How to Navigate the Market Research Process
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From our free ebook, Agile Market Research with Social Media. ...
From our free ebook, Agile Market Research with Social Media.
Define the challenge, problem or goal. Use the resulting “elevator pitch” to direct your research and make it actionable and tight.
Develop the plan for your research. Determine what tools you need, where your potential data pool is, and what questions to ask. Set us the measurement tools you need to track the data you get and get your spreadsheet dashboards prepared.
Research and collect data over a set period of time using the criteria you outlined in the Definition process. This is where you will see the data flow into your spreadsheets and metrics reports from all of the platforms and places you are conducting research. Tag and track everything.
4. STUDY AND ANALYZE
Study and Analyze the data you have collected. That will help you determine the strengths and weaknesses of your product, service, marketing plan or competitor in a space. Be comprehensive and thorough as you sift through the data. Pay attention to detail, nuance and sentiment to better predict the success of your goal.
Report your findings to your team. Be as complete as possible, and cite your sources where you can. Be prepared to defend how you conducted your research and to show the integrity of your data.
Decide! Remember, the decision may be how to launch or package a product but your research might also lead you to table an idea before losing money and time on development. Look at the research with an analytical, open mind.
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