In this final section on market research, let’s consider how to practically carry out what we have discussed so far.
We have already discussed the steps needed to develop a research model. The main part of the application of that model is initiative.
That is truly the main thing you need to conduct market research. You will find that with starting a market research, especially for new companies, taking the first step is half the work.
It is overwhelming when you haven’t started but usually once you start one thing leads you the next and the process becomes fairly streamlined.
To help you with this streamlining, however, we have put together some useful information that makes the application process much easier.
Market research and analysis carries within it a lot of components and parts. It starts with the researcher outlining research objectives and ends with analysis of data collected.
Between these two steps there is of course a lot and even after analysis you need to outline what it means for your product or service and translate data and numbers into the direction you need to take.
Understandably, for someone just stepping into the world of business, this can be very overwhelming. Organization is your best friend when it comes to market research.
1. Maintain files of your workings starting from the initial brainstorming, all the way to the final research questions.
2. Mark them with dates.
3. Develop a mechanism (shared cloud storage for example) to share these files among team members.
4. Make sure to keep all data and workings in one place that is easily accessible for everybody.
5. Maintain excel sheets of data collected.
While some people thrive in messy environments, for most they can get quite overwhelming. Not knowing what you’re doing, the steps you need to get it done, and how you plan to analyze can really put a downer on a whole project.
To keep motivated from the get go, it is important to stay organized.
This is the main application. Since we are not sure what method you are planning to adopt to make it happen, we can mainly discuss this part from the point of view of the survey. Seeing as that is the main part of any market research as well, it is an important topic to discuss we feel.
Effective administration of a survey means you take it to your prospect respondents and get the information you need.
In the last section we suggested some survey websites through which researchers can pay respondents to take the survey. If that doesn’t suit your business or you don’t have the resources, following are some questions you will need to consider:
1. Where will you find your targeted respondents?
2. How much time will they need to finish the survey? (Tip: Don’t make the survey too long because you don’t want the respondents to start rushing and just wanting to get over with it. It will not yield accurate results).
3. Will the survey be able to extract the information you need from your respondents?
4. Which social media platform are they most likely to use? (In case you are planning to conduct the survey online)
After this, you will need to analyze results. The suggested way to do that is to already have some form of a key developed before conducting the survey.
This will help you in two ways:
a. You will know if you are asking the right questions because if you are getting results that don’t throw light on anything useful then you know it is all for naught.
b. Once you have your filled out surveys, you will know where to start and that is always useful. If your survey has some open questions then you are likely to get some answers that you might not have apprehended and so a key will not help there. However, for all the quantitative questions, you will know what an answer means as soon as you see it.
This basically means: do it. There is no other way to get around this last part. You have to start somewhere and you have to make it happen.
Remember that if it’s your own business that you are conducting this research for then there is no one you need to be answerable to and that’s a plus, but it can also sometimes make one become a little too laid back about the whole process.
Starting your own business and getting it off the ground is hard work and demands a lot of drive and commitment. This is the first thing that will test you in your quest to become a business owner.
You need to prove to yourself that you know what you have signed up for and are willing to put in the hours to make it a success.
This brings us to the end of our section on market research. In the next one, we consider the business environment you are planning to step into and ways to prepare for it.
In this final section on market research, let’s consider how to practically carry out what we have discussed so far. …