1. Define your goals
The first step in market research is to define the goal, i.e., to define the questions to be answered and the purpose to be achieved. This step can help consultants focus on the most critical information and avoid collecting irrelevant or redundant data. There are several ways to define a goal:
Question Tree: A question tree is a tool for breaking down complex problems into smaller sub-questions, which can help the consultant sort out the logical structure of the question, identify the key questions and assumptions that need to be answered, and the type of data that needs to be collected. Problem trees are built by starting with the top-level questions and breaking them down until they reach the smallest unit that can be verified with data or analysis.
SMART Principle: The SMART principle is a method of setting goals that require them to have the following five characteristics: specific, measurable, achievable, relevant, and time-bound. SMART principles can help counsellors set clear and actionable goals, as well as assess how well they are accomplished.
2. Determine the method.
The second step in market research is to determine the methodology, i.e., to choose the appropriate methods and tools for data collection and analysis. This step can help consultants obtain and process information effectively, improving the accuracy and credibility of market research. There are several ways to determine the method:
Data classification: Data classification is a method of dividing data into different types, which can help consultants choose the appropriate method of collection and analysis according to the characteristics of the data. There are several ways to classify data:
According to the data, it can be divided into first-hand data and second-hand data. Primary data refers to data collected directly from the market or consumers by consultants, such as through interviews, questionnaires, observations, etc. Secondary data refers to data obtained by consultants from other institutions or individuals, such as through reports, articles, databases, etc. The advantage of first-hand data is that it is closer to the actual situation and can better reflect the dynamics and changes of the market, but it is also more expensive and difficult to collect. The advantage of secondary data is that it is more accessible and provides more comprehensive and systematic information, but it can be outdated, biased or wrong.
According to the nature of the data, it can be divided into quantitative data and qualitative data. Quantitative data refers to data that can be represented and analyzed numerically or statistically, such as sales volume, market share, etc. Qualitative data refers to data that can be described and explained in words or images, such as brand image, consumer satisfaction, market trends, etc. Quantitative data has the advantage of being more objective and precise, and better supporting data-driven decision-making, but it may overlook some factors that are difficult to quantify. The advantage of qualitative data is that it is more in-depth and detailed, and can better reveal the essence and connotation of the market, but there may be subjective and ambiguous problems.
Data collection: Data collection is a method of obtaining data that helps consultants understand the market from different channels and perspectives. There are several methods of data collection:
Literature review: A literature review is a method of obtaining data from existing literature, which can help consultants quickly understand the background and current situation of the market, as well as relevant theories and models. The method of literature review is to find the literature related to the market research target through search engines, databases, libraries, etc., such as industry reports, academic **, news articles, etc., and then screen, read, summarize and evaluate the literature to extract useful data and information.
Expert Interviews: Expert interviews are a method of obtaining data from experts or authorities in the industry, which can help consultants gain insight into the dynamics and trends of the market, as well as the rules and challenges of the industry. The method of expert interview is to contact and invite experts related to market research objectives, such as heads of industry associations, executives of well-known enterprises, professors of famous scholars, etc., and then communicate and discuss with experts according to the interview outline prepared in advance, and record valuable data and opinions.
Questionnaires: Questionnaires are a method of obtaining data from the market or consumers, which can help consultants understand the needs and preferences of the market broadly and systematically, as well as consumer behaviors and attitudes. The method of questionnaire survey is to send or send a questionnaire containing multiple questions to the target person through the Internet, email, etc., and then collect and analyze the answers to draw useful data and conclusions. The design and implementation of the questionnaire need to pay attention to the following points:
Design of the problem: The design of the question needs to be consistent with the SMART principles, which are specific, measurable, achievable, relevant, and time-bound. The design of the problem also needs to avoid the following common mistakes: too many questions, too long, too difficult, too complex, too vague, too sensitive, too guided, too biased, etc. The design of the question also needs to choose the appropriate question form according to the type of data, such as multiple choice questions, multiple choice questions, fill-in-the-blank questions, scale questions, sorting questions, etc.
Sample selection: The selection of the sample needs to be in line with the principles of representativeness and validity, that is, the sample can reflect the characteristics of the entire market or consumers, and the quantity and quality of the sample can support reliable analysis and inference. The selection of the sample also needs to consider the following factors: the definition of the target population, the ** of the sample, the size of the sample, the stratification of the sample, the sampling method of the sample, etc.
Data analysis: The analysis of data needs to be objective and comprehensive, i.e. the data can truly reflect the market or consumer situation, and the data can cover all the key issues and assumptions. The analysis of data also requires the following methods: data cleaning, data description, data comparison, data association, data classification, data modeling, etc.
