What will we see in this post
Market research works like a beacon: while guiding the business’ positioning, serving as an instrument capable of orienting better-informed decisions, it also sheds light on more efficient strategies in order to maintain positive results and find better opportunities.
This tool is nothing short of essential when it comes to targeting the right customers, knowing where to advertise and making the right decisions for your business.
If you still aren’t taking full advantage of the market research’s potential, it’s time to get answers to your questions about the process and invest in even more valuable analytics tools for your brand!
In this post, you’ll learn a bit more about market research, contemplating its concept and application. Additionally, you’ll also see detailed steps to help you implement this methodology in your company.
And keep in mind: As important as getting it right is avoiding possible mistakes. Therefore, you will also learn about which deviations are common in market research and will be able to prevent them.
What does market research represent in terms of business opportunities?
First and foremost, it’s worth stressing that market research is much more than a study that focuses on the target audience. This tool’s purpose is much broader and its potential for transformation is unquestionable.
If you want to make your business grow, you need to know this optimization tool in depth.
In a practical and objective manner, market research focuses on gathering information — economic, consumption, benchmarking etc. —, and transforming it into valuable insights for your brand.
The mission here is to provide more consistency to the decision-making process, making targeting safer and more significant.
All surveys, however, need goals and are usually kicked off based on a hypothesis that may, or may not, be validated. This is why, in the case of market research, establishing a goal and selecting the most suitable methodology is key.
If you want to measure your market share, you need numbers, right? In this case, the quantitative approach, which quantifies observations, emerges as the best solution.
If instead of this, you wish to understand your typical consumer’s current preferences, or their level of satisfaction, it’s worth investing in a qualitative survey. This type of survey does away with numbers in order to focus on more consistent information — and that, because of this, requires more accurate tabulation and targeting.
Both methods have merits and can be used to boost your business’ results.
As you probably know, knowledge is power, and the tools used to transform generic information into insights focused on your brand’s growth must always be used, right?
Start with market research and generate qualified opportunities!
How to correctly carry out market research?
Now that you understand the relevance of a survey a little better, it’s important to dedicate yourself to getting to know the steps that make the market survey more adherent, correct and useful for your business decisions.
So that your efforts are more focused and productive, generating assertive insights and successful decisions, pay attention to the best practices, okay? Check them out below!
1. Define the problem (or hypothesis)
The problem with your survey is precisely what you’re trying to understand, in other words, your survey’s goal.
If your main goal is to identify your competitors’ behavior, for example, benchmarking (comparative analysis according to pre-established criteria) should favor the assimilation of the best management practices.
In the same manner, if the hypothesis you’re trying to validate has to do with a new consumption trend, the entire context of the survey must focus on the target audience’s perception about certain technological or behavioral changes.
2. Set up an efficient questionnaire
Once the survey’s priority is defined, it’s time to dedicate to the formatting of the criteria that will bring you closer to the answers you seek.
To do so, the preparation of the survey instrument (in this case, the questionnaire) is an important step in the process.
When you set up your questionnaire, make sure you include clear, concise (long texts discourage participants) and direct questions.
Avoid questions that might create dubious interpretations and be very specific in your approach.
When a questionnaire is efficient, tabulation becomes easier and of course, the results reflect what you wished to verify in the first place.
3. Establish your target audience
What’s the use of coming up with the right issue to analyze and format the perfect questionnaire if when you apply it, you target the wrong audience?
If you wish to validate a new promotional strategy for a younger profile (between the ages of 18 and 25, for example), you’ll hardly obtain the best answers if your target the questions to those who are over the age of 40, right?
You need to make sure that your target audience is included in the survey. Otherwise, you might even obtain a few insights, but they’ll be useless — and even harmful — to your business.
Don’t hesitate! Establish your target audience and make sure that they are the protagonists of your market research.
4. Compile and analyze the results
With the results in hand, it’s time to organize the data of your market research.
The mission here is to categorize the entire mass of information and allow it to be compiled into a powerful document that can be easily consulted and that has a practical application.
The task is demanding and requires maximum concentration, but it is fully indispensable.
You can be certain that the results are a faithful reflection of the context you analyzed, and don’t hesitate to consult the material whenever you need to reformulate, adjust or replace a strategy.
Quality information is precious and makes all the difference in the development of your business!
5. Apply adjustments, solutions and strategies
After all this work comes the reward: What you have in your hands, after you complete all the market research steps, is a compilation of information capable of boosting your brand’s results.
With the segmented data, it’s time to unleash your business intelligence!
Identify opportunities, validate ideas and apply everything you’ve learned from your audience in your next commercial and management tactics.
From the information you’ve gathered, you can adjust weaknesses, maximize what is relevant and invest in innovative solutions.
And don’t forget to make market surveys a habit. The market changes constantly and you have to keep up with it.
3 common mistakes made when carrying out market research
By now you’re convinced that market research can be an excellent ally, right?
However, there’s one detail that deserves your attention. As important as following the consistency of the steps is avoiding common deviations throughout the process. Check out the main ones!
1. Using inadequate language
Market research is a business instrument and therefore, requires certain sobriety. This means that you must find a balance between formal and informal language.
Addressing your audience with a flowery approach isn’t worth it, but you also can’t use slang in questions, right?
Value clear language without too much embellishment.
2. Asking biased questions
This is a common but dangerous mistake.
If you deliberately or unconsciously induce the audience to a certain type of answer, you are also invalidating the observation of the phenomenon you set out to understand.
You need to build a transparent and unbiased questionnaire.
In order to obtain valuable information with a high power of transformation, allow participants to express their opinions freely. This makes all the difference!
3. Using a very small sample
Although you’ve segmented your audience well, it’s important that your sample be representative.
When you restrict the number of people you’re going to approach, you might limit the number of perceptions about the point you’re investigating.
In order to prevent your survey from adhering to your goal, make sure that the number of participants is relevant to your purpose. Thus, you can trust the results and ensure the relevance of your insights.
Do we really need to say it? Get to work and always be willing to learn!
Market research will yield important insights for your brand and contribute to your development as an entrepreneur.
Would you like to stay up to date with our tips and continue learning relevant methods to improve your results? If so, check out our article on how to plan your digital strategy.