Steps to Conduct Market Research

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Market research is often a process for finding solutions to face challenges or obstacles from target marketing and business units.

Finding the root of the business problem and determining the purpose by starting research to determine who the target market is for each new product that will be released, for each campaign that will be run, or will create a new market, data collection is required, and with the collection of this data, the report will make it easier to conclude a process to achieve the target , starting with

Identification of problems in the business unit or marketing team:

  • Make a list and check in detail what is a problem in the marketing team
  • Collect all relevant information such as customer reviews
  • Collect all relevant business information
  • Pay close attention to how the information gathered will affect the decision-making process
  • Look for clues as to why there are obstacles, and discuss them between divisions
  • Make a record like a log book project

Create a framework for research and research methods

  • Collect data (separate from the type of information obtained)
  • From where the data is obtained (Determine the future purpose)
  • How to collect data (Explain the method, tools and techniques)
  • Why should the data be collected (Explain the action plan)

Determine the purpose of the research:

  • Specific goals from the research, for example: getting public sentiment, finding out public perception, level of satisfaction with a product
  • Make sure it is in quantitative or qualitative form
  • Strengthen speculation from research findings prospectively, examples of prospects may occur from closing sales or payments

Plan sample data:

  • Identify and plan your target audience
  • Pay attention to the number of respondents and what their background is
  • Explain how to find out the target audience

Data collection

  • Plan data collection methods for example: observation, interviews, questionnaires, or netizens’ perceptions through their status or comments on a channel
  • The type of organization and information needed decide what research methods are suitable
  • Prioritize the survey method, interview using a checklist to ask questions
  • Other methods such as articles discussing products, publications, digging deeper into multiple data sets
  • Collect internal sources, such as financial details, transactions, buyer testimonial data
  • Also gather external sources for additional info from outside the company.

In Depth Analysis

  • Check triangulated for data accuracy
  • Sort logically
  • Record to storage media
  • Save the master data so that the format is easier to understand
  • Summarize the data in detail
  • Analyze and display in the report

Formulating conclusions

  • Interpret the essence of the information obtained
  • Making conclusions with visualized data
  • Make reports communicatively with the uniqueness of the information obtained (not typical)
  • Deliver the report to the point and stay within the corridor of the concluded data
  • Suggest a prospective solution

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