Market research is an invaluable asset to any company. Understanding where your company sits in the market, what your potential customers want and how your competitors are doing are a handful of benefits of conducting a successful market research campaign.
But what are the top tips in conducting a fruitful market research campaign?
1. Decide what to research?
It sounds simple enough. Market research projects take up time and effort for it to be a success. Making sure you have a clear objective before anything, of what you want to achieve, is critical. Think about the answers you want at the end of project then, how you will use that data to make an informed and impactful decision to help your business grow.
2. What research methodology will you undertake?
Qualitative and quantitative data are the two most recognised scientific methods of research. Qualitative research will involve collecting and observing data which is non-numerical. Collecting data on people’s opinions, concepts or thoughts would fall into qualitative research. Quantitative research collects and analyses hard facts and figures. Typically, this is numerical values which are then transformed in various statistical models.
3. How will you conduct the research campaign?
If you are conducting your research project yourself, it is classed as ‘Primary Research’. Primary research is going out and collecting the data and research yourself. This can be done via multiple channels including telephone surveys, email surveys, direct mail surveys, or even arranging a focus group for face to face research. Depending on you what you want to research and the size of your audience, will determine which is the best way to conduct your campaign.
4. Target Audience
Any research campaign will ultimately fail if you are not targeting the right audience. Sourcing an up to date and relevant database organically can be extremely time consuming, but effective for the outcome of your campaign. Alternatively, outsourcing an audience will save time and potential costs, however you must be sure you are getting the ‘right’ audience from that source in order to succeed.
5. Research Ethics. Are you complying with the law?
Fundamental to any research campaign, is making sure you are conducting it in the respectful way and in line with the law. Being open and having integrity is key. Explaining to the audience exactly who you are and what the information is being used for, is ethically, going to reflect well on your organisation. GDPR & PECR will need to be reviewed when contacting your audiences. The last thing you want from your campaign is to receive a call from the ICO.
6. Turning your results into Insight.
So, you’ve conducted your campaign in an ethical manner, too the right audience, asking the right questions and have a stack of data now to work through. That’s great, but what can you extract from that data collected? The importance of data will help you transform he data you have collected and turn that into Insight, to make the right decision for your organisation moving forward.
Does a research campaign sound like a lot to manage yourselves?
Insight Data have a dedicated market research team who can manage a wide range of projects using telephone research and advanced email questionnaires. Insight Data can take the stress away and manage your research campaign from the start to the finish giving you the valuable Insight you need to reduce risk, costly mistakes and make informed business decisions.
For more information contact Insight Data on 01934 808293 or via email at email@example.com.