Market research is the process of gathering information about a specific consumer/customer group or market. Market research is meant to guide organizations in their decision-making process by providing information relevant to their market’s need. The information gathered through the research can be used to aid all functions of the organization.
Why is market research so important?
The more you know about the market you serve the more likely you will be able to anticipate the outcome of your marketing and organizational decisions. The upfront investment into market research will help an organization develop a better ROI (return on investment) by developing and honing their current strategies (see: Is there a ROI for Market Research?).
Where do I start?
For the most part, garnering any type of information from your customers constitutes market research. This includes anything from passing out comment cards to customers, to conducting a full-on telephone survey with all of your customers. But regardless of the methodology you ultimately choose, it’s important to start by figuring out what questions you need answered in order to bring your organization to the next level. After that, the second step will be deciding how you are going to get those questions answered. Quite often, the answer is market research.
Here are a few articles that have been put together by our company’s analytics team to help you get started with your market research process: