Preparing For Market Research
Step 3 of our Umbrella Assessment Guide
An Umbrella Assessment is an in-depth hierarchy of assessment and analysis. It uses research, in order to create a 360 view of your organization, internally and externally. Once assessed, it helps you design a risk free and dynamically flawless, marketing strategy.
Market Research should be the foundation
This article is preparing you to develop a Market Research Plan. This plan will fully assess your business internally and externally, as well as collect future trend hindsight. In conclusion, This plan will help determine a fail-safe and prosperous, marketing strategy for your business.
Commit to Market Research
In order to complete this process, you need the below methodology’s and mediums to collect the data. Once you have collected the data, you need to analyze and present it. This will assess and articulate a specific aspects of your business, markets and industry. You can do this manually, but it is easier to learn the basics of a data analysis app or software. Understanding data will help you interpret relationships and correlations, between your markets, business and industry. It will ultimately determine any strengths, weaknesses, opportunity and threats, for each assessment. Below are a list of mediums you can use to collect the information/data, using primary market research.
Market Research Mediums
Methodology means the way or type of design for Market Research data collection
- Focus Groups
Digital can fit into all of these methodology’s. But since Digital is a different realm, i consider it its own methodology
Surveys: a Sheet or Digital set of questions (See next post for how a survey differs from Questionnaires)
Questionnaires: a set of questions, but with one or more sub question)
Observation: Observing consumer behavior and collecting information
Trial: Personally Experiencing or observation of experience, to collect information
Focus Groups: a group of respondents are questioned at the same time on a specific topic for research purposes
Interview: Questioning a single person through talking
Test Marketing: Purposefully creating a specific “event: for the purpose of collecting information”.
- Analytic Programs
- insight Programs,
- Reviews, Feedback,
- Online Questionnaires/surveys
- Customer Chats
- Customer Relationship Management Programs
- Case Studies
- third Party Interview,
- Statistical Data Websites