6 Best Mix Solutions for Conducting Intensive Market Research

6 Best Mix Solutions for Conducting Intensive Market Research

Be it from word of mouth or business basics, it is a renowned fact that market research is essential for small scaled firms, large scale organization and startups. But how do you go about it? What will give you a sharp SWOT analysis? Many people who wish to venture their business are often left speechless when the task actually arrives.

How will you know that a selected technique will serve you the best? Here are crisp and useful tips on how to easily conduct market research using online resources:

1. Identify Business Motive

Before using any of the tactics and tools, try to understand what you are exactly looking for. Do you wish to penetrate an existing operating environment? Is your product/service new to people? Who can be your target audience? How much can you afford to invest? What are the current likes and dislikes of consumers? Who are your probable competitors? What are the psychographic and demographic details? These are few of the questions that you can answer for your market research. Think of questions that relate to your goal, and desired end product.

2. Bank on Logical Flow of Events

Now that you are clear on the questionnaire, answer them for yourself, considering how the people may react to the same. This will assist you in drawing a practical flow of procedures, strategies and devise follow-up questions for a compressive data. This way you can anticipate likely responses from consumers and get your hands on hypothetical market research and analysis than being taken aback by something unexpected.

3. Finalize the Target Group for Research

If you want to sell shoes, you will definitely not talk to the fruit customers. Thus, you have to segregate target groups in a way that your research is accountable. Finding the right set of people for answers can be gauged from relevant market data of audience for a particular segment, considering generating leads from a database and approaching them with questionnaires, meet up with respective business personnel etc. You can refer to industry research reports as to how big guns of the market went ahead with successful approach.

4. Select Best investigation Method

Depending on the type of leads, you can choose a method for how to do market research. Some prefer contacting people on their email ids, make telephonic calls, visit the person at residence/workplace, create an internet poll, access target audience through social media etc. The tactic selected should be able to provide you a trustworthy SWOT analysis. Select a contact tool/s that helps leveraging your purpose and avail qualitative and quantitative response from the target group.

5. Concrete Surveys and Channels

If you can independently handle the process, then consider cost effective channels like online free tools for surveys, polls, votes, digital forums etc. If you have a grand budget, then you can step ahead with market research and analysis through broadcast, advertising, events, meet-ups, road shows, programs, workshops, service and product trials to consumers etc. Several agencies are present to help you with these at any point of time. However, you can also select affordable means by hiring a dedicated team for the same.

6. Analyze the Responses

After receiving collective findings, it is time to analyze these for a value-added scope and answer. You may have to set a limit as to the amount and quality of data needed is needed for observation to gain an insight on a particular query. For e.g. for a quantitative analysis, you may be looking for number of people who affirmed or disagreed to aspects projected to them. For a qualitative observation, maybe you can look for what people think of the services, study recent industry research reports, suggested improvements by people etc.

About the Author

I am Amiya Foster. Though I do not possess extraordinary knowledge in market research, I am capable in providing marketing tips to people. I can guide businesses and people on SWOT analysis, industry research reports, business research and a lot more. Follow me on Twitter @JSBMarket.

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