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Key Steps in Conducting Market Research

Damfe Samuel

Created on October 22, 2024

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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.

01 Identify Research Goals

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.

Design a Research Plan

02

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.

03 Collect Data

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.

04 Analyze Data