The 5 Step Marketing Research Process
If you are an entrepreneur and a manager of a company, so there is a point when you need to take some strategic decision and pick a direction for your company future and its product and services. You need to follow certain marketing research process step for a successful implementation of your business.
Also, some businessmen do not conduct marketing research process in their business because they think it is very expensive so they probably cut down on the marketing budget. But if people follow right steps it will not take large budget. Marketing research process is very important for the business.
Below there is a five-step marketing research process along with all the important thing that should cover theirs.
- Defining the problem
- Develop your research plan
- Collect relevant data and information
- Analyze data and report finding
- Take action
- Define the Problem
Finding the right problem level almost solves the problem
Although all the steps of marketing research process are important this is the most important step among all another step. Because this is a step where you put the foundation for the rest of the marketing research. Before starting a marketing research you should know what the problem is that you that you are trying to solve in the future. There is no worth of best research paper with a wrong problem, it wastes company time, resources and employee efforts. Defining a problem is a very difficult step in marketing research process. Also clearly define the research objectives. Marketing researchers design a questioner this will help you to clearly understand your problem during this stage.
- Develop Your Research Plan
When you completely understand what the problem is, now it’s time to create and plan the research plan. To minimize your cost there are different methods that you can integrate into your plan. Follow these techniques while doing your research.
- Interview projections and customers views. This may be a little frightening in the starting. I believe that you will get the best feedback by using this strategy. No one can give you the information that you want just directly going straight to the source.
- Conduct a survey
- Do a sample testing on your websites. You can understand many things by doing this. Check your analytics on HubSpot and Google. A/B testing is used for that it will go long depend upon your level of your problem that you are trying to solve.
- Research online. The basic approach is just going to your standard search engine Google search is to guarantee that any sources you were using are trustworthy. As we all not believe all the things that we read on Google.
When you were in this step then you must know the answers to these question: who can answer my questions? Who is the best for my questionnaire? What is an age group of my research? The research method contains focus-group, conducted survey, behavioral, observational and experimental. It is suggested that you do limit your research just on online data. Also, do a qualitative research because it is conducted in depth which gives you a better understanding of your findings.
- Collect Relevant Data and Information
When you start collecting data for your marketing research, assure that it must be authentic and neutral. Use a different method to collect data from various sources. A perfect information is to collect data analytically that you will not get from a graph.
An ideal marketing research is based on scientific and creative. Scientific means it is process-based, executed in the controlled environment. Creative marketing research company design a questionnaire but it may be sometimes biased. Some people are not willing to answer questions properly. Or sometimes they do not tell you truly related to the questions. So for that assure that your questions are neutral and it should not have a double meaning.
- Analyze Data and Report Findings
When you collect data now it’s time to analyze that data carefully. Understand where the information point you? Do not find the same pattern as your previous assumptions. Also, do not fit your assumption based on your thinking but let it draw new decision that is good for your business. At this point, you can take the opinion of other people in your company because they take your research as a fresh view and they point out your mistakes if they find.
- Take Action
Now your research is completely done and it’s time to show your finding and take action. Take action means execute the marketing campaign. Put your finding here and test your findings. Although the research is complete but research is never over. You must analysis data on a daily basis to check whether you improve or not. Trends will not be stuck at any place it changes from time to time. So always do research on your customers. The more you know your customer behavior and like and dislike, the more successful your marketing effort will be.
Some scholars also added further steps in marketing research process but above five-step is the core to get prepare your marketing research.
Cruz john is entrepreneur and digital marketer and she is currently working In the reputable USA firm. She is also researcher behind Assignment services help for academic student all level of classes. She has various different kind of story writing. She loves swimming and watching movies.