Once you have decided you’d like to do some market research, it is vital to consider what you want out of the research before approaching an agency. This is actually the most important step of the entire project, so make sure you take the time. Clarifying your objectives will allow you to communicate your aims clearly when you come to briefing an agency – and it will also help ‘sell’ the project to internal stakeholders.
A good market research agency will be able to advise on how best to achieve your aims, including sample sizes, methods and techniques and much more. But to do this effectively they need an understanding of the reasons for undertaking the research and what you want to ultimately achieve.
Objectives should be specific and include what you want to do and why you want to do it. It could be to solve a particular problem, to inform strategy, or just get some customer insight. Examples include:
- find out the market size and competitive landscape of the aluminium windows sector, to inform a decision on whether there is potential for us to enter this sector
- run a customer satisfaction survey to find out why x branch is underperforming compared to other branches
- run a series of focus groups to ask plumbers their views on a new prototype to ensure we are launching the right product into the right market
- benchmark ourselves against competing suppliers to understand why x supplier is taking market share
Setting clear goals also makes it easier to move from data and information gathering to real insight. Insight is only achieved when research results are interpreted and understood within a business context. Having clear aims will also help you compare the offering of competing agencies at quotation stage.
Would you like to discuss your research requirements? Get in touch with MRA Research on 01453 521621.
This post is part of our article series 9 tips for commissioning valuable market research.