The Market Research Process: 6 Steps to Success

Whenever it is about showcasing the real outcome (results) it is equally important to represent the data in a structured format than it is to accumulate the same critical and highly sensitive detailed information.

It was never about charts, graphs and infographics. But rather using the same aspects for a better understanding and enhanced projection of any kind of information presented. Hence the need for a professional/executive need of market research process arises.

The six steps that ensure the market research process

Step #1 Explain the motive & the Problem

For all, you know the most significant footstep in the process of market research is explaining the basic motive of the project goals. At the bottom lies the complete definition and understanding of the most important question which needs to be acknowledged by the market research. There usually is a major business issue or it can be in other terms state as the golden opportunity which needs to be grabbed.

Although there is a common pitfall of information being short on determinations of a market researchers’ role with the concrete data. The best instance that can be taken is “Business Problems” to “How the new widget could be or should be priced?” or “Which characteristics should be stressed upon more?”

By perceiving the problems of the business perfectly, an individual can keep the research more focused and productive. But at some point, in the procedure, right prior to any kind of research performed, the experts would suggest it as a percent final report of research which would be of great assistance in answering the big business questions. Or one may even need to go the extra mile to create a forged report, with relevant data and probe the target market “What will be your response if I as a market expert offer you a report which would look somewhat like this “You as a customer would have no other option but to believe what I say?”

So, what do in such a situation, you need to come across the genuine data, only if the answer is yes. If no then stay in touch with the audience until the motive is crystal clear, so be happy with the disappointment you have averted and the time that you just saved. Hence good revert to the question of what is the first step in marketing.

Step #2 Decide the design of your research

As of now, you are aware of the whole scenario it is about time your layout the ideal kind of research process which will be the ideal option to avail the required data which is of utmost importance. See it as the design of research being conducted as the detailed plan of tackling the competitor. So, in this second stage of you will have to clear your thoughts of all the other things and focus more on the design of the research.

So, you will need to have an access to information that will help to recognize and pick the sample who they are going with and where one can find it? This also means that it is time that is right for conducting the research (mail, in-person, internet, text, etc.). Don’t forget to keep in mind that the final or concluding report would be having a rough look based on which anyone could recognize the type of data research you will be carrying the entire research. Hence it dominates the layout of the questionnaire you have prepared.

Although the selection of the instrument of research will be depending upon the clash of the data you are making an attempt to gather and pile up to create something more meaningful. The three ways in which categorizations can be considered.

(I) Descriptive research

This research’s motive is to make subjective calls for dense detailed on a particular sort of data, you will be carrying research. The ultimate objective of this type of market research is to evaluate a particular subject of interest, generally in a quantitative method. Surveys are the most usual form of descriptive research that is conducted. This is one of the crucial marketing research steps.

(II) Causal Research

The most particular class of research is causal research which generally comes into the picture in the disguise of an experiment or field test. Just in the event of you being the determiner for a general relationship among the common class variables

(III) Exploratory Research

This kind of research is something that is taken into consideration when the topic is not properly understood or well defined. And if the subject line or header is not clear then the whole research is nothing more than pieces of paper with absurd and irrelevant information. This research plays a clear role in obtaining a deeper research insight, low the focus, and understand the usual basics to go deeper.

Step #3. Prepare and Design Your “Research Instrument”

This is the step that plays a significant role in the market research procedure, it is about time you need to stick with a specific design for the research tool. But just in case a survey is the most significant type of modern-day mechanism (tool) in a survey just as acknowledged in Step #2. There it was mentioned how important it is to start off with your research to think and jot down the questions which will be fed in the questionnaire and will be a final decision in designing the question booklet.

Just in case a specific focus group is your preference of tool to be used, you will be needing to ready the already thought over materials and questions for the examiner of the survey. Hence you are through and through with your research idea. This is exactly where the specific part of the survey research procedure takes birth to implementing your survey plan.

However, there should be a provision to include an additional step as step no 3/5 to examine the survey instrument with a compact test group before broadening the deployment of the research survey tactics. So, it is suggested by the experts that you should grab a test data and have it pasted in a word or excel spreadsheet to comply with the data layout/structure.

This will let you determine the potential customers and prospective consumers at an early stage, and to be honest there are always certain obstacles while doing so. Although a good marketing research process example could be derived from whatever said above.

Step #4. Gather Your Research Data

This can be considered as a very important or a step with the high significance of the assessment. This is exactly where you are either heading the survey or leading its way through the help of specific survey groups in order to conduct the personal face to face interviews, executing the various field tests, etc. The choices, answers along the cautious observations (findings) of a survey are all being funneled with the records which generally is in the form of a spreadsheet. Every single slice of information holds great value and will be a significant part of the most valuable final results which you will soon be able to view.

Step #5. Analyzing the collected data

As the above step stressed more on gathering the research data very cautiously as you will be having a pile of data and raw drafts to manage. If in a paper form, it is recommended by the experts that you have it converted into digital form in a spreadsheet for further research. Just in case if its already in a digital sheet, you need to be sure that it is organized and structured in a good enough format. So, with that being set and done, it is time for being at ease. Try including some meaningful overview of the research with the help of common research application used to perfect the data as you can

1. Add tables for numeric data

2. Include graphs for comparative data

3. Insert infographics for a better understanding of complex data & so on.

Step #6. Try Visualizing the research Data and Communicate final outcome

So, after spending countless hours putting in all the raw data, and finally giving shape to information which was once nothing but a random piece of information. As the raw information has now been converted into something more meaningful data with the help of charts, tables, summary and infographics, it is now in a representable structure and all set to be converted to a digestible form or a powerful PPT.

That is something great for representing data which is highly classified with precise information and a single motive of data elaboration and all the business hurdles which were acknowledged in Step #1. Reimpose the business queries and later present all the suggestions and recommendations on the basis of the data accumulated to solve the obstacles.

The Final Words

The marketing research process 6 steps help in such a way in comparison with all other methods. On the contrary, it is very important to understand the value of questions being thrown at a business owner or a product manufacturer, product designer, product engineer and who not to be included in the list. ” Don’t let it slip from your mind that the research conducted on a market is just a unified input to a business determination, which is generally a strong input, but not the only responsible factor.