An 8-step guide for a successful market research

Faith Ocampo Published on November 8, 2016

business team in meeting looking at plans

It’s impossible to measure the value of information in the world of business. There’s no doubt that organizations that maximize the use of data are outshining everybody else.

This is why companies of all sizes can’t afford to slack off when it comes to market research. Regardless of the goal—capturing a foreign market, increasing sales, or improving customer support—you need accurate information to back you up. Data-driven insights will help you build powerful business strategies that encapsulate your clientele’s expectations.

For many, however, the research process may seem daunting. Since it’s highly complex and requires plenty of work, it can indeed overwhelm, especially when done at a broad scale. Most managers thus break the entire project into smaller chunks. This lets them pay equal attention to all its sub-aspects, allowing them to generate valid results.Here’s an eight-step guide you can use for a successful business research.

1. Build a skilled team.

hand pointing to one photo group of executive pictures

Of course, you need highly capable people to carry out the project. Typically, a research team would be composed of:

•     marketers
•     managers and business owners
•     customer relationship experts
•     statisticians
•     technical writers

This team will be led by a project head who will oversee all processes and delegate specific tasks to each group member. Therefore, the designated leader should be someone who’s fully knowledgeable about your specific industry.

2. Identify the problem.

magnifying lens on printed report chart graph

Also known as the conceptualization stage, this is perhaps the trickiest stage in the research process. It can be hard to pin down the problem and determine what you need to focus on. This is when your team should brainstorm. Together, you need to look closely at the issues the company is facing (e.g., plummeting sales, poor customer relationships) and discuss how the research project can help you solve them.In some instances, the research problem may be driven by a new business venture. Examples of these are foreign market evaluation, product or service launch, and business diversification.

3. Consult experts.

middle aged boss presenting chart to younger team

Aside from an in-house team of researchers, it pays to consult external experts so you can gain fresh perspectives. You can even team up with other companies from other industries. Here are some talent-rich firms you can tap and the main areas they can help you with.

4. Determine the research design.

business man writing on white board with posti it notes

The research design is the blueprint of the project. It plots all the methods that will be used for collecting, organizing, and analyzing data. Thus, in this stage, you need to be as specific as you can be. Identify all possible information sources, how you intend to extract data from them, and the types of insights you can gain from all this.A large part of your success depends on how comprehensive this framework is. It helps to write down your action plan in full detail so all members of the team can review them when needed.

5. Develop the research instruments.

employee reading behind large pile of printed paperwork research reports

The research instruments refer to the materials, resources, and mechanisms that you need to gather data. There’s a variety of methods you can use, including surveys and interviews (may be done face-to-face, online, or over the phone). You may also collect data from secondary sources such as case studies, market reports, and company records. Just remember that all the information you’ll collect must help you answer the research problem.

6. Collect and analyze your data.

company executive in meeting reading charts reports

Data collection and analysis are almost always referred to as the core of the research process. For these steps, you need a focused team of interviewers and data experts to ensure the integrity of the results. Thus, everyone who will be directly working on the data you’ve gathered, such as information collectors, statisticians, and technical writers, must be detail-oriented and attentive.

7. Communicate the results.

young business team in meeting in conference room

Often, researchers underestimate the importance of communicating the study’s results to the rest of the company. However, the insights you’ve gathered must reach your organization’s key decision makers so they can be used to improve your business processes.This stage includes:

•     documenting results and writing reports
•     creating presentations
•     highlighting the most significant findings
•     communicating salient insights to the right people

8. Turn insights into strategies.

businessman writing business strategies plans on window

No business strategy is more powerful than a data-driven one, and that’s all you need to push your organization closer to its goals. It takes a lot of creativity and resourcefulness to craft a business plan using the insights you’ve discovered through market research. If you can do it the right way, however, you’ll gain the competitive advantage you need to outshine your competitors.

Faith is a digital media enthusiast aiming to become an active part of the tech world by sharing her insights. She likes to blog about everything digimarketing, technology, and social media.
Join us on facebook
Open Access BPO 20 hours ago
To deliver great #CustomerExperience, you need a team of passionate employees.
But if your #CallCenter agents are suffering from 𝗽𝗼𝗼𝗿 𝘁𝗲𝗮𝗺 𝗱𝘆𝗻𝗮𝗺𝗶𝗰𝘀 and 𝗹𝗮𝗰𝗸 𝗼𝗳 𝘁𝗲𝗮𝗺𝘄𝗼𝗿𝗸, it's time for you to step in.

To heighten #EmployeeEngagement in the #ContactCenter, consider these coaching strategies: https://buff.ly/3LLT9YJ

----------
For quality #outsourcing frontlined by diligent, skilled #CX experts:
OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
#EmployeeManagement #CXTraining
Open Access BPO 22 hours ago
As we zero in on tech-savviness and language proficiency as the most desirable qualities among #CallCenter reps, are we overlooking equally critical #CustomerService skills?

These are the 6 of the most underrated #CustomerService skills all #CX agents must have: https://buff.ly/3F1tiIq

----------
We hire, train, and manage for excellence.
Let us show you how our #CSat experts can help your brand skyrocket: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
Open Access BPO Yesterday
Exceptional #CustomerExperience is key to building brand loyalty and driving success.
Adding value takes it to the next level.

