How To Carry Out Market Research For A New Business

The process of acquiring, examining and interpreting data on the requirements, desires and behaviours of a market or target audience is known as market research. It is beneficial to recognise market trends and create items that can satisfy those wants.

Market research is frequently utilised in the marketing and advertising sector. It’s a tool used by marketers to learn more about their target market’s demographics, psychographics, and behaviours.

Through the collection of information on your target audience’s demographic, psychographic and behavioural characteristics, market research helps in understanding their needs and wants.

Importance Of Market Research

When market research is done correctly, it has been shown to boost startup businesses’ success rates by as much as 50%.

When marketing is carried out ineffectively or not at all, costs might rise by up to 40%.

When corporations launch a product without conducting adequate market research, the number of times they lose money goes up tenfold.

Steps To Carry Out Market Research

To avoid wasting time on activities that won’t help your business succeed, it is crucial to undertake thorough market research.

• Identify and define the gap or opportunity

Market research can be done for a variety of purposes, such as to comprehend a new market, spot an issue, or learn what your target audience wants from you.

The following subgroups of this step are also possible:

Marketing research problem: You must decide what information is required to determine how to efficiently and successfully collect it.

Marketing research objective: The marketing research challenge should be included in the project’s objective so that the researcher is clear about the intended outcome. How much particular information is required to conclude will also depend on the issue.

Management decision problem: Marketing research is utilised by managers to make decisions that are in the best interests of their companies and has been around for a while. Making decisions about issues with a lot of crucial components can benefit from it.

• Plan the strategy design and gather secondary data

The following details should be included in a table format as part of the plan:

What is the goal of the study and what are you hoping to learn? What hypotheses do you have? What research questions do you have? Who will take part in the research?

Additionally, this strategy will specify how you’ll carry out the market research project, what you’ll need to finish it, how long it’ll take, and who will be in charge of it.

From the user’s interactions with products and services, secondary data is gathered. It can be gathered using polls, online forms, or social media. This is the information you gather from outside sources.

Insights into consumer behaviour can be gained from the data, which is crucial for market research. In reality, market research firms in Kenya are using secondary data to learn more about their clients and develop more successful marketing plans that will boost client retention rates.

• Collect primary data

The initial data gathered for market research is known as primary data. It is the initial step toward discovering the thoughts, emotions, and behaviours of your target market, which aids in creating a strategy for your good or service.

Many other techniques, including surveys, interviews, focus groups, and ethnographic studies, can be used to gather this kind of data.

It is then analysed to see what the primary concerns are that the organisation has to address. This will make it easier to develop a strategy for resolving these problems.

By conducting focus groups, surveys, and interviews with the target market, primary data is acquired from that group. To determine their needs and interests, this information is employed. Additionally, it is beneficial to comprehend their viewpoints on particular issues or goods.

• Analyze the data

After conducting market research in Kenya, the first stage in data analysis is to comprehend the data and its constraints. One needs to be conversant with the many categories of data that are accessible for analysis to do this. The four most typical types are as follows:

Primary Data: These are the unprocessed results of a survey or interview conducted by the company itself or by a third party it has contracted.

Secondary Data: This is information that is acquired from sources like public databases, social media sites, and so forth.

Quasi-Primary Data: This is gathered from surveys that have been carried out by businesses themselves or by outside organisations that they have engaged.

You are responsible for analysing the data. To help you do this, you will need a data analysis tool. While all tools have some value, some are more beneficial than others.

Marketers can analyse their data in a variety of ways and conclude it. The most widely used methods include,

Using charts or graphs, data visualisation enables marketers to visually investigate complex correlations between many variables.

Through statistical research, marketers can develop models that forecast the audience’s future behaviour.

With the aid of analytical models, marketers can develop mathematical formulas for gaining insights.

Software analytics enables advertisers to count the number of times a specific piece of content has been shared, liked on Facebook, or entered into a Google search.

• Prepare and present the report

Write and report on performing market research in Kenya and analysing the results. The report should incorporate both your observations and the results of the market research.

Use a range of tools as you get ready for your presentation. Google Slides and PowerPoint are helpful tools because they let you show your facts in a structured manner. Additionally, you can utilise programmes like Word, Excel, or PowerPoint to make graphs and charts that will make it easier for you to communicate your findings.

The report should include the following information:

A concise statement of the research objectives

A brief explanation of research design

Summary of major findings

Conclusion with recommendations

Market research is frequently used in business to assist organisations in making decisions regarding their goods or services. Governments will occasionally use it to comprehend constituent wants and create policies and initiatives.

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