Market research is an incredibly powerful way to gain insight into the thoughts, feelings, and opinions of your target consumers. By engaging in market research, you can stay ahead of market trends, reduce risk, and gather the data you need to gain buy-in for new projects or ventures. Because it is such a powerful tool, it is important to approach market research strategically and intelligently. These guidelines can help ensure that you make the most of your qualitative research and gather the information your business needs to succeed.
Market Research Dos and Don’ts
Do: define the goals of your research
In order to gather the right information, you must first determine the goal you are trying to achieve with your research. What questions need to be answered? What problems need to be solved? Take stock of your existing data and look into whether your organization has conducted similar research in the past, which could save you from doing duplicate work.
Don’t: start until you’ve determined your objective
You will never reach a satisfactory conclusion if you do not start by determining your desired end point. Before starting, find out which members of your organization will be using the research and ensure that all stakeholders agree on what the final goals should be. Determining a strong sense of direction before your market research begins will allow you to gather information that is useful and serves a real purpose.
Do: consider the type of research you’ll need
When conducting market research, there may be different types of reports that could serve your purpose. Think through whether you need primary or secondary research as this will help you determine the type of report you require.
Don’t: assume you can do it all yourself
Because market research is such a valuable yet complex tool, it is generally worthwhile to bring in the help of an experienced market research firm to help complete the process. It is easy to become overwhelmed by the various details that must be attended to and costs can quickly add up when you do not have experience gathering the data you need. To accomplish the task at hand efficiently and effectively, working with an experienced market research firm will provide peace of mind that the research will be conducted thoroughly, efficiently, and on spec.
About Observation Baltimore:
We take great pride in creating a special environment for research to thrive, which is why Observation Baltimore is Where The Magic Happens. We are one of the top Maryland market research facilities and rated “One of the World’s Best” by Impulse Survey. Our experienced recruiting is the foundation of our mission, as well as courteous and proactive hospitality and client services. Just six minutes from BWI airport and AMTRAK, our Baltimore research facility has a great location. Most importantly, we understand market research!
To learn more about the market research facility at Observation Baltimore: contact Ryan Ross at 443-543-5345 or click here!