Market Research

Market Research Process

Step 1. Define the Objective & Your “Problem”

Perhaps the most important step in the market research process is defining the goals of the project.  At the core of this is understanding the root question that needs to be informed by market research.  There is typically a key business problem (or opportunity) that needs to be acted upon, but there is a lack of information to make that decision comfortably; the job of a market researcher is to inform that decision with solid data.  Examples of  “business problems” might be “How should we price this new widget?” or “Which features should we prioritize?”

By understanding the business problem clearly, you’ll be able to keep your research focused and effective.  At this point in the process, well before any research has been conducted, I like to imagine what a “perfect” final research report would look like to help answer the business question(s).  You might even go as far as to mock up a fake report, with hypothetical data, and ask your audience: “If I produce a report that looks something like this, will you have the information you need to make an informed choice?”  If the answer is yes, now you just need to get the real data.  If the answer is no, keep working with your client/audience until the objective is clear, and be happy about the disappointment you’ve prevented and the time you’ve saved.

Step 2. Determine Your “Research Design”

Now that you know your research object, it is time to plan out the type of research that will best obtain the necessary data.  Think of the “research design” as your detailed plan of attack.  In this step you will first determine your market research method (will it be a survey, focus group, etc.?).  You will also think through specifics about how you will identify and choose your sample (who are we going after?  where will we find them?  how will we incentivize them?, etc.).  This is also the time to plan where you will conduct your research...