Data analysis: Data analytics is a method of working with data that helps consultants extract valuable information and insights from data, as well as validate or disprove questions and hypotheses. There are several ways to analyze data:
Data visualization: Data visualization is a method of turning data into graphs or charts that can help consultants visualize and interpret data, as well as spot patterns and anomalies in data. There are several ways to visualize data: bar charts, line charts, pie charts, scatter charts, radar charts, maps, dashboards, etc. There are several principles for data visualization: choose the right graph or chart, use the right color and size, add clear titles and labels, avoid too much detail and distractions, etc.
Data mining: Data mining is a method of discovering useful patterns or relationships from large amounts of data, which can help consultants analyze and understand data in depth, as well as the changes and impacts of data. There are several methods of data mining: cluster analysis, classification analysis, association analysis, regression analysis, time series analysis, etc. The steps of data mining are as follows: data preprocessing, data transformation, data modeling, data evaluation, data application, etc.
Data Interpretation: Data interpretation is a method of drawing meaningful conclusions and recommendations from data that can help consultants answer the target questions of market research and provide actionable solutions. There are several methods of data interpretation: data induction, data deduction, data comparison, data verification, data promotion, etc. The principles of data interpretation are as follows: the interpretation of data should be based on the analysis of data, the interpretation of data should conform to logic and common sense, the interpretation of data should consider the limitations and assumptions of data, and the interpretation of data should provide evidence and arguments.
3. Conduct research
The third step of market research is to execute the research, i.e., to actually collect and analyze data according to the established methodology and plan. This step helps the consultant to obtain and process market information to prepare for the final results and reports. There are several ways to conduct research:
Plan development: Plan development is a method of breaking down the process and tasks of market research into specific steps and timelines, which can help consultants clarify the scope and objectives of market research, as well as allocate and manage resources and personnel for market research. There are several ways to develop a plan: Gantt charts, milestone charts, critical path methods, etc. The principles of planning are as follows: the plan should be in line with the objectives and methods of market research, the plan should consider the risks and countermeasures of market research, the plan should be flexible and adjustable, and the plan should communicate and coordinate with the team and customers.
Data collection: Data collection is a method of obtaining data from different channels and angles according to market research methods and tools, which can help consultants understand the situation and problems of the market. Data were collected by the following methods: literature reviews, expert interviews, questionnaires, etc. The principles of data collection are as follows: the data should be in line with the objectives and assumptions of market research, the data should be representative and valid, the data should be as diverse and comprehensive as possible, and the data should be updated and verified in a timely manner.
Data analysis: Data analysis is a method of extracting valuable information and insights from data based on market research methods and tools, which can help consultants analyze and understand market rules and trends. There are several methods of data analysis: data visualization, data mining, data interpretation, etc. The principles of data analysis are as follows: data should be in line with the objectives and assumptions of market research, data should be objective and comprehensive, data should be accurate and credible, data should be meaningful and insightful, etc.
Fourth, present the results
The fourth step of market research is to present the results, that is, the process and results of market research, as well as relevant conclusions and recommendations, to be presented to customers or other stakeholders in an appropriate form and manner. This step can help consultants communicate and communicate the value and impact of market research, as well as facilitate the application and implementation of market research. There are several ways to present the results:
Report preparation: Report preparation is a method of organizing and recording the process and results of market research, as well as relevant conclusions and recommendations, in written form, which can help consultants explain the content and significance of market research in detail and systematically. The report is prepared in the following ways: title, abstract, table of contents, body, conclusions, appendices, etc. The principles of the preparation of the report are as follows: the report should be in line with the objectives and methods of market research, the report should be clear and logical, the report should be concise and precise, the report should have data and arguments, and the report should have conclusions and recommendations.
Presentation production: Presentation production is a method of presenting and presenting the process and results of market research, as well as related conclusions and recommendations, in oral and visual form, which can help consultants intuitively and vividly convey and communicate the value and impact of market research. There are several ways to make presentations: slides, posters, animations, etc. The principles of presentation production are as follows: the presentation should be in line with the objectives and methods of market research, the presentation should attract and guide, the presentation should be prominent and focused, the presentation should be concise and orderly, the presentation should have data and stories, and the presentation should have conclusions and recommendations.
Communication skills: Communication skills are a method of communicating and collaborating with clients or other stakeholders in an effective and persuasive manner to integrate the process and results of market research, as well as related conclusions and recommendations, which can help consultants build and maintain good relationships and trust, as well as facilitate the application and implementation of market research. There are several ways to communicate skills: listening, understanding, responding, asking questions, giving feedback, persuading, negotiating, etc. The principles of communication skills are as follows: communication should be in line with the objectives and methods of market research, communication should be respectful and honest, communication should be clear and consistent, communication should be active and proactive, communication should be flexible and adaptive, communication should be purposeful and effective, etc.