Market Research is the process you use to collect, analyze, and interpret information about the market your company will impact.

Some good reasons to conduct market research:

  • Determine the feasibility of a new product or service.
  • Identify and/or better understand markets.
  • Improve and innovate your customer experience.
  • Connect deeper with your target audience or ideal client.

How Do I Perform Market Research?

Market research methods:

(A) secondary research,

(B) surveys,

(C) focus groups,

(D) interviews,

(E) observation, or

(F) experiments/field trials.

Secondary  Research

You can collect and use information that has previously been collected by some other person or agency. There is a wealth of valuable information already out here, and businesses can use the research to inform the decisions they make. Be sure to consider the credibility of the source.

 

Pro Tip:

Internal sources are a type of secondary market research which provide data that has been previously collected or gathered for your business.

 

Resources:

https://www.ashevillechamber.org/research-economy/
www.sbtdc.org/wp-content/uploads/market_research_guide_updated.pdf

How to Write a Market Research Survey

 You should use surveys

  • When you have a large audience.
  • When you have something specific to measure.
  • If you have the tools to conduct the research.

You should not use surveys when

  • You don’t have time.
  • You aren’t sure about what you need to measure.

 

Pro Tip:

Be sure to consider your audience when designing your survey to avoid survey fatigue.

Survey Fatigue is when people get bored or tired and they start to perform substandardly. They may shorten their answers or leave the survey incomplete.

What is a market research focus group?

A focus group is a research strategy that typically consists of pulling together six to twelve people within your target market in order to provide data to enhance, change or create a product or service.

 

Resources:

https://www.wonderflow.co/focus-group-questions/

When Should I conduct a market research interview?

Interviewing is an inexpensive way to reach your customers and learn what you need to impact your market.

 

Interviews work well when

  • You are developing or bringing out a new product.
  • You are entering a new market segment.
  • You are losing the market to a competitor.

 

Pro Tip:

Use closed-ended and open-ended questions appropriately to allow room for reflection and realization.

When is market research observation?

Observational marketing research is a social research method for collecting and analyzing the information you need to impact the market. The information can be gathered covertly and overtly.

What are market research field trials?

The process of testing the feasibility and probability of success of a new product or service before actually launching.

Tips for successfully testing your market

  • Establish an objective
  • Be sure to reach the right market.
  • Evaluate the data you collect.

 

Resources:

https://www.mountainbizworks.org/business-planning-start-ups-entrepreneur-classes-coaching/testdrive/testdrivedetails/

https://www.driveresearch.com/single-post/2017/05/04/Your-Ultimate-Guide-to-Test-Markets-Top-Test-Market-Cities-Syracuse-NY