Practical Guidelines To Obtaining Valuable Information When Carrying out A market Research.

The main purpose of a market research is to provide management in any business with valuable information which can be used for strategic decision making. Since a market research reveals the potential of a market, businesses take advantage of the benefits a market research can bring and tap into every market of interest before engaging in them. Even so, a market research can be flawed if the steps to tap into the market are not effective in revealing the right information required. There are practical guides which can help guarantee the reliability of the data obtained when undertaking a market research.

Firstly, timing can play an important role.

The correct timing of a market research study can be critical to the value of the information gathered from a market research. It is very important to analyze the market characteristics and identify the best time period to perform a market research. Good timing for a market research can differ between markets, industry, products, and even the customers. This implies the product or service you are offering can guide you with the best timing to run your market research. A good example can be seen with seasonal products or services. Also, some businesses also take advantage of events or trade shows which they believe can bring all their clients and competition in one place. Before you start with your market research, try to identify the best time period which can guarantee reliability and the quality of the information you can obtain.

The Purpose and General Research Objectives

One of the very first steps for carrying out a market research is to identify the objectives of the research. The purpose of the research must be clearly communicated and the research, designed to meet every goal and objectives of the study. It is very important to develop specific research purpose and list of research objectives which will guide your efforts throughout the research process. A clear purpose and objectives provides a foundation and direction for the market research. It guides the research towards the main aims and goals of the research. With the purpose and list of objectives in mind, you remain mindful of the exact information needed and to avoid any unnecessary information.

It provides the basis for the data to be collected, what to ask for the information needed and how to go around collecting the information.

Prioritize The Research Objectives

It is of prime importance to prioritize your research objectives and determine possible management actions based on different data results. Prioritizing the objectives of the market research opens the research to the immediate needs and questions for the research. The research is more direct as to the important information you must need to provide any value judgment of the market. Any other data can be supportive data to establish a more realistic conclusion to a market. The main information needed are supposed to be at the top and addressed in other of importance. When data from a market research are presented to the management team in a prioritized manner and in order of importance decision making can be less cumbersome. The management can clearly make strategic decisions and value judgments about the market even before the research ends as key data are being collected first.

In most cases, a research can be stopped at the early stages to minimize wastage of resources if the key objectives of the business cannot be achievable. It will be needless to further a research when the main purpose of the business can’t be achieved.

The Marketing Objectives

By clearly defining the marketing objectives the research should address, your research remains focus to specific needs of the overall purpose of the market research. For you to get valuable results you need to know exactly what you are looking for and which must align to the purpose of your research. When it comes to the marketing needs, the results or information received must be clear enough for the management team to conclude and derive the best marketing strategies for the market. Once you are clear with what you are looking for, you can easily point your study to the right direction, keeping the research as focused as it can be and aligned with the general purpose and objectives of the research.

In other to get your marketing objectives as clear as they can be, you need to ask yourself what information do you really want? How does this information answer the marketing questions you may have? How can the results guide your marketing decisions? With such questions, you can clearly define the marketing objectives the research should address.

Set Measurable Objectives

Measurable objectives can play a critical role in any market research. It is important to set measurable objectives that can easily relate to a specific marketing objective. With measurable research objectives, it is quite easy to evaluate the performance of the market in line with your marketing objectives, reduce uncertainty whereby decision making can be inaccurate, and can go a long way to improve the business strategies over time. Since the management of the business sets the objectives to guide decisions making, the data collected needs to be more specific and measurable. Immeasurable data can provide little or less guidance in decision making and can lead to inaccuracy and uncertainty. When a market research is measurable, outcomes and progress can be predicted and easily be achieved. It can easily tell if a goal is achievable, relevant, or realistic, and how much time can it take.

With measurable objectives, the management team can easily make decisions based on the data received.  Conclusions can be arrived at with absolute certainty.

Finally, Identify the Methodology, sampling procedures and the Quotas

It is important to quickly identify which research methodology and sampling procedures which can easily meet your research objectives. The selected methodology and sampling techniques can be best determined based on what knowledge you seek about the market. It is obvious, the particular nature of a research objectives will suggest the optimum methodology to be used in gathering the relevant information. You can either carry out a desk research (secondary market study) or a field research (primary market research. But the wrong approach can lead to inadequate or inaccurate information for decision making. The same goes for the sampling techniques used to collect data from the market.  Every step at this stage including the designed questionnaires is critical to the objectives of the research. For valuable conclusions to be arrived at, the samples must be representative of the target group. It can either be a random sample that can be highly costly but accurate and quota sample (picking respondents to depict a certain portfolio or criteria for example socio-demographics) which can be cost-effective.

It is always very important to pick the right approach to undertake a market research which can help to project the research objectives for decision making and bring out the best of the market for management to have a clear picture of the market.

Setting Questionnaires For Your Market Research

Questionnaires are “windows” to the views of a client or future client.  A questionnaire can help your business solve problems even before they mature. This explains why it is important to keep track of your customers as their needs are ever-changing. When preparing your questionnaires for your market research, it is important to use questions which will aid in revealing the potential of the market and to understand what the market really needs. Here are some tips in preparing;

• First, Your questionnaires should be designed according to your objectives of the market research. Through this way, you are able to remain focus all through the research and able to get the exact information needed by your management team.
• Choose a question type that will best collect the information you need. A simple “Yes” or “No” will not get you enough information needed. It is important to note certain questions are quite effective depending on your approach and objectives. You can either use multiple choices, rate by scale, Linkert scale, and open-end questions.
• Your questionnaire should not be biased and take your time to review any leading questions which will guide the respondent to a specific response. The intension of a questionnaire is to get the views of the customers. Leading clues can alter the views of the customer in a way.
• Keep your research questions very brief and simple. Mixing up too much information can cause confusion. Customers lack the patience to respond to a long list of questions. To increase the likely hood for a customer to complete your research questions, make it brief and simple.
• Present a simple visual design for your questionnaire. It doesn’t need to be a complex design.
• Every question must be important. Make sure there is a strong reason for every question asked. Most importantly addressing the objectives of the research. Eliminate any unneeded questions which will take the time and space for nothing.
• Ask one question at a time. Avoid asking two questions which may cause the respondent to misunderstand the question. Double questioning can lead to less thoughtful responses.  Let one question lead to the next rather than grouping them in one.
• Place your questions in a logical sequence. Your questions should flow naturally and in a reasonable manner. Do not mix up questions which are supposed to come at the end of the questionnaire with questions that are supposed to come at the beginning or middle.
• Always remember who your target audience is. Your questions should in a way spike interest to your audience. Understand their needs and goals.  Question them as per their experience in the market or industry.
• It is important to run a pre-test draft questionnaire with a random sample of respondents from the market in question. In doing so, you can easily check if the research questions are clear and well understood. Also, making sure the right data is being collected.