Market research is an excellent way to survey the general population or target market for which you are promoting your product or service.
Supermart Research will show you how to conduct market research in 6 simple steps.
What is market research?
Market research is a survey of any specific target market to assess customer expectations, market gaps, competitor analysis, pricing trends, etc.
This method of market research is most helpful for:
1. Develop new products/services
2. Open a new store
3. Try to grow your business
Our clients often use the information obtained in market research to enhance their marketing and advertising strategies.
The more you know about your customers’ needs and expectations, the better you can serve them.
Market research sample question
The questions selected in the market research are based on the unique goals and purposes of the brand. However, to help you better understand what types of questions are typically included in market research, the Supermax survey provides the following examples:
1. How much do you know about [a brand]?
2. What’s your impression of [brand]?
3. How likely are you to consider buying [a brand]?
4. Where do they see or hear information about [a brand]?
5. What factors make you choose [a brand]?
Step #1 of conducting market research
This is not a detailed recommendation, but it is an important step:
The first step is to find a professional third-party market research company to assist you with your research.
Why? The first priority is to separate ourselves and become a sponsor of market research.
If respondents know that you are personally conducting the market research, they may not be completely honest or falsify the data, thereby affecting your results.
Using an independent third-party market research firm ensures the confidentiality and anonymity of the responses.
By working with experts, they will not only teach you what questions to ask and how to ask them, but they will also provide a layer of protection to ensure the reliability and authenticity of the results.
Therefore, your first step in conducting market research (or any type of market research service) is to contact a third party partner for a proposal.
Step #2 of conducting market research
Initiating meetings and work programs:
After selecting the right market research company, the next step is to hold a launch meeting.
This 30 to 60 minute kick-off session covers all the main highlights of the investigation, the process, the timeline and the final deliverables. The market research company will send an agenda in advance of the meeting, highlighting the main objectives and topics for discussion.
This kick-off meeting laid the groundwork for the whole project. Not only should your organization tell the survey company what answers you need and what questions you want to address, the third party should also recommend best practice survey questions.
After the first meeting, the project work plan will be designed. The work plan lists the survey tasks, the survey analysis report and the timetable for completion.
This work plan helps the research team to complete the task on time throughout the project.
Step #3 of conducting market research
Questionnaire design and programming:
Now we can draw up the questionnaire. We recommend limiting the questionnaire to 15 to 20 questions. This means that the average length of a market survey should be 5-10 minutes.
Why? Especially in market surveys where the originator is not revealed, it is important to maintain the rapidity of the questionnaire.
Keep in mind that in many cases, since the survey respondents are random people in the target market, it is likely that they do not have a strong connection or relationship with the survey topic.
As a result, they are looking for a quick, engaging way to share feedback in exchange for value or rewards.
Here’s a simple example: Can you get a customer to spend 15 minutes on the phone with you about a recent purchase?
It’s hard, but it can be done. Since customers have a relationship with your brand, they are more willing to share their time.
Can you get someone you randomly call to talk to you for 15 minutes?
❌ Not likely. It’s almost impossible. While this is drastic, the same mindset needs to be applied to market research.
Keep it short, keep it simple, and offer rewards.
After the questionnaire is finalized in the Word document, Superspeed Research will transfer it to the online survey software and generate a project test link. This link is used for internal testing, so you can use the test as a real participant to respond to the experience and learn about the survey.
Step #4 of conducting market research
Testing and soft boot:
You may be wondering, “How do I get survey responses from non-target customers?
This is the value of working with a professional market research company. They can find respondents in the following ways
Use social media such as Tiktok and Weibo to get responses through random distribution.
This approach is a great way to get feedback from your target demographic (B2B and B2C).
The programmed survey link is then used for a trial run or soft launch.
A test release is the process of obtaining a small number of survey responses before a full release.
This test release can detect any issues early, test problem understanding, and help organizations understand response rates.
Step #5 of conducting market research
Field survey:
The second and final step in conducting market research is to publish the survey. This is the full release of the survey to sample panel members, email lists, or via social media.
As the data grows, you need to review it to make sure the responses pass quality control checks.
How many responses should you collect?
Depending on the size of the target market, Supermax research may offer multiple levels of response options.
This could include 100 responses (random sampling provides a +/ -10% margin of error), 200 responses, or even 400 responses (+/ -5%).
A level of 400 responses is considered best practice in the industry.
If you think in terms of reliability and budget, you’re lucky enough to aim for 1,000 responses.
This is the highest level of statistical reliability for organizations wishing to conduct market research and provides a lot of scope for cross-analysis and segmentation of data.
Step #6 of conducting market research
Analysis and reporting ?
The last step in market research is analysis and reporting. The results of our research can bring great value to your project.
A comprehensive report includes:
Executive summary and theme
Recommendations and action items
infographic
Interviewee or customer role
Appendix of question by question results
Speedway Research will guide your organization in interpreting and explaining the survey results
These insights help you take next steps and make decisions, ensuring that you’re not stuck with the findings.
The appendix is not meant to underestimate the value of charts and graphs, but to provide a lot of detail. In the appendix, you will find a breakdown of gender, age and other market research categories.
