How to carry out market research
- 1 Focus on research which will help you make better decisions.
- 2 Work out what you need to know and whether you need an in-depth understanding or simple numerical results.
- 3 Decide how quickly you need the information and how accurate it must be.
- 4 Set up your research with a clear brief, including objectives, deadlines and any important background information.
- 5 Decide whether you have the expertise to carry out larger research projects or need to use an external agency, or freelance researcher.
- 6 Make full use of easily accessed information from internal records, employee feedback, publications and the Internet.
- 7 Ask your customers who they see as your competition and why they use you.
- 8 If necessary, invest in surveys, observation and experiments to back up decisions.
- 9 Analyse research results carefully and objectively.
- 10 Be prepared to carry out further research if the information you have is insufficient or out of date.
- 11 Use your research to make decisions and plan strategy.
- 12 Regularly update your understanding of customers and market conditions.
- plan your objectives and clarify what you need to know
- choose the most cost-effective research methods
- use your research to improve your competitiveness
- keep up to date
- base important decisions on inadequate research
- ignore research which contradicts your preconceptions
- rely on old research
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