An 8-step guide for a successful market research

Faith Ocampo Published on November 8, 2016

business team in meeting looking at plans

It’s impossible to measure the value of information in the world of business. There’s no doubt that organizations that maximize the use of data are outshining everybody else.

This is why companies of all sizes can’t afford to slack off when it comes to market research. Regardless of the goal—capturing a foreign market, increasing sales, or improving customer support—you need accurate information to back you up. Data-driven insights will help you build powerful business strategies that encapsulate your clientele’s expectations.

For many, however, the research process may seem daunting. Since it’s highly complex and requires plenty of work, it can indeed overwhelm, especially when done at a broad scale. Most managers thus break the entire project into smaller chunks. This lets them pay equal attention to all its sub-aspects, allowing them to generate valid results.Here’s an eight-step guide you can use for a successful business research.

1. Build a skilled team.

hand pointing to one photo group of executive pictures

Of course, you need highly capable people to carry out the project. Typically, a research team would be composed of:

•     marketers
•     managers and business owners
•     customer relationship experts
•     statisticians
•     technical writers

This team will be led by a project head who will oversee all processes and delegate specific tasks to each group member. Therefore, the designated leader should be someone who’s fully knowledgeable about your specific industry.

2. Identify the problem.

magnifying lens on printed report chart graph

Also known as the conceptualization stage, this is perhaps the trickiest stage in the research process. It can be hard to pin down the problem and determine what you need to focus on. This is when your team should brainstorm. Together, you need to look closely at the issues the company is facing (e.g., plummeting sales, poor customer relationships) and discuss how the research project can help you solve them.In some instances, the research problem may be driven by a new business venture. Examples of these are foreign market evaluation, product or service launch, and business diversification.

3. Consult experts.

middle aged boss presenting chart to younger team

Aside from an in-house team of researchers, it pays to consult external experts so you can gain fresh perspectives. You can even team up with other companies from other industries. Here are some talent-rich firms you can tap and the main areas they can help you with.

4. Determine the research design.

business man writing on white board with posti it notes

The research design is the blueprint of the project. It plots all the methods that will be used for collecting, organizing, and analyzing data. Thus, in this stage, you need to be as specific as you can be. Identify all possible information sources, how you intend to extract data from them, and the types of insights you can gain from all this.A large part of your success depends on how comprehensive this framework is. It helps to write down your action plan in full detail so all members of the team can review them when needed.

5. Develop the research instruments.

employee reading behind large pile of printed paperwork research reports

The research instruments refer to the materials, resources, and mechanisms that you need to gather data. There’s a variety of methods you can use, including surveys and interviews (may be done face-to-face, online, or over the phone). You may also collect data from secondary sources such as case studies, market reports, and company records. Just remember that all the information you’ll collect must help you answer the research problem.

6. Collect and analyze your data.

company executive in meeting reading charts reports

Data collection and analysis are almost always referred to as the core of the research process. For these steps, you need a focused team of interviewers and data experts to ensure the integrity of the results. Thus, everyone who will be directly working on the data you’ve gathered, such as information collectors, statisticians, and technical writers, must be detail-oriented and attentive.

7. Communicate the results.

young business team in meeting in conference room

Often, researchers underestimate the importance of communicating the study’s results to the rest of the company. However, the insights you’ve gathered must reach your organization’s key decision makers so they can be used to improve your business processes.This stage includes:

•     documenting results and writing reports
•     creating presentations
•     highlighting the most significant findings
•     communicating salient insights to the right people

8. Turn insights into strategies.

businessman writing business strategies plans on window

No business strategy is more powerful than a data-driven one, and that’s all you need to push your organization closer to its goals. It takes a lot of creativity and resourcefulness to craft a business plan using the insights you’ve discovered through market research. If you can do it the right way, however, you’ll gain the competitive advantage you need to outshine your competitors.

Faith is a digital media enthusiast aiming to become an active part of the tech world by sharing her insights. She likes to blog about everything digimarketing, technology, and social media.
Join us on facebook
Open Access BPO 2 days ago
Building an expert team of #CustomerService reps can be challenging for any #CallCenter recruiter.

