Our expert researcher, Mary Uccellini has compiled a handy list of considerations for those venturing into market research territory. Read on, and be enlightened!
1. What are you trying to achieve from your research?
Define a SMART goal/s.
Specific – It is overly ambitious to save the world with one survey.
Measurable – How will you measure success?
Attainable – Is the goal realistic?
Relevant – Is it relevant to your company, customers, society?
Time-bound – What is the project time frame?
2. What is the best way to achieve this goal/s?
Once you have determined what you are trying to achieve it is necessary to explore the best way of achieving it. This includes the research method you intend to implement, the questions you will ask, the medium/s you will use, and the number of people you wish to participate.
3. What is the project budget?
The project budget may end up changing your answer to question 2. In most projects the most desirable method is unpractical under the circumstance. Be creative, but don’t stretch beyond your means.
4. How will you attract participants to be involved in your market research project?
This requires a rollout strategy/planning. Start by considering a value proposition to participants (perhaps offer an incentive prize) and taking a multi-channel approach to promotion and recruitment.
5. How will you analyze your responses?
Data analysis methods will be very dependent on the research method applied. Qualitative responses can allow for inferences to be made, whilst quantitative responses can highlight norms and track patterns.