How can you achieve assured results from your market research initiatives?
The common misconception amongst a lot of business owners is that just because you’re employing market research, you’ve got it right! However, what is of utmost importance here is how well you conduct the research and what you do with the intellect found! Employing market research in only half the battle won!
In order to win the whole battle and take the victory leap, you’ve to make one hundred percent effort in deriving the best possible and most accurate data out of your research initiatives. Taking minute details into consideration across the process is a good step, to begin with.
The following are a few simple ways to make your market research process and result-derivation highly effective.
1- Clearly define your scope- First things first, before venturing into anything, what’s of utmost importance is to clearly lay down the objectives of the research, the process, and what you intend to achieve out of it. Assign your activities a tangible touch-point- it can be your target audience or your potential competitors. Having a clearly defined process from the start will accelerate the results in the right direction.
2- Asking the right questions- More often, what comes down with research is that the right people are asked wrong questions or unimportant ones. Make a fine mix of quantitative and qualitative questions for your audience. Make it easier for them to answer. And most importantly, make sure that when the answers come in as a whole, they make up for something useful for you to look at.
3- Make the process simpler for the respondents- Get one thing straight, the simpler the process is, the more easily you’ll be able to get it out of your respondents. Therefore, see to it that you make the research and data gathering funnel very simple, easy to access, time-effective, and uncomplicated for the respondents.
4- Follow-up- Lastly, when the data has come in and it is in the processing stage, don’t overlook the “following up” bit. Extend your thanks for their valuable time and make them feel appreciated. This paves a smoother way for the upcoming research funnels. You can also engage with them later on the progress bit of the concurrent survey that they were a part of. After all, it’s all about engaging with your customers, isn’t it?
Remember: what comes out of your research is very much a part of what kind of efforts you put in. Conducting research initiatives is important but doing it right is extremely important. IBI has a decade of experience in empowering brands across the globe in locating sweet spots for innovation. You can be next! Connect with us and let’s change the market for the better!
