Below, we highlight the 6 fundamental steps of the market research process that make success the expectation, rather than the exception:
It seems self-evident and perhaps blatantly obvious, but a surprising number of market research projects fail to deliver desired results because the initial inquiry was not fully developed and clearly understood. Or, just as often, a business misunderstood the challenge it was facing, or defined it too narrowly. For example, a business may find that an above-average number of customers are churning after a year. But the root cause could be at the pre-sales level -- i.e. the wrong kinds of customers were being onboarded vs. the right kinds of customers opting to churn.
Some businesses – and even some ill-trained consultants – start the market research process with a methodology or design already in mind. For example, they may have a familiarity or confidence with online survey tools, and so they base their research problem analysis on that premise (i.e. “we are going to use online surveys to get responses, so our research problem has to conform to this approach”).
This is putting the proverbial cart before the horse. The methodology and design should only take place after the problem is identified. Of course, it must also reflect other variables, such as timeline, budget and scope, which can (and usually does) limit certain options. For example, conducting in-depth interviews might be ideal, but cost prohibitive and so phone interviews may be required. However, these adjustments are legitimate and based on reality. They are not artificial and based on bias.
Once the problem and methodology are identified (and as noted take into consideration factors like budget, timeline, etc.), the next step is to design sampling plan. This includes identifying research participants, and establishing the questions that they will be asked.
Once the market research plan is executed, data needs to be carefully collected and organized. While automation can be a big part of the process, depending on the methods there may be a manual component as well that can be complex and time consuming if not handled by experienced market research professionals. Ensuring data hygiene throughout the process is also critical, or else the insights and conclusions will be unreliable or skewed.
Once the data is gathered, the next step is to crunch the numbers and translate them into business intelligence and actionable insights. There are various models and techniques to do this based on specific project variables. Ultimately, the data is developed into a series of insights, inferences and implications.
Finally, the market research must be presented to various stakeholder groups in a manner that each finds meaningful and relevant. For example, sales teams are typically interested in findings that relate to buyer motivations and perceptions, while technical teams are typically interested in issues that relate to product usage and optimization, and so on. Adjustments must be made or else the ultimate end users of the research will not be able to get full value.
To learn more about the market research process and the approaches, tools and strategies we use to ensure that our clients achieve results and ROI, contact the Communications For Research team today. You’ll speak with co-CEO Colson Steber who can provide market research advice, build a personalized market research quote and help you achieve success through the market research process.
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