Steps to Effective Market Research
♫ Wednesday, April 14th, 20101. Define how the results will be used.
In other words, use research to solve specific problems and/or support specific actions. If what you will learn can’t or won’t be used to affect your business, then don’t do the research, don’t spend the money.
2. Choose an appropriate methodology.
Quantitative research, surveys and more advanced techniques, have the advantage of being statistically reliable. Be careful here as well. Consumers are nice, they will answer your questions and generally speaking they will be honest, but they won’t tell you that you’re asking the wrong questions. Ask lots of questions and be prepared to go back into the field to ask more questions after the initial analysis. Questionnaire development is the key to success in quantitative research. Do qualitative research to help design the questionnaire.
3. Analyze the results with an open mind.
As obvious as this sounds, don’t go into the analysis, whether you are doing the work yourself or reviewing the results prepared by the research company, with preconceived notions about what the results will be. If you already know the answer why are you doing the research?
Ideally, spend time and money to have several groups do the analysis. Multiple perspectives will help fine tune the findings and may turn up new ideas. Another way to approach this is to have a smaller group of smart folks from several disciplines review the raw findings before they are prepared for wider distribution. This can bring light to conclusions that might otherwise be hidden.
4. Do something with the results.
Don’t lose focus on the end game. See step one above. If you clearly defined the objective in the beginning see the research through and complete the circle. Nothing proves that the findings are correct like the market place.
