Marketing Research Process & Steps
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Basics
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Market research is important to a company in order to discern the correct direction for marketing and advertising efforts. Without intelligent marketing information, a company could waste valuable resources targeting the wrong consumers or using an invalid campaign that is not only ineffective, but also damaging to the business. Marketing research steps are usually preceded by a need. Someone in the company realizes that current advertising is not reaching the right customers or that a product or service is not moving as predicted.
Planning
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Once a problem or issue is clearly defined, objectives should be evaluated. Marketing managers must know where they are going and what goals they want to achieve in order to develop a plan to reach them. With clear objectives, a company needs to take inventory of its current resources, including staff experience at gathering the required information. Set a budget and draft an initial plan. Consider how much access you have to competitor's information, the current economic climate, client data and statistics. Define each employee's role in the research plan and provide deadlines. Contact outside competitive intelligence consultants if you need more expertise in carrying out the plan.
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Design
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Design the research models that will be used. Create surveys and identify critical populations that will participate in the questionnaires. Find software programs that can help to analyze the information as it becomes available. Decide what information will be most valuable and what will be discarded. Look for secondary sources of information, such as government statistics and industry association market evaluations. Create reporting procedures for the teams to follow and begin the project.
Data
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Begin collecting the data from the various sources that have been identified as important to the research project. Pass out surveys, gather consumer groups and begin the process of getting the required feedback. Develop checkpoints to receive progress reports from various staff members assigned to collect data. Input the data into the respective software programs for analysis.
Report
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Consider all the data, as well as the final computer analysis of the collected research. Summarize in narrative form for a cover to the final research report. Organize the data into a logical format that decision-makers can comprehend. Include charts and graphs. Prepare a final presentation along with recommendations about how to apply the research to the next phase of marketing, which involves creating a marketing strategy. Any number of reporting media can be used for the final presentation, from PowerPoint presentations to a group to electronic and printed formats. Include time lines for when the research must be updated as you move forward in the marketing processes.
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