5 steps to market research

Now that we know what it ismarket researchNow that you're familiar with the methods you can use in the process, it's time to discuss how to apply this knowledge to real-world situations. To do this, let's look at the five basic steps of researching any market.

They can be briefly described as follows:

1. Formulate the main problem of the market you intend to research;
2. Decide on the research method;
3. Conduct data collection;
4. Analyze the collected data;
5. Draw conclusions based on the work done.

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Let's look at each point in more detail.

1. Formulate the main problem of the market you intend to study

Any project requires a goal; otherwise, it's unclear where to aim and what to do to achieve it. It's like writing a book: you need to keep the ending in mind from the very beginning, even if it changes halfway through. If you realize your initial goal is wrong, you can always change it; that's okay. While changing your idea along the way is possible, formulating the original is unlikely. So, we need to decide where we want to go and what we want to explore.

This could be a specific question about your business that requires an equally clear answer. Or it could be the development and testing of a new idea, a new product, or a new feature in an existing product. Perhaps you've been thinking about shifting your focus to a different target audience. Perhaps you've noticed an unmet need in the market and want to see if you can fill it. Or perhaps you simply want to make apathpotential client more comfortable.

2. Decide on a research method

We discussed this topic in detail in  previous material, and if you've already read it, you most likely understand the main differences between the methods, which one is appropriate for a particular situation and addresses specific needs.

But beyond the method, it's important to decide on the sample—that is, the number of clients/employees surveyed. If the sample is relatively small and the method involves working with individuals rather than numbers, then identify each person who will participate. The following sampling options are available:

• Coverage of the maximum number of respondents.While it's hard to call this a sample, it's a great approach if the opinions of as many customers as possible are relevant and useful in solving your problem. The most common options are sending an email survey or asking customers to rate the product and leave a review after purchase.
• Random sampling.This option is suitable if you need a small number of respondents and don't care about each specific individual. That is, say, you want to survey a specific number of random clients: every fifth, tenth, twelfth... This way, you control the sample size. However, it's not guaranteed that everyone you asked will complete the survey.
• Specific sample.You control how many people are surveyed and who they are. Here you can choose:
• those who are already available and want to participate;
• those who, in your opinion, are more competent and will provide more benefits;
• gather people from different categories.

3. Conduct data collection

At this stage, you already have all the necessary information, have formulated your questions, and decided who you plan to send them to. Now comes the practical work: sending out the survey, conducting interviews, collecting data, and preparing it for analysis.

Consider what tools you'll use to collect data. This depends on the methods you've chosen. For multiple-choice surveys, for example, Google Forms are perfect. They'll automatically generate statistics, and they're completely free.

4. Analyzee collected data

Depending on whether you used a qualitative or quantitative method, the work you need to do next will differ. But the essence is the same: analyzing the collected material.

If you used a qualitative method, you need to find all possible trends, patterns, recurring words, etc. in the data you obtained. If you used a quantitative method, your data has likely already been analyzed automatically. You just need to "harvest" the numbers.

5. Draw conclusions on the work done

Simply organizing data neatly isn't enough. Obviously, the work done must yield results and improve the company's performance. Therefore, it's necessary to study the information and draw conclusions.

First, determine whether the research was successful. If so, how exactly can the new findings be applied to business life and how can the need for these changes be communicated to decision makers. If the research yielded negative results, draw conclusions (which avenues are closed and which avenues can still be explored) and move on.

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