1️⃣ Identify the Problem.
To begin the process of market research, a specific problem should be identified. After that, you can move to step 2.
2️⃣ Define Research Objectives.
After identifying the problem, it is important to list the research objectives.
3️⃣ Identify a Group to Engage With the Research.
By creating a buyer profile (based on age, gender, location, job, income, etc.), it will be easier for you to do the next steps. By knowing the profiles of the typical buyer, you should then find the right people for participating in your research.
Also, take into account that people normally do not want to go through a questionnaire that is longer than 30 min. Therefore, to motivate them, you can offer remuneration or propose exclusive deals.
4️⃣ Plan the Research Design.
After defining the problem and stating the objectives, a research design should be developed.
You have to create a plan on how you want to conduct your research and which information collecting methods to use – for example, in-depth interview or survey, – which platform is better to use.
Then a decision needs to be made on the content of your study, including the questions to be asked.
5️⃣ List Your Competitors.
By making a list of your competitors and analyzing their strategies and tactics will help to improve your own business decision-making process.
6️⃣ Do the Research.
After completing all of the steps above – it is time to take action! Follow your plan, step by step, and, what is most important, be patient. Do not be afraid to adjust your objectives, problem definition, or anything else if required.
7️⃣ Summarize the Collected Information and Make Conclusions.
Analyze the data that you have collected, summarize and present it to your stakeholders. Add an abstract or a brief introduction on why the study has been conducted.
Talk about the participants, state the most interesting findings, provide key interesting information you have found, present conclusions as well as recommendations, and, finally, present your action plan.