You plan to start a business. What is the first thing to do? Market research is the main thing. Many think it’s fundraising, picking a name, finding a place to set up, and other things. But the first thing to do is market research so that the business is understood as a whole and not divided into parts. Market research can be conceptualized as the set of information collected by the company from its public. In this case, the public is not restricted to customers but includes employees and other groups. Defining which people will be considered in the process will depend directly on the area of activity and the company’s objective. The use of the Market Report Observer comes easy here.
- It is worth mentioning that this type of research is a fundamental tool in the implementation and maintenance of physical and virtual stores since the collected results allow the elaboration of the action plan and bring valuable information about the segment in which the entrepreneur intends to operate.
- Undoubtedly, the more detailed the market research, the better the business performance will be. It doesn’t matter if you are going to open your store soon or if your e-commerce has been launched. To avoid uncertainties, the ideal is always to bet on these researches before making important decisions, in order to evaluate the viability of projects and confirm hypotheses.
How about preparing your market research now? Not sure how to get started? Check out the tips we have prepared below.
Plan before researching
Remember that planning is essential for the satisfactory fulfillment of any process. At this early stage, the company must choose the type of research it wants to undertake. Read everything you need to know to start a business. The most common market surveys are customer satisfaction, audience preference, price, media, market share, new product testing and consumer behavior and data. Once the research line is identified, the company must define which problem should be solved, which answers will be sought, what the purpose of the research is and especially which the target audience is. Put all this information on paper and include the primary and secondary goals.
Define the market research methodology: Quantitative or qualitative research?
This will depend on the intent of your market research. Quantitative refers to obtaining numerical and statistical data that can be measured, thus indicating adherence and satisfaction rates with products and services. This type of methodology is based on sampling, percentage evaluation and closed-response questionnaires.
Qualitative research, in turn, seeks more subjective information, focusing on the experience of the target audience in relation to the brand, product or company. This methodology is based on the interviewees’ habits, usage observations and opinions. Typically, qualitative surveys are applied through open-ended questionnaires.
Design and apply the questionnaire
In the preparation of the questionnaire, it is essential that the company creates a logical script for its application. You must also choose whether the survey will be conducted via email, phone, and chat or in person. To formulate a good questionnaire, it is critical to use clear and objective language, break down the questions into topics, write a brief introduction containing the reasons for the study, start with the simplest questions, and avoid repetitive questions. After this step is completed, it is time to leave for data collection.