The Secret to Successful Market Research

Sun, 23 Oct 2005 05:07:54 +0200

Successful Market Research is less a function of the complexity of the tools employed and more a function of the clarity of research objective and brief.

Market research is now ubiquitous with the marketing function. Today every aspect of marketing activity is researched, whether it be product design, advertising campaigns (sometimes even adv. headlines), consumer U&A to detailed studies on demand and consumer preferences by groups etc.,

As with the evolution of the marketing function and the markets, market research too has evolved offering the marketer with a variety of tools all geared towards deciphering the increasing information that is collected from the market. Sometimes it becomes very easy to get carried away by the complex methodologies available for understanding markets and very often the exposure of the researcher in using these methodologies / tools and its application for different situations is not considered.

It is in this environment that a marketer has to take a step back and really evaluate how s/he approaches a research requirement. Many of the research carried out today do not carry a clear cut objective - in many ways, research is being used to get a feel of the market and this results in a situation where the research fails to give the marketer with any clear direction for decision making (it merely reinforces the ambiguity that resides in the marketers mind). This ambiguity is one of clarity and not something that can be addressed through using increasingly complex research methodologies and tools.

Here's 4 simple steps to ensure that your market research process starts off on the right foot

Step 1 - What is the Objective of the Research
Define the business / marketing problem
Identify the area that requires research
Define the research problem - develop a hypothesis if possible
Define the value of the research - how will the research add value to solving / in decision making w.r.t you business / marketing problem

Step 2 - Develop a Research Proposal
Provide a clear definition of the research objective
Brief description of the business / marketing problem for which the research is being conducted
Description of the marketing context - product / brand, competition, distribution, customers and consumers.
Respondent profile - demographic and psychograpic information
Information on previous research - learning's (do's and dont's), way forward (extending existing research) methodologies used etc.,
Describe any constraints if any - time, geographic coverage, respondents, budgets, methodologies to be used.

Step 3 - Defining the Research Process - to be developed along with the Research Agency
Defining the type of research to be conducted - Primary / Secondary and Qualitative / Quantitative
Defining the data collection methodology
Defining the measurement and analysis criteria and tools
Defining the sampling process
Define the reporting format
Setting budgets, time frames, milestones and monitoring criteria

Step 4 - The Research Process - to be managed by the Research Agency
Pretest the Questionnaire / Discussion Guide design
Ensure the sampling process is adhered to
Back check on respondent profiles and information collected
Verify coding procedure
Request for top line findings and researchers feedback on probable inferences
Fine tuning if any
Extend the research in the event of any gray areas or if the key objective is not met

The process of Market Research while scientific has to be embellished with the realities of how it is conducted in the market - it is impacted by the quality of data collection, the availability of respondents, the transparency of the respondent, the perfection that is sought by the marketer in the process, the time frames and the budgets available. It therefore becomes important that the marketer has a clear idea of what is expected of the research and the value that it will contribute to the marketing process. Clarity at the beginning is therefore essential for the research effort to be effective and worth its while.

Comments

Grow by taking a step back

Sun, 23 Oct 2005 05:06:00 +0200

Yes - growth for most Small business comes when the business owner is able to take a step back and look at their business objectively.

Most business owners schedules are inexorably linked to the day to day operations of running the business and they seldom find time to step back and look at what's going on around them.

A step back for the business owner and a step forward for the business

Take time to understand what's happening with your business

What product / service of yours is selling
Are you running a profitable business
Who are your customers
What do your customers really want
Are you satisfying your customers needs
Who is your competition
What is your competition doing to grow their business
What are the market trends for your business

The market is becoming increasingly competitive, customer choices have increased and unless you take a step back you may find that your business is being swept away from under your feet.

Comments

GroBiz

The Secret to Successful Market Research

Grow by taking a step back