What's your process for using market research to make decisions?

Market research is a vital tool for making informed and strategic decisions in any business. But how do you use it effectively and efficiently? In this article, you'll learn a simple and practical process for using market research to make decisions, whether you have a large or small budget, a complex or simple problem, or a new or existing product or service.

1 Define your objectives

The first step in any market research process is to define your objectives. What are you trying to achieve, learn, or solve with your research? What are the key questions you want to answer? How will you use the results to make decisions? Having clear and specific objectives will help you focus your research, select the best methods, and communicate your findings.

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Dr. Lilian Ajayi Ore, Ed.D.

Lecturer at Columbia University | President's Gold Service Award | Chief Learning Officer | Research Scholar | Top 50 L&D Executive | DEI Trailblazer | TEDx Speaker | MG100 Coach | Keynote Speaker
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In defining your objectives using market research data, you must also compare the insights gathered to your internal data (i.e., historical data, current consumer behavior reports, etc.), asking are the trends consistent with what you have seen in the past or current scenarios. If there are any inconsistencies, this will give you another layer of insight into what steps are required to move forward with finalizing the approach and setting your new objectives.

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2 Choose your methods

The next step is to choose the methods that will help you collect the data you need to meet your objectives. There are many types of market research methods, such as surveys, interviews, focus groups, observations, experiments, and secondary data analysis. Each method has its own advantages and disadvantages, depending on your budget, time, resources, and target audience. You may need to use a combination of methods to get a comprehensive and reliable picture of your market.

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Theophilus Wells IV

Godzilla Meets Rogue Strategist & Ethnographer | I don't just poke fun. I stab it.
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In the realm of Qual: - Its important to gather data in the most organic methods -Q&A's may indicate one method of behavior that your audience contradicts with their actual behaviors. -Ethnographic studies are done best by becoming the audience. Sometimes we don't have the right questions to reveal the answer we're seeking. Joining the audience provides us with insights before needing the "right question".

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3 Design your research

The third step is to design your research, which involves planning the details of how you will conduct your methods. This includes defining your sample size and criteria, creating your questions or hypotheses, selecting your tools and platforms, and testing your research instruments. You should also consider the ethical and legal implications of your research, such as obtaining consent, protecting privacy, and avoiding bias.

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Augustine Amoako Dickson

Head of Channel - TV3 at Media General Ghana
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Deciding on what questions should be used will depend on your research objectives and also how those questions ought to be analyzed.

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4 Collect your data

The fourth step is to collect your data, which involves executing your research methods according to your design. This may involve recruiting and incentivizing participants, administering surveys or interviews, conducting focus groups or observations, running experiments, or accessing secondary data sources. You should monitor and document your data collection process, and ensure that you follow quality standards and best practices.

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5 Analyze your data

The fifth step is to analyze your data, which involves processing, organizing, and interpreting the data you collected. This may involve coding and categorizing qualitative data, performing statistical tests and calculations on quantitative data, or using software and tools to visualize and explore your data. You should look for patterns, trends, insights, and answers to your research questions, as well as any limitations or challenges.

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6 Report your findings

The final step is to report your findings, which involves communicating and presenting the results and implications of your research. This may involve writing a report, creating a dashboard, making a presentation, or sharing a summary. You should highlight the key findings, recommendations, and action points, and link them back to your objectives and decisions. You should also acknowledge the sources, methods, and limitations of your research, and provide feedback and follow-up.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What's your process for using market research to make decisions?

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1 Define your objectives

2 Choose your methods

3 Design your research

4 Collect your data

5 Analyze your data

6 Report your findings

7 Here’s what else to consider

Market Research

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What's your process for using market research to make decisions?

1

2

3

4

5

6

7

1 Define your objectives

2 Choose your methods

3 Design your research

4 Collect your data

5 Analyze your data

6 Report your findings

7 Here’s what else to consider

Market Research

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