But what does that even mean? And what can you do to make it possible?
Find out now: https://buff.ly/46fYT5o

----------
Outsource now to give your customer the best #CX they deserve:
OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
#CustomerSupport #CustomerService
Open Access BPO 3 days ago
𝗔𝘁 𝘁𝗵𝗲 𝗵𝗲𝗮𝗿𝘁 𝗼𝗳 𝗲𝘃𝗲𝗿𝘆 𝗲𝘅𝗰𝗲𝗽𝘁𝗶𝗼𝗻𝗮𝗹 #𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝗘𝘅𝗽𝗲𝗿𝗶𝗲𝗻𝗰𝗲 𝗶𝘀 𝗮 𝗿𝗲𝗺𝗮𝗿𝗸𝗮𝗯𝗹𝗲 𝘁𝗲𝗮𝗺 𝗹𝗲𝗮𝗱𝗲𝗿 𝘄𝗵𝗼 𝗸𝗻𝗼𝘄𝘀 𝗵𝗼𝘄 𝘁𝗼 𝗶𝗻𝘀𝗽𝗶𝗿𝗲 𝗮𝗻𝗱 𝗲𝗺𝗽𝗼𝘄𝗲𝗿 𝘁𝗵𝗲𝗶𝗿 𝘁𝗲𝗮𝗺.

This week's #LinkRoundup lists down the ways #CallCenter leadership is instrumental in developing #CustomerSupport that empowers #CX for brands: https://buff.ly/3tfmzbq

• 𝗛𝗼𝘄 𝗚𝗿𝗲𝗮𝘁 𝗟𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽 𝗖𝗮𝗻 𝗛𝗲𝗹𝗽 𝗮 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗛𝗮𝘃𝗲 𝗟𝗼𝘆𝗮𝗹 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀
https://buff.ly/46ssJmB

• 𝗧𝗼𝘂𝗴𝗵 𝗗𝗲𝗰𝗶𝘀𝗶𝗼𝗻𝘀 𝗔𝗹𝗹 𝗖𝗮𝗹𝗹 𝗖𝗲𝗻𝘁𝗲𝗿 𝗧𝗲𝗮𝗺 𝗟𝗲𝗮𝗱𝗲𝗿𝘀 𝗠𝘂𝘀𝘁 𝗠𝗮𝗸𝗲
https://buff.ly/3PVKHYn

• 𝗟𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽 𝗧𝗲𝗰𝗵𝗻𝗶𝗾𝘂𝗲𝘀 𝗘𝘃𝗲𝗿𝘆 𝗖𝗮𝗹𝗹 𝗖𝗲𝗻𝘁𝗲𝗿 𝗠𝗮𝗻𝗮𝗴𝗲𝗿 𝗠𝘂𝘀𝘁 𝗔𝗽𝗽𝗹𝘆
https://buff.ly/3ZHL9xO

• 𝟭𝟬 𝗦𝗸𝗶𝗹𝗹𝘀 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗟𝗲𝗮𝗱𝗲𝗿𝘀 𝗠𝘂𝘀𝘁 𝗛𝗮𝘃𝗲
https://buff.ly/3ZxxwBf

• 𝗧𝘆𝗽𝗲𝘀 𝗼𝗳 𝗜𝗻𝗲𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗖𝗮𝗹𝗹 𝗖𝗲𝗻𝘁𝗲𝗿 𝗟𝗲𝗮𝗱𝗲𝗿𝘀
https://buff.ly/3PVKHHR

• 𝗖𝗮𝗹𝗹 𝗖𝗲𝗻𝘁𝗲𝗿 𝗥𝗲𝗱 𝗙𝗹𝗮𝗴𝘀 𝗧𝗵𝗮𝘁 𝗣𝗼𝗶𝗻𝘁 𝘁𝗼 𝗣𝗼𝗼𝗿 𝗟𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽
https://buff.ly/3ZC4UXt

• 𝗚𝗿𝗼𝗼𝗺𝗶𝗻𝗴 𝗙𝗿𝗼𝗻𝘁𝗹𝗶𝗻𝗲 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀 𝗮𝘀 𝗖𝗮𝗹𝗹 𝗖𝗲𝗻𝘁𝗲𝗿 𝗟𝗲𝗮𝗱𝗲𝗿𝘀
https://buff.ly/3Zyx3Pd

----------
Open Access BPO's rigorous recruitment, training, and continuous development ensure that only the best specialists will work and lead your ops.

Contact us today: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
Open Access BPO 3 days ago
Receiving a negative performance review can be challenging, but it doesn't have to signal the end of the road.

Instead, it presents an opportunity for personal and professional growth, allowing you to return even more resilient and determined.

Read our blog post right now: https://buff.ly/469BCSj
And let's explore:
• the importance of recovering from a bad performance review;
• the causes of performance failures; and
• how to determine the best course of action to address these challenges

----------
Contact us today and find out how our 24/7 multichannel services (in over 30 languages) can upgrade your #CustomerExperience: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
#CustomerSupport #CustomerService
Open Access BPO 4 days ago
Knowing what influences customer expectations is the first step to improving your relationship with your customers.

Here are 7 things that can guide you: https://buff.ly/3tfzni4

----------
Cultivate your customer relationships with our smart business solutions: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
#CustomerExperience #CX
#CSat #CustomerSupport
Open Access BPO