Good market research is crucial for making effective decisions. A company that does its homework before committing to any path is more likely to succeed and consistently outperform is competition. However, we have found that many companies fail to understand how to organize small scale market research initiatives and effective organize the data. Pro Business Plans must work personally with every business owner to perform custom market research for the questions that it is seeking to address.
We have compiled the best ways to gather and organize market research so that the information you use is highly effective and free from bias. There are several steps that need to be taken in order to ensure that your next data excursion is well planned and fruitful. Based on the analysis of our business plan writers, we have identifies three main points that your company must consider when gathering market research. The first is to understand what question you are trying to address. The second, knowing where to acquire the data in an unbiased manner. The final is understanding how to acquire the data in a method that does not set you up for emotional bias.
Know what questions to ask
Believe it or not, a key reason that companies fail is because they lack the ability to ask the right questions necessary for success. They fail victim to assuming that the market knows what their product wants rather than asking the consumer what they would prefer. We have also seen many cases where surveys are performed to gather ‘general insights’ about things that will be analyzed later. However, each question gathered should be scrupulously analyzed to determine exactly what the question is trying to answer.
Know where to acquire the data
Understanding where to acquire the data may not be as simple as walking outside your office and sampling 100 people that walk by. If you are performing research for a new line of health products and your office is located in the technology district, where many upper income individuals live healthy lifestyles, you may get a misinformed picture of the total market. If you need data from another company, you may approach them about selling a sub-set of their information for a fee. Some companies are willing to share general information from their database that are irrelevant to the performance of their operations, while others hold it within their deepest war chests so that is does not fall into the hands of the enemy.
How to Omit Bias
You should always know where you can get access to the data that you need in an unbiased manner. Rather than getting it all from one source, procure it from many different sources and interpret any cause for variation. This will not only provide additional insights, but enable you to develop a data set that more accurately represents the full picture. If you are considering the entrance into a new market, it may be easy to ask questions in a way that directs a positive response. Phrasing a question differently can make a big impact on the final answer and if you let your emotional bias slip through in a survey or focus group, consumers are more likely to provide an answer they think you want to hear to avoid disappointment.
Gathering market research is easy, but gathering reliable market research is a challenge. Following the improper method of acquiring research may have the same result as making a guess on intuition. We hope that this article has provided good insight into how to gather market research that will make a positive impact on your business decisions.