Three Questions to Ask When Considering Market Research
Gathering insights directly from your target audience can mean the difference between success and failure. However, primary research must be done carefully to be effective.
Here are three key questions to ask yourself when considering market research for your business:
1. What business decisions will the research guide?
Start with the goal in mind, as this will set the direction of the entire research effort. For example, are you looking to inform your marketing strategy, develop a new product, better understand drivers of customer satisfaction, or something else?
2. Do I need numbers or deeper understanding?
Choosing the right methodology, whether quantitative or qualitative, depends on the type of insights you’re seeking. Some businesses need to know how many people feel a certain way, so they commission a survey to ask set questions. Other businesses want to better understand why their customers feel the way they do, so they hold focus groups or in-depth interviews to enable a fluid discussion to take place.
3. Who am I trying to reach?
Clearly defining the target audience for any research is critical, as it affects cost, feasibility, and design. However, don’t be too limited in your thinking about the target audience, as you may miss opportunities to expand the reach of your business.
Photo: courtesy of Anthology Marketing Group, a FINN Partners Company
Done correctly with an experienced partner, primary research offers a great return on investment. To get the most for your money, address the resources available upfront, so the partner can tailor the right solution for your needs.
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