How to do Market Research?

“Failure to do market research before you begin a business venture or during its operation is like driving a car from Texas to New York without a map or street signs,” William Bill of Wealth Design Group LLC in Houston says.

Bill couldn’t be more right. Marketing research zeroes in on what kind of exciting and new products and services can bring in the customers, profits and more. When you do this type of research, there are two things you can do with the results: first, you can use it to create a business and/or marketing plan, or you can use it to measure up the success of the plan you’ve already got in place.

Needless to say, it’s critical to ask the right types of questions, in the right method, to the right people.

After all, when research isn’t done correctly or thoroughly, it puts your business at risk. So when you’re ready to start researching, follow these basic but essential steps to avoid any mistakes.

First, begin with primary research. The goal here is to gather up data from your current sales and see how well your practices are doing. One thing you want to keep in mind: Any and all competitors plans. This way, you can keep this information in the back of your mind going forward.

So how do you do this? There are a few different ways. You can start by conducting interviews (either in person or on the phone), surveys through the mail or online, questions, and even focus groups where you’re able to get direct feedback.

Then make sure you ask the right kinds of questions we mentioned earlier. Some of these may include:

  • What elements do you consider when you go to purchase this service or product?
  • What is one thing you like about these products on the market? What’s one thing you don’t like?
  • What would you suggest for improvements?
  • What do you feel is an accurate price for a service or product?

Once you’ve got a solid group of answers, start analyzing any data that you’ve already published. With this type of secondary data, you’re able to zone in on the competitors, create benchmarks and focus on target sections. These sections are any people who may fall into the demographic you’re targeting. In other words, people who live specific lifestyles, have certain behavioral patters or even are within a certain age range.

Of course it goes without saying – there’s no business in the world that can say afloat without knowing its products, services, customers and overall market. No matter what industry you’re in, there’s competition. So skipping over research means your competitors get a leg on you.

It’s yet another reason to collect data. And when it comes to data, there are two major categories: qualitative and quantitative. Quantitative involves a large sample size and mathematical analysis.  Sound too complicated? You likely have web analytics at your fingertips already – it’s available on Google. Once you have this information, you’ll be able to see how long people stayed on your site, which pages they’re exiting from and where your leads are coming from.

On the other hand, qualitative methods help you strum up on your quantitative methods. It’ll help you clearly lay-out problems and generally uses interview-like methods to dissect your customer’s values, beliefs and opinions. With this research, the sample size is usually smaller.

Whether you’re a seasoned veteran or new to the world of business, make sure you avoid these common pitfalls:

  1. Sticking with secondary research only. Just focusing on what others publish simply isn’t enough for you to get the whole picture. While it’s a great starting point, this type of information can be outdated. You don’t want to miss any other relevant or key factors.
  2. Focusing on web resources only. Sure, the web is a great spot to find information. But information from search engines is available to everyone – plus, they might not be completely accurate.
  3. Interviewing people you know only. Sometimes we get in the habit of interviewing our colleagues or even family members when we’re looking for research. But to get the best and more accurate results, expand your horizons and talk to new customers about what their needs and wants are, as well as their expectations.

Why is culture so important to a business? Here is a simple way to frame it. The stronger the culture, the less corporate process a company needs. When the culture is strong, you can trust everyone to do the right thing

We have a culture where we are incredibly self critical, we don’t get comfortable with our success.

You have to stay true to your heritage; that's what your brand is about.

The culture is your brand.

Strategy follows people; the right person leads to the right strategy.

Strategy is a system of expedients... It is the art of acting under pressure of the most difficult conditions.

Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different.

Strategy without process is little more than a wish list.

The essence of strategy is choosing what not to do.

A vision without a strategy remains an illusion.

Join our mailing list.

* indicates required

Why audience segmentation improves marketing

Think about the last time you gave someone a gift. Odds are you didn’t give the person the same gift you had given to your spouse a few months ago. In fact, we’re going to guess you likely don’t give the same gift to everyone. You personalize it. You look at something in the store


Top 10 Market Research Articles

Let’s face it – not everyone has time to sit down and read a lengthy article on a topic like marketing. Even if it’s critical to your company’s success, and the article is bursting full of helpful information, it takes precious time that you likely don’t have.Luckily, we’re here to make it easier for you.


Top 11 Audience Research Tools

It’s a common quality across the board – people don’t like change. In fact, according to research, Americans buy the same 50 items, accounting for around 85% of household needs. So, needless to say, you can get stuck between a rock and a hard place when you want someone to switch to your brand. If


How to do Market Research?

“Failure to do market research before you begin a business venture or during its operation is like driving a car from Texas to New York without a map or street signs,” William Bill of Wealth Design Group LLC in Houston says. Bill couldn’t be more right. Marketing research zeroes in on what kind of exciting

Customer Avatar

What is a Customer Avatar?

When you’re in charge or running a business, you’re always looking for ways to attract “new” everything – customers, subscribers, maybe even old customers. What’s the way to do it? Connecting with them on an emotional, deep level. The problem here is, some people are pretty uncomfortable with getting emotional with strangers. But this is