Whether you are just creating your business or already own a company – market research is always beneficial and necessary. For a business that is in the phase of creation, market research can help find out what services or certain products can bring profit in the market. For an already existing company market research can tell whether they are meeting their customers’ needs and expectations.
The market research process includes 3 phases:
- Before starting your market research you need a plan. Ask yourself questions. If you want to enter a market, ask yourself: is there any need for a new product in the market? Is selling this product or service going to be profitable? Do your products meet specific needs and wants of consumers? Is your pricing fair or competitive? The goal is to get an idea of what can you change and make a plan of how change it.
- Collecting data. There are two ways to conduct your research: quantitative and qualitative. Quantitative method is more mathematical – your main focus is the statistics. Quantitative questions are answered by choices you already provide your respondents with. Qualitative research, on the other hand, requires more detail. Surveys with more open questions, user testing, focus groups and face-to-face interviews are examples of qualitative research.
- Analysing and acting. When you collect your answers, data (remember – the more, the better) it’s time to act! Analysis will take a while if done correctly. Focus on what improvements your consumers suggest. Taking action maybe won’t be easy to do right after the process of research, but it’s better to prepare and then act.
There are many types of market research. Now that you have an idea of what market research is and how it’s done, it’s time to start. For more information visit Pointoneintl.com .
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