The ‘market’ might sound like this grand, intangible and foreign concept, but cracking its complexity is the first step to kick off any successful initiative, project or idea.
How to Make Your Market Research Matter
As a business leader or marcomms professional, you will have most likely already come across the term “Market Research.” You are probably well aware of its importance for the success of a project, initiative or even a brand. What you might not know, however, is that you are actually conducting market research in your day-to-day when you:
- Check what your competition is currently doing
- Read a study or report about an industry that interests you
- Explore trends and innovative ideas
- Look for previous learnings from other teams in your organization that can help your project
Bet you didn’t know these actions are considered market research, huh? You probably do most, if not all, of the above regularly. We’ve got some tips for you to create the greatest impact with your market research, thanks to a methodology that is intuitive, easy-to-follow and insightful. Check it out:
1: Lay the Groundwork for Your Observation
Don’t fall into the rabbit hole! Before starting your market research, ask yourself four important questions: who, what, when and how. Take some time to reflect upon the answers, as they will guide your discovery process and determine the direction your research will take. Be realistic and set attainable goals for you and your team.
2: Choose the Best Type of Market Research for Your Project
See yourself as a detective, and this step as your strategy to solve your mystery. Are you going to follow your own journey and conduct detailed primary research? Or are you tagging along with secondary research to dig deeper into pre-existing data? Both have their advantages and disadvantages. It’s up to you to assess the best approach based on the resources at your disposal.
3A: How to Conduct Primary Market Research
Did you choose primary research? Great! Here, the sky is the limit when it comes to methodologies. You can conduct interviews, surveys, focus groups, observations exercises, drawing activities, blind tests, etc. Be creative and develop the approach that works best for you. Just make sure to keep some best practices in mind when conducting your research.
3B: How to Conduct Secondary Market Research
Prefer secondary research? Wonderful, who doesn’t love a good funnel? Start by looking at the big picture, collect insights from different sources, and then narrow your learnings down to your own research. You will discover many insights and some you might not use at all, but the accumulated knowledge will certainly come in handy during other steps of your project.
4: Do’s And Don’ts to Optimize Your Brand Strategy
As with any kind of process, there are always certain things to do and certain things to avoid when it comes to market research. These tips will not only accelerate your research but will also put you ahead of the curve. Implementing them in addition to this step-by-step guide will take your market research wherever you want it to go by getting your project off on the right foot.
5: Enjoy the Results of Your Researched Brand Strategy
Now it’s time to relax and enjoy the outcome of your research! And don’t forget, soon it will start all over again, but that’s the beauty of market research.
At Mach Media, market research is one of our core competencies and a critical step to help us collect valuable insights and develop kick-ass strategies that drive our clients’ business forward. Reach out today to discover what we can do for you.
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