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How to do Market Research: Complete Guide
Are you a business owner? Did you study the market before starting it? If you did it, that means you have built a strong foundation for your business. Market research is a foundation for any business.
But what about people who are unaware of what is market research? The different types of market research? Methods used to do research?
What is market research?
Market research is the process of gathering information about the market within your industry. It’s an analytical study of the market. It may seem a complicated process, but it’s an important step that one should go through for leading their business.
Methods of doing market Research
- Questioning Methods:
In this method, you have a lot of questions. Either you ask someone who can clear it or just simply search on google to get the proper answers.
- Observation Methods:
This method is all about speculation, that makes sure to observe what your competitors are doing in your business.
Types of market research
Internal research is nothing but researching within the firm to know what’s going on. This helps in the change of the firm from within. Internal research is also an important process until and unless we don’t know what mistake is happening from within, we can’t grow our firm. It is also an important part of Henry Fayol’s principle of management.
External, you should make yourself to explore more around your industry. External research can help you in self-development because you are going to talk and share what you think with different levels of people, who have different preferences and perception.
Now let’s talk about how can we quickly do the concerned market research.
- How to conduct market research: 6 steps
• Determine on what bases you need to do the market research
This step starts the research process one should first know the trend in their field and according to moving. Both internal and external research should be done. Study where the industry is, whether it is moving up or down and accordingly you can change your strategy.
• Find your target customer
Everyone in the market may not be your customer so, one should have to find out the right customer for their business. Your customer can differ from the following bases
Once you find out that who will be customers then find what they need and what unique quality you can provide them.
• Compare yourself
A comparative study can improve yourself more and, can also even built your unique quality more. Knowing your competitors, can help you to make their negative to your positive and in this manner, you can target your customers easily.
• Data collection
Collect all the data about your business which should include the present, past, and future of your firm. Do present speculation of details, which may include, where your business is standing currently? What improvement should be done?
• Analyse and conclude all your finding
Put all your findings on a single roof and analysis yourself.
Change what mistakes you have done and then conclude what you have. Accordingly, take the next step that’s action.
• Take action
Finally, here comes the action part where you have to put research into a practical format. Everyone knows market research is the hardest part but, you will be glad in the future that you took this step before starting.
So here I would like to conclude that Market research should be done by everyone for their business and, also make ensure that you try to fulfill your customers need. By the end of this research, you will know your swot that is your
Strength is an aspect where you think your company can make benefit with the help of that unique thing.
We all are human, weakness is meant for everyone but, the person who changes his/her weakness into strength will be successful in his/her life.
Don’t even let go of your single opportunity where you think you can make good use of it. Every opportunity means a lot to you because you will grow with it.
Never disappoint your customer because this leads to losing your customer in your near future. Make sure that you always fulfill what your customers need because they are the one who will rate you.