Identifying a problem or opportunity
The most important part of the market research process is defining the problem. To conduct research and collect data, you need to know what you're trying to learn from the research. In market research, defining the problem to be solved will determine what information you need and how you can get it.
This will help your organization clarify the overall problem or opportunity for example, how best to deal with a loss of market share, or launch a new product to a specific demographic.
Defining objectives
It's imperative to clearly define the main objective of the marketing study. This objective can vary from increasing traffic and generating leads, to increasing sales, or even building customer loyalty.
By precisely identifying your objective, you'll be able to tailor your study optimally to your specific needs, and make informed decisions about the types of data to collect.
Know your target consumers
One of the most important things to understand before embarking on market research is that your company caters to a specific type of consumer. Defining your specific customer base is highly beneficial, as it enables you to understand what kind of language to use when creating your marketing materials, and allows you to build lasting, holistic relationships with them. A good understanding of your consumers also helps to make the marketing research process more efficient and, therefore, more effective.
Developing your marketing research plan
Once you've reviewed all the potential sources of the problem and used them to pinpoint exactly what you're trying to solve, it's time to design your research plan. Creating this plan can be complex, as it may encompass a variety of methods aimed at answering the research problem or exploring an opportunity identified in the initial phase.
To guide you in the development of your research plan, we will explore various information-gathering techniques :
- Engaging in conversations with prospects and customers. This approach allows you to get the best feedback from the source. These exchanges can take the form of group discussions or individual interviews.
- Conduct a survey with a dedicated solution. visionneers can be your ally.
Analyze your data
It's crucial to determine in advance how you're going to process your data (such as cross-referencing variables, drawing up sort lists, etc.) and what analyses you're going to carry out.
It's essential to return to the research questions and the initial objective in order to guarantee the relevance and completeness of the analyses.
This is the essence of the method: designing a coherent study by asking the right questions, employing the right methodologies and conducting the right analyses.
With your marketing research plan ready, all that's left is to take action...