Some of the challenges they face when when hiring include:
• inability to attract applicants;
• limited talent pool;
• shortage of qualified candidates; and
• inefficient recruitment process.

Here's how Open Access BPO's robust recruitment strategies overcome these challenges to find the most qualified #CustomerSupport agents: https://buff.ly/4aeV3uU

----------
Get skilled talents when you partner with one of the most trusted BPO firms: https://buff.ly/3TiM30L

#WeSpeakYourLanguage
Open Access BPO 3 days ago
Brands and #CallCenters can improve their defenses, but cybercriminals will continue to develop more sophisticated attacks.

𝐇𝐞𝐫𝐞 𝐚𝐫𝐞 #𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐩𝐫𝐞𝐝𝐢𝐜𝐭𝐢𝐨𝐧𝐬 𝐭𝐨 𝐚𝐧𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐞 𝐭𝐡𝐢𝐬 𝐲𝐞𝐚𝐫: https://buff.ly/4adk2Pe

----------
Only trust an outsourcing firm with a robust #InfoSec aimed to protect you and your customers: https://buff.ly/3v2IALU

#WeSpeakYourLanguage
#DataSecurity
Open Access BPO 3 days ago
Disasters can happen at any time. So, if you're thinking about #outsourcing to a #CallCenter,

The best thing you can do to ensure your ops' resilience is to choose an #OutsourcingPartner with robust #DisasterRecover and #BusinessContinuity strategies.

Here's why and how (plus tips for implementing a successful outsourcing strategy):
https://buff.ly/48Toe5q

----------
Open Access BPO's commitment extends beyond exceptional #CX.

Our robust information security strategy ensure the protection of your data, even in times of disaster: https://buff.ly/3TjYjOu

#WeSpeakYourLanugage
#PhilippineCallCenters #disasterpreparedness
#businessresilience #riskmanagement #crisismanagement
Open Access BPO 4 days ago
Online retailers are losing a huge chunk of their earnings to fraudsters. How can you protect your brand from this threat?

Start by identifying the kinds of fraud that threaten online businesses: https://buff.ly/3VbwScr

---------
Partner only with an #outsourcing brand that prioritizes your #DataSecurity: https://buff.ly/3VhEXwi

#WeSpeakYourLanguage
#InformationSecurity #DataSecurity #ecommerce
Open Access BPO 4 days ago
Among other benefits, content moderators review user-generated content to:
• ensure the safety of customers;
• combat spam and potential scams;
• prevent misinformation and fake news;
• boost user experience; and
• cultivate an inclusive community.

𝗕𝘂𝘁 𝘄𝗵𝗶𝗰𝗵 𝗰𝗼𝗻𝘁𝗲𝗻𝘁 𝗺𝗼𝗱𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗺𝗲𝘁𝗵𝗼𝗱 𝗶𝘀 𝗿𝗶𝗴𝗵𝘁 𝗳𝗼𝗿 𝘆𝗼𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?
Explore the fascinating types of #ContentModeration shaping the digital landscape: https://buff.ly/3Iyh6kn

----------
Work with our content experts to build a community where everyone feels heard and protected: https://buff.ly/3IwqS6y

#WeSpeakYourLanguage
Open Access BPO 6 days ago
Nothing is constant in #CustomerExperience.

𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗻𝗲𝗲𝗱𝘀, 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝘀, 𝗮𝗻𝗱 𝗰𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝘁𝗿𝗲𝗻𝗱𝘀 𝘄𝗶𝗹𝗹 𝗮𝗹𝘄𝗮𝘆𝘀 𝗰𝗵𝗮𝗻𝗴𝗲, 𝗮𝗻𝗱 𝘀𝗼 𝘀𝗵𝗼𝘂𝗹𝗱 𝘆𝗼𝘂𝗿 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀, 𝘁𝗼𝗼𝗹𝘀, 𝗮𝗻𝗱 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵.

Don't wait for your consumer base to grow or even wither before you update your #CustomerSupport strategy.

Here are 4 signs that your #CustomerService action plans need an upgrade: https://buff.ly/3TawRmu

----------
Provide your customers with excellent #ConsumerExperience from one of today's trusted multilingual #CX experts: https://buff.ly/3vfIuAp

#WeSpeakYourLanguage
Open Access BPO