7 KEYS TOEFFECTIVE MARKET RESEARCH

Market research, done correctly, can provide clear direction about the path your company needs to take.When market research is done inefficiently, however, it can lead to costly business mistakes and potential business disasters.

EFFECTIVE MARKET RESEARCH ALLOWS A BUSINESS TO:

Reduce Risk Spot Trends Find Opportunitie

s

Plan aStrategy

Understanding the right questions to ask – and how to correctly interpret the answers to the questions is the key to performing market research that is valid and useful.

These seven steps are essential for effective market research.

Need Help with your market research?

Click Here

Step 1 Define Problems and OpportunitiesIdentify and define your business’ problems and opportunities:

What is the issue or

problem?

What do I need to learn – and

why?

How will I use that

information?

?

??

?

Step 2 Set GoalsOnce the problem has been defined, it is important to set:

ObjectivesWhat do you

hope to learn?

BudgetSet, and stick to,

a reasonable budget.

TimetableDetermine the best

launch date, and how long the research

should last.

Step 3 Choose MethodDetermine the research method- primary, secondary or both:

1. Primary researchSurveys, panel studies, or test marketing.

2. Secondary researchAnalyzing existing data. This is cheaper and faster, but finding useful, accurate data can be difficult.

Step 4 Set Research Design

Determine research vehicle- survey, focus group, etc.

Determine who the sample is and how to incentivize them

Determine how to conduct the research (in-person, internet, etc.)

Determine the questions

Step 5 Gather Data

This is the time when you administer the survey, run focus groups, conduct interviews, implement the field test, etc.

Each answer, choice, and observation is collected and recorded, and each is equally important to the end conclusion.

Step 6 Organize and Analyze

Organize the raw data:

• Build tables and graphs• Segment results (age, gender, etc.)

Interpret the findings. Look for:

• Data with direct impact on current operations• Whether inconsistencies can be explained• General trends within groupings of results • Implications within the data

Step 7 Implement Findings

The final step is to take action based on research findings.

It is best to compile the most meaningful

takeaways into a report or presentation for company decision

makers.

In summary, here are the seven keys to effective market research:

Define the problems &

opportunities

Implement findings

Set goals Choose a method

Set research design

Gather data Organize and analyze

BusinessPlanTemplate.com helps entrepreneurs, business owners and executives create plans to grow their organizations.

Learn more about our Business Plan Services atwww.businessplantemplate.com