How to Do Successful Market Research for Your Projects

You’re building a new product or working with a new client. Planning a launch or revamping your promotional strategy. You want the results to be really good. Let’s say you want to be the best in the market. What do you do? Where do you start?

The solution that you’re looking for is — market research.

Put simply, research helps to make sure we’re making the right plan of action for the right target audience. It is like ringing the future into the present so that you can do something about it now.

Let’s dive straight in! 🚀

When we are working on any given project, the first thing is to make a plan for creating solutions. When we involve market research, we concentrate on the following points:

Step 1: Make a problem statement or have an objective
Step 2: Develop an overall research plan
Step 3: Collect relevant data and/or information
Step 4: Analyze
Step 5: Present your findings
Step 6: Use your findings to make a decision

Think — “A good plan is like a road map: it shows the final destination and usually the best way to get there.”

It’s a fact — we all know a lot less than we think we do. Understanding and filling this informational gap and educating ourselves by using surveys, one-on-one sessions and community forums is what we recommend and also practice.
An example from one of our projects last year: To construct the marketing strategy for a client’s product related to menstrual hygiene, we first worked on understanding the mindset of the target audience by asking a set of important questions.

A few important aspects to analyse about competitor data can include:

However, these may vary according to the industry and products you’re in. Analyzing your competitors helps to reflect on the question:

The answers to this question is important to anyone launching a new product or for existing businesses to fight for their share in a crowded market. You should never ‘stretch’ the meaning of your brand under the influence of new competitors or technologies. Stay sharp, clear and consistent. The meaning of your brand/product should never erode and market research can help you here to keep your focus.

Thanks to Google, we have more information at our fingertips than ever before. A high quality market research is possible when we combine the information collected using interviews and surveys with the resources available online.

As an agency when you’ve to present a plan of action to clients, strategy backed by trends is much more believable and convincing. You should always be able to answer these questions:

Try to support a qualitative trend through quantitative analysis.

Our go-to resources for trend analysis include:

The key here is to initiate as much activity as possible in these focus groups. It helps everyone from the team to be on the same page and act on the observations immediately. You can even do rapid prototyping during the session and take immediate feedback from the users.

Quick Tip: Holding these sessions somewhere in the early week can give you enough time to iterate and run follow-up tests later in the week.

We’d love to keep the conversation going in the comments below! 😃

Love,
#TeamCreate

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