In a world full of global commerce, market research is simple but very effective and essential. It permits the organizations to know more about the market trends and consumer behavior. This process is basically conducted to make sure that they are providing a competitive service and product. Outcomes and actionable insights help all kinds of businesses to make decisions about their future direction, investment and ‘Do It Yourself’ (DIY) methodology. This is an operational method wherein market research can assist with both customer centricity and cost reduction.
However, to run an efficacious research project, each stage must be planned prudently and a timeline should be shaped. This lets the DIY researcher to implement the process and meet the aims.
Take a glance at the Market Research Cycle –
If you deliberate going with the DIY path, here are some of the stages that are charted and can help you on your way:
- Research objectives – The research must be focused so that rich insights can be attained or can prove/disprove a theory. Key goals are approximately the main aims of the research. Objectives are at times submitted by the research stakeholders and as a result, the researcher can also put an impact these to shape focus effectively.
- Research set-up – It is important to categorize the type of research that you are running to make sure that it is set-up correctly from the start. Now let’s go through the various types of research initiatives:
- Short-term community
- Long-term research panel
- Ad-Hoc projects
- Research design – Success of the research can take place if the right methodology is chosen. Making use of the tasks that do not gratify the needs of your research objectives can leave you with less of feedbacks when it comes to drawing conclusions. Making use of ‘Multi-method approach’ will help you to gain the ability to present questions and stimuli in various ways. Just mix it up – the more creative the better is the outcome!
- Analysis and Reporting – Analyzing and reporting about a feedback is an essential skill that should not be misjudged. The insight report that is created and produced must have a lot of relevant outline of finding, and should also address the key research objectives. And lastly, the final report should tell a story and should naturally flow through the findings whilst emphasizing on the most important points.
Wrapping it up –
Though the procedure of DIY market research may seem to be upfront but the process involved in each stage are intricate and skillful. Your main aim should be to turn objectives into actionable insights and if done magnificently, it will pay dividends and you will learn best practice from the beginning.