Key Steps in Conducting Market Research
Damfe Samuel
Created on October 22, 2024
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Transcript
By following these steps, you’ll ensure that your business idea is backed by real market insights, setting you up for success.
Analyze Data
04
Collect Data
03
Design a Research Plan
02
Be clear about what you want to learn. Whether it’s customer preferences or competitor analysis, having a goal will guide your research.
- Example: Discover customer preferences for eco-friendly packaging in the skincare industry.
Identify Research Goals
01
Key Steps in Conducting
Market Research
Decide on your research methods—will you use surveys, interviews, or existing data? Define your target audience and plan out the logistics.
- Example: Create a survey targeting urban millennials who purchase organic skincare products.
During data collection, be objective and open to feedback. The more genuine and unbiased your findings, the better your final product will be.
- Tip: Stay open to criticism and use it to improve your business idea.
Look for patterns in the data you’ve collected and use it to make informed decisions about your product or service. This will help you fine-tune your offering to match market demand.