How to carry out market research
Checklist
- Focus on research which will help you make better decisions.
- Work out what you need to know and whether you need an in-depth understanding or simple numerical results.
- Decide how quickly you need the information and how accurate it must be.
- Set up your research with a clear brief, including objectives, deadlines and any important background information.
- Decide whether you have the expertise to carry out larger research projects yourself or need to use an external agency, or freelance researcher.
- Make full use of easily accessed information from internal records, employee and customer feedback, publications and the internet.
- Ask your customers who they see as your competition and why they use you.
- If necessary, invest in surveys, observation and experiments to back up decisions.
- Analyse research results carefully and objectively.
- Be prepared to carry out further research if the information you have is insufficient or out of date.
- Use your research to make decisions and plan strategy.
- Regularly update your understanding of customers and market conditions.
Cardinal rules
Do:
- plan your objectives and clarify what you need to know
- choose the most cost-effective research methods
- use your research to improve your competitiveness
- keep up to date
Don't:
- base important decisions on inadequate research
- ignore research which contradicts your preconceptions
- rely on old research
