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What are some steps in creating a Market Research plan?
Home » Advertising & Marketing » Market Research » What are some steps in creating a Market Research plan?Posted by Your Guide on October 16, 2005 3:11 PM
First of all, determine the goal of your research. What do you need to accomplish? Is it improved customer service? Increased sales? Determining the right market for a new product?
Next, decide how you are going to perform your research. In other words, determine your research instrument. This could range from one-on-one interviews to focus groups or surveys. If you plan to use a questionnaire or survey, make it easy to understand and provide participants with an incentive, such as coupons or an entry for a prize drawing. Limit focus groups to ten to twelve people and be sure to record every answer given for accurate results.
The next step is to identify and recruit participants. Perhaps you could use randomly selected addresses and telephone numbers in your local area. Existing customers are also excellent research participants for feedback on your products and services. In today’s technological age, using the Web to start a chat room or message board is another effective way to encourage customers to participate. Don’t forget your own employees, as well. Because of their constant contact with customers, they can provide you with valuable insight.
Finally, determine what will be done with the results of your research. Then be sure to organize your data and align your marketing strategy accordingly. If you find you don’t have the time, expertise or desire to carry out this plan yourself, hire a market research firm. Because this is not a cheap option, however, be sure to choose a firm that understands your business and has a good reputation.
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