Learn basics of project design and management. Get expert tips for how to structure your market research project, write good survey questions, and optimize for data quality.
Market research is the action or activity of gathering information about the market and customers. This affects every aspect of the business – including brand, product development, customer service, marketing and sales. By understanding how your audience thinks, feels, and behaves, you can then meet those needs and mitigate the potential risk of an experience gap – which your customer expects versus what you actually deliver.
How can you make a critical business decision that will disrupt the market if you don’t know how your consumers or market will respond? Get the insight and data you need to take proper action.
There have always been timeless truths of human nature. What people like, what they dislike, what they appreciate, what they need and so on. But how we target customers have grown increasingly sophisticated and complex. Therefore we need to understand these audiences in greater detail so that brands and institutions can better serve them. Here comes market research!
Each project manager aims to finish their task on schedule, inside the budget plan, and meeting performance assumptions. Normally, when this is refined, we consider the research project is a success.
Before you get into survey design and data collection, it’s important to have a plan in place for your market research project. Knowing when you need market research input, understanding what kind of insights are important to your business objectives, aligning with your internal and external stakeholders, and scoping out your project ahead of time will guarantee you stay on track and deliver expected actionable results.
Systematic planning and preparation are however required at all stages of the marketing research process. The procedures at each stage are methodologically sound, well documented, and, as much as possible, planned in advance. Marketing research is grounded in principles and rules of the scientific method so that data is collected and analyzed against prior notions or hypotheses.