Market research is a procedure of collecting data on marketing and sales channels, customers, competitors, and forces affecting your business. Usually, competitor research contains collecting data on product lines and pricing, competitors’ popular advertisements, and some perceptual mapping. Consumer research includes data on basic customer characteristics and their purchasing behavior. Channel research only means that you should view the complete picture.
How do you fit into the business value chain? Who are the reliable and good suppliers, distributors, and retailers? How will your new product reach the end customer? And, gathering industry research includes analyzing porter’s five forces along with the market history and probable forecasts. Legalities and any political problems that may concern your business fit in here as well.
Set Goals for Yourself
As with a project, your initial step towards completing the quality market research is to set goals. What do you want to accomplish while doing the market research? These goals should concentrate on the procedure itself. Setting dates in a timeline is always a great idea if you have planned multiple steps for your market research campaign. Here are few ideas for goals:
- Segment the market by income, age, and location
- Test interest in new products and services through product comparisons
- Improve your customer relations
- Develop unique strategies to hedge the competition
- Optimize product costs
Turn Goals into Results
Now that you have described the goals for your marketing campaign, change your ambitions into the results you need. Whereas the goals concentrated on your accomplishments during market research and the results concentrate on what you desire to get out of a market research. Think of the steps you envision your business growing after the research is completed. Some examples:
- You set the great price to make sure high product movement
- You close sales more quickly by identifying customer psychographics
- You are more active and you move faster than your opponent