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 2 days ago
Open Access BPO recently kicked off our new fitness programs with a sunset yoga session: https://buff.ly/3UMe81m

‍Held on the newly launched scenic 7th-floor terrace of our Makati HQ, the session provided employees with a unique opportunity to unwind, de-stress, and connect with colleagues in a beautiful outdoor setting.

Our fitness program is set to resume this week with new Rope Flow and Zumba program.

----------
Learn more about our company culture and the many benefits we offer our employees by visiting our website today: https://buff.ly/44Rlllq

#WeSpeakYourLanguage
#OneForHealth #IdeaHubOABPO
#EmployeeEngagement #WellnessAtWork
#HealthyWorkplace #MindfulnessAtWork
Open Access BPO 2 days ago
Customers today expect more! 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗻𝗲𝗲𝗱𝘀, 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝘀, 𝗮𝗻𝗱 𝗰𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝘁𝗿𝗲𝗻𝗱𝘀 𝘄𝗶𝗹𝗹 𝗮𝗹𝘄𝗮𝘆𝘀 𝗰𝗵𝗮𝗻𝗴𝗲, 𝗮𝗻𝗱 𝘀𝗼 𝘀𝗵𝗼𝘂𝗹𝗱 𝘆𝗼𝘂𝗿 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀, 𝘁𝗼𝗼𝗹𝘀, 𝗮𝗻𝗱 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵.

Don't wait for your consumer base to grow or even wither before you update your #CustomerSupport strategy.

Here are 4 signs that your #CustomerService action plans need an upgrade: https://buff.ly/3QOCVAu

----------
Provide your customers with excellent #ConsumerExperience from one of today's trusted multilingual #CX experts: https://buff.ly/3wtloHp

#WeSpeakYourLanguage
#CustomerExperience
Open Access BPO 2 days ago
𝗢𝗽𝗲𝗻 𝗔𝗰𝗰𝗲𝘀𝘀 𝗕𝗣𝗢 𝗖𝗼𝗻𝘀𝗼𝗹𝗶𝗱𝗮𝘁𝗲𝘀 𝗠𝗮𝗻𝗶𝗹𝗮 𝗦𝗶𝘁𝗲𝘀 𝗜𝗻𝘁𝗼 𝗖𝗲𝗻𝘁𝗿𝗮𝗹 𝗛𝘂𝗯 𝗳𝗼𝗿 𝗦𝗲𝗮𝗺𝗹𝗲𝘀𝘀 𝗢𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀 | https://buff.ly/4dRxqv0

Open Access BPO, a leading provider of outsourced business solutions, recently brought all its Manila operations under one roof. This consolidation into a central hub, in the Makati Business District, signifies a commitment to enhanced efficiency and service excellence.

By uniting their Manila workforce and expertise, the company aims to foster stronger collaboration and innovation, ultimately benefiting both their clients and employees. The state-of-the-art facilities boast modern technology and ergonomic workstations, creating an optimized environment for top-notch agent performance and seamless service delivery.

This consolidation marks a significant step forward for Open Access BPO, solidifying their position as a frontrunner in the #outsourcing industry.

#WeSpeakYourLanguage
Open Access BPO 3 days ago
𝗢𝗽𝗲𝗻 𝗔𝗰𝗰𝗲𝘀𝘀 𝗕𝗣𝗢 𝗰𝗼𝗺𝗽𝗹𝗲𝘁𝗲𝗱 𝗶𝘁𝘀 𝗼𝗽𝘀 𝗰𝗲𝗻𝘁𝗿𝗮𝗹𝗶𝘇𝗮𝘁𝗶𝗼𝗻, 𝗰𝗼𝗻𝘀𝗼𝗹𝗶𝗱𝗮𝘁𝗶𝗻𝗴 𝗶𝘁𝘀 𝗠𝗮𝗻𝗶𝗹𝗮 𝘀𝗶𝘁𝗲𝘀 𝗶𝗻𝘁𝗼 𝗮 𝗰𝗲𝗻𝘁𝗿𝗮𝗹 𝗵𝘂𝗯 𝗶𝗻 𝗠𝗮𝗸𝗮𝘁𝗶 𝗖𝗶𝘁𝘆 | https://buff.ly/3K37xur

The strategic move allows for enhanced communication, streamlined collaboration, and a more cohesive company culture.

The newly unified office space, located in Robinsons Summit Center, boasts a state-of-the-art operations floor designed to optimize agent performance and client service delivery.

#WeSpeakYourLanguage
Open Access BPO 3 days ago
A branded #CustomerExperience provides your customers with a unique and consistent interaction across various touchpoints. It reflects your brand's values, personality, and promises.

Building a branded #CustomerService strategy can differentiate your business from competitors and help you build stronger relationships with your customers.

Here's how you can develop a branded customer service strategy: https://buff.ly/3V0O0RA

----------
Outsource #CustomerDelight to a reliable #BPO without losing your #BrandIdentity: https://buff.ly/3UZGR3Q

#WeSpeakYourLanguage
#CustomerSupport #branding
#CX #CustomerSatisfaction
Open Access BPO 4 days ago
𝗬𝗼𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗶𝘀 𝗻𝗼𝘁𝗵𝗶𝗻𝗴 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝘆𝗼𝘂𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀, 𝘀𝗼 𝘄𝗵𝘆 𝗱𝗼𝗻'𝘁 𝘆𝗼𝘂 𝗴𝗶𝘃𝗲 𝘁𝗵𝗲𝗺 𝗮 𝗰𝗵𝗮𝗻𝗰𝗲 𝘁𝗼 𝘀𝗽𝗲𝗮𝗸 𝘂𝗽?

Build a conversation-driven platform to boost #CustomerEngagement.

Here are some tips to generate feedback and enhance your business strategy, boost engagement, and transform the #CustomerExperience: https://buff.ly/3UydzIk

----------
Ensure your customer are always be heard by partnering with a dedicated #outsourcing partner: https://buff.ly/3R7J635

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