about the services or products that will be offered and marketed, etc.
Focus on the clear objective and be direct.
2. How big is the survey? How many people do you need to interview?
After defining the goal, it is easier to know who the target audience will be. Define the audience according to your persona that you have already developed.
Does this research focus on your consumers, your competitors, or your suppliers?
Also decide on the sample size of your market research, i.e. how many people will respond to it.
3. Write a Basic Questionnaire
How to set up an efficient market research? Decide if you will do face-to-face or internet interviews, either individually or in a group.
After deciding on this issue, it is time to prepare a basic questionnaire of the questions to be asked.
When asking these questions, be aware of important questions such as:
- Questions should be unbiased
- They should be direct and simple questions, with no scope for double meaning
- Questions should be tested internally before being applied to the public.
- Analyze if the questions contain all your goals: contemplate all the doubts that you want to heal.
After this definition of how to do a market research, apply it to the target audience.
4. Build reports from this information
When analyzing the answers, it is possible to observe the patterns. It is advisable to analyze them and convert them into graphs with percentages. This makes the evaluation of the result easier and more visible. When this visualization is easier, decision making is also more accurate.
Is there any market research already done by company?
If you want to:
- Getting to know your market better
- Make more efficient use of opportunitiesthat arise
- Improve your relationshipwith your audience
- Know who your main competitors are
You are at the right time to conduct efficient market research. This is because all these characteristics can be evaluated and discovered through research. Now that you know, you can start planning yours.
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