The 5-Point Checklist For Performing Market Research

The 5-Point Checklist For Performing Market Research

So many business opportunities out there in the market, but you’re hesitant to press play. Why? Because you’re not sure how to get the information you need to start the ball rolling. You’re wondering, what do I need to know? Who am I going to sell to? How do I make the most with the capital I have? The answer is that you need to conduct market research to find answers that suit your business specifically.

WHAT IS MARKET RESEARCH?

It is the process of carrying out an organised and detailed plan to gather information about your target markets and customers to better meet their expectations.

Market research is a critical component of a business strategy. It gives you the ability to remain focused on your business’s initial goal and to remain competitive in the market. Here’s our recommended checklist of how to go about it:

  1. Select the appropriate audience
  • You need to define, then prioritise target groups that are relevant to your business. 
  • They can be categorised by gender, age, geographic region, etc
  • Your target groups can also be categorised by niche parameters such as income level, interests, type and level of education, travel habits, and many more.
  • Knowing your audience allows you to achieve a cost-effective strategy.
  1. Choose the method that suits your business
  • Different research methods are suited better for different audiences. Some can even be used together to achieve the most effective results, such as greater accuracy and cost-efficiency.
  • Here are some examples of methods you could use to conduct your research:

Qualitative Interviews 

  • for open and explanatory questions
  • Used on people with high knowledge in certain subject
  • Not limited to alternatives

Survey Poll

  • Used to achieve a greater number of responses
  • Suited for quantitative research
  • Multiple choice questions are common

Existing data and trends

  • Statistical databases and data providers
  • It is important to make sure these data are ethical and reliable.
  1. Geographic scalability
  • Focus with regions on your priority list first
  • Take into account possible occurrences that may arise and affect your targeted geographic choices.
  1. Maintain a clear purpose
  • Expectations of your results should be set at the beginning
  • Visualise package insights using a graph for reference
  • Set expectations for future goals such as potential extension, raising capital, designing more competitive offers to your customers.
  • Your market strategy should be geographically adaptable
  • Your marketing strategy should be open to changes, but without changing your initial purpose.
  1. Select potential suppliers
  • Choosing a supplier with the right experience that best suits your needs and conditions saves you from initial learning and set up costs
  • Ensures objective assessment
  • When choosing the right supplier for your business, make sure they have the experience, are geographically reachable, and can add strategic value to your business.

The importance of market research is rarely appreciated sometimes. If market research is done consistently and ethically, it can surely be a worthwhile investment for improving your business.

About Sam P

EnterpriseZone Staff Writer

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