Market Research Process

Most businesses understand the importance of conducting market research, but to get valuable information from market research you need to follow the correct process. Below we briefly outline the key elements in the market research process.

6 steps of Market Research

1.Define the Market Research Problem and Objectives

This is the first and arguably the most important step in the market research process.  It is imperative to define the problem correctly, identify the objectives for the research and what information is needed. At this stage one must involve decision makers and key people to understand what the objectives of the research will be.  Remember, market research is conducted in order to gather more information for a particular problem/ opportunity that needs to be acted on.  This information will help the business make a more informed decision. 

2.  Choose your Research Method

Once you have identified the market research objectives, decide what type of market research method will be best to obtain the required information.  Each method is suited to different situations and nature of data you are trying to gather.  Have a look at the different methods of market research for more information.

3.Research Design

Once you have chosen a method to conduct the research you can start with a plan or framework for conducting the research project and collection of the data.  For example if you choose a survey for the collection of the research data, you need to start designing your questionnaire.  A useful tip at this stage of the marketing research process is to test your questionnaire with a small sample group prior to broad development.

4.Conduct the Research

In this phase you collect all the data via your research method of choice. You do your interviews by telephone or face-to-face or on-line, or run focus groups 

5.Analyse and Interpret the Data 

After you have collected the raw data it’s time to analyse the data in more detail. You can start to find trends and key findings. The data should tell the story.

6.Report on the Findings

All your efforts culminate in the market research report.  The final market research report should include an analysis of the findings, conclusions and recommendations. The report should be detailed, informative and well written and most importantly easy to understand for the decision maker.  Incorporating tables, charts and graphs can be effective in communicating the research findings. Ultimately the report should be insightful, answer the key objectives and deliver recommendations. 

If you have qualified in-company resources available to you then it will be beneficial to conduct market research yourself. Alternatively if you do not have the expertise or resources it would be advisable to outsource your market research to a well-established market research company.

Read our guide on How to Select a Market Research Company for more information.  

Market Research Company

George Klein and Associates is a full service market research company active in the Commercial and Industrial markets. 

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