Market research is a powerful tool in gaining insight into the attitudes of consumers is the only sure way to gather the data you need to stay abreast of current market trends and reduce your risk exposure. However, because the quality of data is totally dependent on the approach to research, it is critical that research surveys be performed in an intelligent and strategic manor.
Business executives are willing to pay significant fees for high-quality market research provided they believe the data is accurate of current consumer behavior and predictive of emerging trends. The best strategy in achieving a solid ROI is employing a multi-faceted approach and global market research agency Kadence International points out a mixed methodology is used by many successful big-name international companies, such as the Wall Street Journal and Mitsubishi Motors. Following are the top three “Dos” and “Don’ts” to take into account when conducting market research surveys:
1) Consider the Type of Research
Every traditional or modern research method falls into the category of either primary or secondary research. Primary research is data obtained through new surveys, whereas secondary research is taken from previously conducted studies. Carefully considering whether primary or secondary research will best suit your needs will help get you started in the right direction.
2) Determined Your Objective
In order to gather accurate data and reach a correct conclusion, first determine the desired goal. Begin by determining what members of your organization will be using the data and what the final goal is. Determining a clear direction before you begin your research will allow you to gather information that is the most useful in achieving your goal.
3) Consider the Consumer’s Perspective
Keep your main objective in mind when designing the survey to best be able to ask the most relevant, and effective, questions. Focus on the key information you need from each question by sticking to the “one question – one answer – one objective” model and never ask compound questions.
1) Skip the “Professional” Survey Takers
These are people who get paid to take surveys and it is often times their literal day job. Many of these people have developed the skills to answer questions in the way they think you want them to, instead of being honest. This means the data will be corrupted and basically useless.
2) Neglecting New Approaches
Don’t be afraid of trying new approaches to research and seeking out the advice of freelance consultants. There is also an array of plenty of new automated solutions to help you come up with new ideas.
3) Trying to go it Alone
Market research is becoming more complex and it is a mistake to think you can figure it all out yourself if you have no experience. If you feel you are in over your head, the smart thing to do is call in a qualified professional.
Qualitative data that can anticipate market direction provides business owners and managers a good return on their investment. Following these simple tips will help you obtain the market data you need and reduce the cost of running ineffective campaigns.