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Market research is a critical part of your business and is often overlooked because it can be tedious. But you are seriously hampering your business growth if you don’t do this in the beginning.
The more you’re ready in advance before you start your research, the more likely it is that your research will be accurate.
When you start conducting market research, you need to first define the problem and identify the objective of the research that you’re trying to accomplish.
Knowing these things in advance will be helpful.
You need to know what your market wants, not what they need.
Use Google for quick niche keyword research to see what problems people are searching for and how your product or service can provide the solution.
Think about all the questions you may have and how you’ll get the answers. Some you’ll be able to get via primary research, others via secondary research.
Having a vision of where you want to end up is a big part of planning your research. Are you researching potential customers or potential competition, or the market in general?
When you start researching, you need to have a list prepared of the questions you want to answer before you even start.
This is going to help direct the research that you do.
The best thing to do is to look for government data, trade publication data, and industry data from reputable sources.
Your sources are the most important aspect of your information because they will determine whether or not your research is accurate.
It seems strange, but the best research to start with is secondary research which is research that’s already been conducted.
Find out what answers you can get from other people’s work first. Then you can use those results to inform your primary research.
After you’ve done your secondary research, it’s easier to design your primary research in a way that will get the best results.
The results you need will depend on the questions you have so far.
There are 2 types of information that you can collect: either exploratory or specific.
Exploratory information is rather general and open-ended, whereas specific information is more targeted and used to solve the problems highlighted from your exploratory research.
Once you’ve collected all the information you need in the methods you’ve chosen, you need to put it all together and combine it.
A lot of market research is both creative and scientific, and it’s best to use both.
You don’t want the research to be stifled.
As you conduct your research, always remember and keep in mind what you are looking for as the end result.
How you plan to use the information matters a great deal. Is it going to be used internally or externally?
You know what questions the research will answer and how you’ll use it.
Now let’s move onto some of the tools you can use for market research.
When you start conducting market research, you’ll need to collect a few tools of the trade. Thankfully, today there are so many automated tools to help you conduct market research like a pro at very little cost, and in some cases even free.
If you’re not sure who they are, you can’t be sure about what they want. Doing market research will answer all of those questions for you. Using the right tools will make it easy to do.
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