Market research helps any organization make better decisions. Sometimes, however, the research team may face a challenge in creating engaging and enlightening research reports that might not tell a cohesive story with the right data and recommendations. How can your company create a closely-knit research report that can lead to actionable insights?
Here are the 3 best practices for market research:
1. Establish SMART Research Objectives
When a business needs to improve a product or service or introduce something new to their market, they establish a research campaign with objectives. Sometimes, the research team creates objectives that may be too immeasurable to study.
In this case, the research team should take one step back and implement SMART objectives:
- Relevant or Realistic
For example, your market research team has a sales volume objective: increase sales by 50% among the Millennial and Gen Z markets within three years. With this guide, you can test several experiments with products or services that would appeal to those age groups and upgrade them when necessary.
2. Design Simple Surveys
In order to find out what your market needs, you can employ surveys as a way to understand their pain points and possible solutions and feedback that they are willing to give. After all, an engaged consumer can help you identify gaps and address them.
Sometimes though, they will provide non-answers that could skew your results and might not help in improving your product or service. That is why it is important to keep your survey questions simple. Allow for neutral answers instead of forcing a consumer to write something that will not be beneficial to your research.
For instance, instead of asking “Our product is really great. We want to know: how awesome is our product for you?” you can form a question like this: “How helpful or unhelpful is our product for you?” Opinionated questions may be a turn-off to your respondents and do not reflect their own thoughts, so keep questions as neutral as possible.
3. Provide Qualified Recommendations
Sometimes, market researchers form analyses for the sake of adding something to a report. While your stakeholders want to see good data, they want to hear practical and actionable recommendations. This is the essential function of any market research so that business leaders can make important decisions for their consumers and improve revenue.
In order to efficiently generate market research, partner with a Research and Data solutions provider that can build a team of highly-skilled research experts who are well-equipped the right technology, and updated with the newest marketing trends that can create high-quality reports. Your business can focus on improving revenue while your outsourced research team helps you find the best ways to delight your customers.
Infinit-O is a trusted global research and data service partner that can help you build and operate a dedicated team of IT and research professionals of every level including data scientists designed specifically for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent that uses cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your company and client data are safe with us.