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1. Do you want to learn to do market research and
make decisions that favor the growth of your
business? I will show you 4 steps to do yours!

2. There are millions of businesses and entrepreneurial
projects that arise every day and are launched on
the market with the hope of being successful and
occupying a privileged place in the minds of
consumers. But it is very true that not all businesses
turn out to be as victorious as they seem and many
ends up closing their doors forever. Why does this
happen? In what fail the entrepreneurs? Why is
nobody coming to buy your products? I may have an
answer for this. For this reason, I have prepared this
material in which I explain what market research is
and why it is so necessary before carrying out an
entrepreneurial project. I will explain a step by step
with which you can do your own market research
and, thus, carry out your entrepreneurship project
and shape your ideas in a much safer context.
What is a market research?
Market research, or also known as market research,
is a data collection technique that allows
entrepreneurs to know the intentions of purchases or
certain details about their market niche.
When a company wants to launch a new product, a
new marketing campaign or make any change or

3. strategy development, it is necessary to carry out a
market analysis to obtain valuable information that
can help ensure success for the business.
For example: if you are about to launch a new
product to the market, an investigation of this type
can help you to know details how much money your
customers would be willing to pay for the product,
what characteristics of the product would be Ill
appreciated, what size, color or form the customer
would like to have the product, etc. That will help you
find a balance point where both your customers and
your business benefit.
Market research is a technique used to gather
information in a systematic way that is then
interpreted and used to make decisions.
Brands and businesses need to investigate the
market to know the trends of the industry and the
consumer. Market analysis has the power to act in
your favor since it is able to indicate you as an
entrepreneur or business owner where it is
necessary to focus your efforts, what aspects should
be improved or changed, where it is convenient to
invest resources, the viability of the project, etc.

4. What are the advantages of doing market research?
The advantages of doing market research are:
They allow having more documentation when
making decisions that favor the growth and
development of a business or company.
They provide real information that helps solve
problems.
They allow you to know the size of the market you
want to cover, in the case of selling or launching a
new product.
They allow knowing the real needs of consumers
and details such as tastes, preferences, purchasing
habits, income level, etc.
They help to know how the customer's purchasing
habits change so that, thus, entrepreneurs or
business owners are able to respond and adapt to
them.
They offer valuable information that can be used to
maintain or occupy an important place in the market.
They allow detecting new niches or market
microniches.
These are just some of the advantages for a
company or entrepreneur to perform market analysis

5. correctly and for this, it is necessary to resort to
various methods of data collection, such as surveys,
evaluations, observations, etc.
Do you want to know what each one consists of?
Here I show you the most used methods. Let's
see…
How to collect information?
There are many methods of data collection that can
be used in market research. Some are:
Surveys
It is one of the most used methods for obtaining
information and can be carried out manually or
online. The survey is a method with which a lot of
information can be gathered in a short time, it does
not require specialized personnel for its application,
it is easy to do and, in addition, if you do not have a
large budget to carry them out, you can do it online.
There are many free or paid platforms that allow you
to conduct surveys over the Internet very easily and
quickly, such as Google Forms. The main advantage
of this alternative is that it offers greater coverage,
saves money, can be accompanied by images to

6. make it more attractive, is easy to fill, is anonymous
and also has no limit on questions.
Interviews
The interview is a method to collect information that
can be done by telephone, face to face or email.
With the interview, it is possible to gather information
in a reliable way and without risk of manipulation.
HoIver, it is a method that requires more economic
resources, time and personnel.
Evaluations
Also known as the market test, is to seek to know
directly a person's appreciation of a product, service,
idea, etc.
An evaluation or market test is usually carried out
before the launch of a new product, with the main
purpose of evaluating its acceptance and reducing
the risks.
Suppose you want to evaluate the acceptance of
your new info product. To carry out this method, it is
necessary that you select a representative sample
and send your product in exchange for your
comments or criticism about the product received.

7. This technique is very useful because it allows you
to know what people think about your product and
receive comments with which you could make
improvements in the presentation, content or even
modify its price before starting to promote it and sell
it formally.
Observations
It is a very traditional method of market research that
is very accurate and economical. It can be carried
out in two ways: through direct observation at the
site, or also through designed devices such as, for
example, a traffic meter.
The application of this technique will depend a lot on
the objective of your research. For example, if the
objective of your research is to know the preference
of a specific product, the use of the technique could
be to visit the places where the consumer normally
acquires the product and observe, for example, how
the product is examined, what products decide to
buy, etc.
4 steps to do your market research
Conducting a market study is much easier than it
seems, it doesn't matter if you have a large company

8. or if all you have is a business idea in your mind,
anyone can do it!
But ... How to do a market study?
Now, the time has come to get down to work and
start researching the market. You just need to follow
these 4 (and very easy!) Steps:
Define the objectives of your research
To begin, it is necessary to ask yourself what are the
objectives of your research; that is, the reasons or
the need for which you have decided to carry out this
investigation.
Having the objective of your research very clear will
help you to pose in a better way your questions or
the criteria on which the data collection will be
based.
A market investigation can be carried out with very
different objectives. The most common objectives
are:
Help the development of a company or business.
Satisfy the needs of customers through the ideal
product or service.
Determine the degree of success or failure that a
business idea may have.

9. Decide the method
Now that you know the purpose of your research, it
is time to decide which method you will use to collect
the data. Online surveys? Observation? Interviews?
There are many alternatives available and that
allows you to obtain data from your customers or
potential customers directly!
Remember: it is also important that you select a field
sample; that is, a representative sample of your
market.
What is a field sample and how to select it?
A field sample is a technique by means of which a
sample of the population to be investigated is
selected. Whenever you develop a market research,
it is necessary that you select a sample. The reason
for this is because, obviously, it is very difficult to
interview or observe all your clients or potential
clients.
It is important that you take into account that the
bigger your sample, the more certain you will have
about the results obtained in the investigation. That
is, the fact that 20 people say they would be willing
to buy your product does not mean that it will be

10. successful. It is necessary that it be a representative
sample in your locality and this you can determine it
in two ways:
Probabilistic or random sampling.
Non-probabilistic sampling.
Probabilistic or random sampling consists of
selecting people at random from a given population.
This technique allows all people in the population to
have the same probability of selection and inclusion
in the sample, which guarantees that the selection of
people to participate will not be manipulated.
On the other hand, non-probabilistic sampling seeks
different types of people to form a representative
sample of the total population.
To select these people, their demographic and
psychographic characteristics are taken into
account, such as age, sex, gender, interests,
average income, etc.
Collect the data
After having very clear the method to use and the
number of people you will use as a sample, it is time
to collect the data and, for this, you need to design
your instrument.

11. For example, if you have selected the interview or
the survey as a data collection method, you need to
design a questionnaire.
followed by this, it is time to collect the data of your
research. This is something that can take days, Ieks,
or even months; everything depends on the size of
your sample and the selected collection method. The
important thing is that all the people involved in the
research commit themselves to collaborate
throughout the investigation and, above all, be
willing, to be honest.
A market investigation is a technique that will let you
know everything that nobody will ever want to
confess to you, like, for example, that your product is
something expensive, that your business idea does
not interest anyone, that your product needs to
improve, etc.
Analyze the data and present the results
Once all the information and data about your market
has been gathered, it is time to analyze them. This is
a very important step: it is useless to design a great
instrument and spend time gathering all the

12. information, if the data will not be analyzed correctly
or, in the worst case, will end up hidden in a folder.
Analyze in depth each of the data you get with your
research, do not make the mistake of
underestimating any comment or statistical data no
matter how small or insignificant it may seem.
Prepare a report that summarizes the results of the
investigation and, above all, the solutions,
recommendations or next actions to take.
An investigation is a great strategy that can help you
give a new twist to your business, develop a great
idea or avoid failure. Many entrepreneurs make the
mistake of underestimating the power of market
analysis for fear of wasting time, money or because
they simply do not consider it necessary.
Do not leave with doubt! Dare to investigate what the
market thinks about you, your product or your ideas.