When starting a new venture, it is important to test the market before you go ahead and do anything. You want to make sure that your idea is going to be accepted by your potential clients. Smart business people will usually do some market research before they do anything. Let’s say you find yourself in this position and want to conduct an effective market research survey, but do not know where to start. Here are the steps you would have to take to make sure you do it right.
1. Decide on your objectives
Before you do anything, decide on what you are trying to achieve with your market research. You would be wasting your time if your market research does not give you answers to the right questions. The foundation is always the most important step in business, so make sure you know what you would like the outcome to be.
2. Who is your audience?
Now that you know what it is you want from the market research, decide who you are trying to target. The audience you reach is going to assist in making this process successful. You can find a data analysis service to help you with this. A company that offers a good data analysis service is going to help you get to your target audience, which is what you want to achieve.
3. Choose your tools
A market research survey is not as complicated as it was some years ago. We have access to so many online tools these days that we can do this without much effort. A survey data statistical analysis is going to direct your business to where it needs to be. These days a lot of companies are using social media to do market research and it is an effective method.
4. In-house or outsource
If you have the infrastructure to do the survey yourself, then great. There are also a lot of companies that can help you by offering the service. A third-party that specialises in this service is going to save you a lot of trouble. They have the expertise to conduct good market research and offer you a professional service.
5. Set up your questions
Now the real work starts and you are going to have to come up with effective questions for your target market. Make sure these are closed-ended types of questions so that it does not take up too much time for the participants. A multiple choice type of survey usually works pretty well as long as you ask the correct questions.
6. Get a second opinion
Before you set up your survey, let someone else look at your questions and give advice. A second opinion might add value and guidance, which is important. You can do this if you are a bit unsure. This is a team effort, so include your managers and ask for their input.
7. Manage the results
There are many tools and services online that can help you analyse the results of your survey. The data needs to be collected and analysed by someone who has experience and it might be a good idea to find someone else to help with this. Depending on how many people you reached, this can be a tedious task.
8. Discuss results
So you have your results and it is time to call in your team. Discuss the results with them and see what is the best way forward based on this new information. Design a plan going forward and make sure that this was not a waste of your precious time. Between you and your team, you should be able to come up with an effective plan on how to apply these results.
9. Apply the results
Now that you have the results of your market research, you are going to have to decide how to use it so that the company benefits the most. Take away what is most meaningful from your survey. This process will only be worth it if you apply the results and make some important decisions.
Conclusion
A market research survey can help your business in many ways and it need not be expensive and complicated. Find all the tools you could use and start with the process. It definitely is not a waste of time and could benefit your company. After you have been through the process and apply the results, you will start seeing the benefits. It is also a great way to build your brand and stay in communication with your current customers and potential customers. There are no drawbacks form the process, so go ahead and get it done. This is not a once off process and should be done regularly to make sure your customers are happy with your current service.
Author : Rose Milton