Market research is a method of collecting, analyzing, and interpreting market information designed to help businesses or organizations make better decisions. Market research can help understand the market's needs, preferences, trends, competition, opportunities, and threats so that an effective market strategy and action plan can be developed. The importance of market research is self-evident, but how to conduct high-quality market research? This article will cover the basic norms and standards for market research and how to follow them.
1. Clarify the purpose of market research
The first step in market research is to clarify the purpose of market research, that is, what questions to answer and what goals to achieve. The purpose of market research should be specific, clear, quantifiable, and achievable, rather than vague, general, difficult to measure, and unrealistic. The purpose of market research should be consistent with, not contrary to, or unrelated to, the overall strategy and goals of the business or organization. The purpose of market research should be valuable, meaningful, and useful, not useless, meaningless, and worthless.
Clarifying the purpose of market research is conducive to determining the scope, content, method, time, budget, etc. of market research, so as to improve the efficiency and effect of market research. For example, if an automobile company wants to understand consumers' perceptions of its first car, the purpose of market research can be: to evaluate consumers' cognition, attitude, intention and behavior of the first car, as well as the main factors affecting these factors, so as to provide basis and suggestions for the marketing of the first car.
2. Choose the right market research method
The second step in market research is to choose the right market research method, i.e. how to gather market information. There are two main types of market research methods: quantitative research and qualitative research. Quantitative research refers to the analysis and interpretation of a large amount of data through mathematical and statistical methods to draw objective, quantifiable and generalizable conclusions. Qualitative research refers to the analysis and interpretation of a small amount of data through non-mathematical and non-statistical methods to arrive at subjective, non-quantitative, and non-generalizable conclusions.
Quantitative research and qualitative research have their own advantages and limitations, and should be selected and combined according to the purpose, content, resources and other factors of market research. Generally speaking, quantitative research is suitable for answering questions such as "how much", "what percentage", "to what extent", and qualitative research is suitable for answering questions such as "why", "how", "how do you feel", etc. Quantitative research can provide breadth and depth of data, and qualitative research can provide quality and detail of data. Quantitative research and qualitative research can complement and verify each other to form a complete market research system.
There are many methods of market research, the common ones are: questionnaires, interviews, observations, experiments, literature analysis, case studies, focus groups, neuromarketing, etc. Each method has its own scenarios and conditions, as well as its advantages and disadvantages. When choosing a market research method, you should consider the following aspects:
Availability of data: whether the required data can be obtained effectively, whether there is sufficient data**, whether there are suitable data collection tools, whether there are legal data collection permissions, etc.
Credibility of data: whether the authenticity, accuracy, completeness, consistency, representativeness, etc. of the data can be guaranteed, and whether the deviation, error, and interference of the data can be eliminated or controlled.
Data analysis: whether the data can be reasonably classified, sorted, encoded, cleaned, transformed, etc., whether appropriate data analysis methods, technologies, software, etc. can be used, and whether effective data analysis results and conclusions can be obtained.
Data availability: whether valuable market research suggestions and solutions can be put forward based on the data analysis results and conclusions, whether the market research results can be applied to market strategies and action plans, and whether the goals and objectives of market research can be achieved.
When choosing a market research method, you should consider the above factors comprehensively, choose the most suitable market research method for you, or use multiple methods to cross-verify and complement each other. For example, if an automobile company wants to understand consumers' perceptions of its first car, the method of market research can be: first conduct qualitative focus group discussions to understand consumers' needs, preferences, feelings, etc., and then conduct quantitative questionnaires to quantify consumers' cognitions, attitudes, intentions and behaviors, etc., and finally conduct data analysis and reports, and put forward suggestions and plans for marketing.
3. Design an effective market research questionnaire
The third step of market research is to design an effective market research questionnaire, that is, what kind of questions to use to collect market information. A market research questionnaire is a common market research method that can be used to ask a series of questions to target respondents online or offline to obtain their answers and feedback. The advantages of market research questionnaires are that they can collect a large amount of data, can conduct quantitative analysis, can compare different groups and variables, can save time and costs, etc. The disadvantage of the market research questionnaire is that there may be problems such as data distortion, bias, error, invalidity, etc., which may affect the quality and credibility of the data, and may lead to wrong conclusions and suggestions. Therefore, it is very important to design an effective market research questionnaire that follows the following principles:
Consistent with the purpose and content of the market research: The questions in the questionnaire should be relevant to the purpose and content of the market research, be able to answer the core questions of the market research, and be able to gather the information needed for the market research, rather than information that is irrelevant or useless.
Suitable for the object and scenario of market research: The questions of the questionnaire should be suitable for the object and scenario of market research, be able to consider the characteristics, background, knowledge, interests, motivations, etc. of the respondent, and be able to adapt to the time, place, and method of the respondent, rather than the questions that are inconsistent or inconvenient.
Clear, concise, accurate, and objective: The questionnaire questions should be clear, concise, accurate, and objective, able to clearly express the meaning of the question, able to avoid the use of vague, complex, wrong, and subjective words, and able to eliminate or reduce ambiguity, assumptions, hints, guidance, etc., rather than making the respondent feel confused, tired, misunderstood, biased, etc.
Orderly, logical and structured: The questions of the questionnaire should be orderly, logical and structured, able to organize the questions in a certain order, logic and structure, and be able to move from general to concrete, from simple to complex, from easy to difficult, from irrelevant to relevant, from open to closed, etc., rather than random, chaotic and irregular questions.
Diverse, balanced, and selective: The questionnaire questions should be diverse, balanced, and selective, able to cover different aspects, angles, levels, dimensions, etc., and can reflect different views, positions, preferences, attitudes, etc., and can provide different options, scopes, degrees, and frequencies, rather than a single one.
1. The problem of bias and indifference.
When designing an effective market research questionnaire, you should also pay attention to the following details:
Length of the questionnaire: The length of the questionnaire should be moderate, neither too long nor too short. Questionnaires that are too long may lead to fatigue, boredom, abandonment, etc., affecting the integrity and validity of the data. Questionnaires that are too short may lead to dissatisfaction, disbelief, and lack of attention from respondents, affecting the quality and credibility of the data. In general, the length of the questionnaire should be between 10 and 20 minutes, or between 20 and 30 questions, depending on the purpose and content of the market research.
Format of the questionnaire: The format of the questionnaire should be clear, beautiful and standardized, which can facilitate the respondent's reading, filling and submission, etc., and can improve the participation and satisfaction of the respondent. The format of the questionnaire includes font, font size, color, spacing, alignment, numbering, title, description, chart, etc., and should be consistent and uniform.
1. Coordinate and highlight the style, and avoid using excessive, too miscellaneous and over-flowery elements, which will affect the readability and operability of the questionnaire.
Questionnaire testing: Questionnaire testing refers to a small-scale trial of the questionnaire before the formal market research is carried out to test the validity and feasibility of the questionnaire, as well as to find and improve the problems and deficiencies of the questionnaire. The test of the questionnaire should select a group of people who are similar to the market research subjects, ask them to fill out the questionnaire, collect their feedback and suggestions, evaluate and modify the content, methodology, format, etc. of the questionnaire until the desired effect and standard are achieved.