THE FIRST STEP IN THE MARKETING RESEARCH PROCESS: Determining Your Objective

 

The first step in the marketing research process is figuring out what you want to accomplish. Once you’ve determined your objective, you can use this guide to figure out how to move forward with your goal in mind. For example, if you want to launch a new product, this step will help you decide whether you need to survey consumers, develop an advertising campaign, or do both before launching. If you want to increase your brand awareness, this step will help you decide whether it’s better to offer exclusive discounts to customers or reach out to influential bloggers and editors in your industry.

DECIDE ON AN OBJECTIVE.

To determine your market research objective, you must first decide what data you want to collect and how that information will help inform your future marketing strategy. Once you know what type of information is needed, it’s easier to plan how you’ll conduct your research. There are a few different ways marketers can collect their data depending on their overall objective. You may choose to conduct qualitative or quantitative market research using one of many different approaches including surveys, interviews, or focus groups. The choice depends on what kind of information you need, who will be participating and why they should participate. If you don’t have any specific questions for participants, focus groups are an excellent way to get people talking about common issues related to your product or service. If you do have specific questions, surveys are a great way to get answers quickly from large numbers of people at once. Focus groups and surveys both provide valuable insights into consumer behavior, but there are some important differences between them. Focus groups typically allow more interaction among group members than traditional survey methods. Additionally, focus group discussions often lead to new ideas because participants feel free to share their opinions with others. However, conducting focus groups requires more time and effort than running a survey because you have to recruit new people each time you run a study instead of reusing previous respondents as with most online questionnaires or email campaigns.

MAP OUT YOUR TIMELINE.

Many things will happen quickly once you start a business, so take time to think about what your company goals are and how you’ll achieve them. If there’s an element of uncertainty or risk involved—such as creating a new product—it’s also important to spend some time thinking about possible outcomes. Although it may be tempting to jump right into the action, being able to clearly articulate what you hope to achieve can make all the difference when things don’t go according to plan. It can also help guide your decision-making process if something doesn’t work out as planned; at least you have clear objectives for moving forward.

If you want to get a handle on where your business is headed, mapping out where it has been can be extremely helpful. To gain insight into where your business has been heading over time, pull together key performance indicators (KPIs) from previous years; these might include everything from sales volume to net profit margins or customer retention rates.

SET GOALS FOR EACH PHASE OF THE PROJECT.

Before you do anything else, figure out what your goal is for each phase of your research project. Just as you have a plan for what you’re going to do in all other areas of life, so too should you have one for your research. The goals can be vague at first (e.g., find X amount of data from Y sources), but defining them clearly will help keep everything organized and on track. It will also ensure that you don’t forget about any important steps along the way. If possible, try to set measurable goals; not only does it make it easier to tell if you’ve been successful or not, but it also makes it easier to identify when something has gone wrong.

BUILD A SIMPLE BUDGET.

Every good business owner needs to learn how to build a simple budget plan. Not only will you be able to tell at a glance where your money is going, but it also helps you organize your spending. This makes planning and scheduling easier, as well as adds a layer of protection for your finances. Plus, if you are ever considering entering into a contract with an outside agency, whether that be web developers or advertising firms, having a thorough budget plan can save you from last-minute surprises when you negotiate payment.

KNOW WHAT TOOLS WILL BE NEEDED.

Before you even start researching, make sure you know what tools and resources you’ll need to complete your research. If you plan on doing a lot of interviewing or focus groups, for example, make sure you can transcribe those interviews effectively. Find out if there are any special requirements (like software or specific equipment) and make plans accordingly. You want to be prepared—not scrambling at your first meeting with clients. Know who you’re talking to Before you talk to anyone about your project, you must have a clear idea of who exactly it is that will benefit from it. Consider their age range, gender, race/ethnicity, income level, and so forth; once you have a firm grasp on who will benefit from your project (and how), it will be much easier for you to develop marketing messages that resonate with them.