How to do market research?
A market study covers a phase of collecting information and then processing this information in order to better understand a market in order to make decisions under good conditions.
To carry out your market research, you have made assumptions (most of which are already made in your business model: need, target profile, price, etc.), you must now verify these assumptions during surveys.
How to do market research: the 10 essential points
1-To carry out market research, you must have a precise definition of your target, since it is your target that you are going to interview. If you think you have several targets or want to see if there is not a different target than the one defined, interview people / companies with different profiles, you will deduce your target after the survey.
2-To succeed in your market research, you must go out to interview your target: market research is not done with your family or in front of a computer!
3-To succeed in your market research, you must choose the right method: quantitative survey, qualitative focus-group survey.
4-To succeed in your market research, you must define your objective: the study will be different if you want to validate the commercial potential of your offer, understand your target, develop the different components of your product, ...
5-To be successful in your market research, you must interview an appropriate number of people.
There is no minimum or maximum threshold but the sample must be sufficient in size to be representative of all of your targets. However, below 15 - 25 interviews, you will not be able to properly exploit the results.
6-To be successful in your market research, you must adapt your questioning method to your objective and your target.
You can interview people by telephone, by on-line questionnaire, or face-to-face (in the street, by going door to door in a given geographical area).
7-To avoid doing the job several times, you must know exactly the information you will need (their view on your competitors, their opinion on your offer, their psychological price, etc.).
So prepare this quiz after you start thinking about your marketing mix as well. You may need to ask them questions about a distribution method, a communication action ...
8-To have relevant results, you must ask the questions in a clear, understandable and unbiased manner.
9-To be successful in your market research, you must be able to analyze the answers.
Whether it is for the choice of the tool (if you use a spreadsheet, make sure you have mastered the cross-sorting features for example) or for the ability to make averages, standard deviations, medians ... all of which you will need for a full scan. Online systems exist at reasonable rates. You can enter your answers and the calculations are done "on their own"!
10-And, of course, you have to use the results to adjust your project!
This step is used to validate your assumptions, which means they may not be! If this is the case, you must adapt your project according to the results of the survey.