Marketing Research. Market research is the process through which certain information is collected from the market, this information is analyzed and, based on that analysis, decisions are made or designed strategies. Depth market research as well as the need for this may be diverse and can range from a somewhat informal research that allows us to better meet our customers through small surveys, to a formal investigation, costly and several months life that allows us to market test a hypothesis.
How to do a market research
Whatever the case, is usually thought to conduct a market research is a complex task that is why we should hire the services of a specialist that do for us now (which typically charge several hundred and even thousands of dollars); however, the truth is that making a market research is something that any of us can do if we have the will and know the steps.
Let's look at what are the steps to do market research, along with a simple example that will help us gain a better understanding:
1. Determine the need for research
The first step is to determine the need for research; that is, the reason why it is necessary to perform it. Generally, the need for market research arises from a problem or opportunity that has been presented.
If a problem arises, there may be the need for an investigation to find the reason and solve it, and should there be an opportunity, there could be a need for an investigation to determine if this really is an opportunity, and find out how you can take full advantage.
Example: We have identified the opportunity to launch a new product to market, which is a new brand of shirts for men, so there is the need for market research that allows us to determine the feasibility of launching or introducing the product to the market.
2. Establish the objectives of the research
Once you have determined the need for market research, the next step is to set goals that will have the same.
The objectives of market research should arise from the need for research.
If the need arose from a problem, the objectives may be related to find the cause and solution of the problem, and if the need arose from an opportunity, the objectives may be related to determine the feasibility of the idea, knowing how to take full advantage.
Example: Once you have determined the need for market research that allows us to determine the feasibility of launching a new brand of men's shirts to the market, we set the following objectives:
Meet potential consumer reaction that forms the target before the introduction of a new brand of shirts to the market.
Know the tastes, preferences, customs and habits that make up the target with respect to the purchase or use of the garment shirt.
Determine the possible sale price could have every one of the shirts.
3. Identify the information to be collected
Once you have determined the need for and objectives of the research, the next step is to identify the information we need and therefore collect.
The information to be collected should be to allow us, once analyzed, and the need to meet the objectives of the investigation.
Example: To assess the feasibility of launching a new brand of shirts to the market and achieve the objectives, we determined that the information we need and will collect the following:
acceptance of a new brand of shirts by consumers making up the target audience.
the first in which it is fixed when buying a shirt.
models and favorite colors.
places generally buy their shirts.
the average amount usually paid for a shirt.
4. Identify sources of information
Once we have identified the information that we collect for research, the next step is to determine the sources from which we will obtain such information.
The sources of information are usually classified into primary and secondary sources:
Primary sources are sources that provide information "first hand" to the current investigation. Examples of sources are the consumers, competition, workers of the company, records of the company, etc.
Secondary sources are sources that provide information that has been collected and used for purposes of current research. Examples of secondary sources include databases, enterprise, government agencies, books, newspapers, magazines, etc.
Example: Once you have determined the information we collect in order to achieve the objectives of our research, we determined that the sources of information that we will use will be shaped by consumers who make up our target audience.
5. Select and develop techniques for collecting information
Once you have determined what the information we collect, and where we're going to get, the next step is to determine how we will get; ie select and develop the techniques or methods for collecting information that we will use.
Among the main techniques or methods of gathering information used in market research are survey, interviews, observation, market testing, focus groups and polling.
Example: to gather the information we need will be made using the technique of the survey, which was conducted on a representative sample of the target audience. Some of the questions included in the questionnaire of this survey are:
Are you willing to try a new brand of shirts?
What is the first thing that you set when deciding to buy a shirt?
What are your favorite models?
What are your favorite colors?
Where do you usually buy your shirts?
How much do you usually pay for a shirt?
6. Collect information
Once you have determined the information we collect, the sources where we will get, and the techniques or methods for collecting information that we use, the next step is to effectively collect the information.
To do this, previously we named those responsible or liable for the collection of information, the train if necessary, and determine the place or places where it is made, the date when it will start and how long it will last.
Example: once we have determined that we will make use of the survey and have designed our questionnaire, we turn to appoint personnel to make the target audience polls, and make it effective.
7. Analyze information
Once you have collected the required information, the next step is posting it (count data), processing (sorting data, tabulate, encode), interpret, analyze and draw our conclusions.
Example: Once the information collected through the surveys, the data is tabulated, they analyzed and the following conclusions were obtained:
- Launch a new brand of men's shirts to the market is feasible, as there is enough demand and consumers that make up the target audience is willing to try a new brand of shirts and always when it is of good quality.
- The first thing a consumer that makes up the target audience when deciding is set to buy a shirt is the model and the quality of the fabric.
- There is a preference for bold patterns and bright colors.
- The consumer that makes up the target audience usually buy their shirts in department stores.
- The average price you usually pay for a shirt is $ 25.
8. Making decisions and design strategies
Finally, once you have analyzed the information collected and obtained our findings, the next step is to make decisions or design strategies based on the analysis and conclusions.
Example: Once you have analyzed the information gathered and concluded primarily to launch a new brand of shirts to the market is feasible, we make the following decisions or design the following strategies:
The decision to introduce the new brand of shirts to the market is taken.
We proceed with the design and manufacture of shirts, paying special attention to the quality of the fabric and design models based on clear bright colors.
We proceed to make contact with various intermediaries that serve as outlets, giving more importance to department stores.
The decision that the sale price of each shirt will be US $ 20 is taken.