Have you done the four steps of market research right?

Market research refers to the process of collecting, sorting, analyzing and interpreting market-related information to understand the current situation, trends, opportunities and problems of the market and provide a basis for strategic decision-making and marketing planning. Market research is an important means for enterprises to understand customer needs, competitor dynamics, industry development and market environment, and is the basis for enterprises to formulate effective marketing strategies and business plans.

However, many companies ignore some basic principles and methods when conducting market research, resulting in inaccurate, incomplete or impractical research results, and even the failure of market research. So, how to do a good job in market research? This article will be from the four steps of market research: to determine the goal, collect data, organize and analyze the data and write a report, respectively, introduce the common mistakes and suggestions of market research, as well as the professional services and successful cases of Shangpu Consulting Company in market research, hoping to help enterprises improve the effect and value of market research.

1. target determination

Targeting is the first and most important step in market research. The objectives of market research refer to the subject, scope, object and expected results of the research, and are the guidelines and evaluation criteria for the research. Only clear market research objectives, in order to effectively design and implement market research, to avoid blindness and waste.

The objectives of market research should have the following characteristics:

Clarity: The goal should clearly express the problem and purpose of the research, avoiding ambiguity and ambiguity.

Specific: The objectives should specifically define the scope and object of the research, avoiding being too broad and general.

Feasible: The goal should consider the feasibility and practicality of the research, and avoid being too ideal and unrealistic.

Valuable: The goal should be consistent with the value and significance of the research, avoiding irrelevant and useless.

Common misunderstandings and suggestions of market research:

Myth 1: There is no clear goal, random market research. In this case, market research often lacks direction and focus, resulting in the results of the research can not meet the needs of decision-making, and even misleading and interfering.

Recommendation 1: Before conducting market research, problem analysis and goal setting should be carried out to clarify the necessity of the research, the nature of the problem, the content and standards of the goal, and the expected effect and value of the research.

Myth 2: The goal is too broad or too detailed, resulting in the scope and depth of research is not appropriate. In this case, market research is often difficult to collect effective and useful information, or waste too much time and resources.

Recommendation 2: When setting the objectives of market research, the scope and depth of the research should be reasonably determined based on the purpose and significance of the research, avoiding both the omission of important information and the collection of irrelevant information.

2. data collection

Collecting data is the second and most important step in market research. Market research information refers to all kinds of information related to the market, including market size, structure, trends, opportunities, problems, competitors, consumers, channels, policies, etc. The information of market research is the basis and basis of the research, and it is the decisive factor of the quality and effect of the research.

Market research data can be divided into two categories:

First-hand information: refers to the information obtained by the researcher from the front line of the market through direct means, including observation, interview, questionnaire, experiment and other methods. The advantages of first-hand information are the latest, the most authentic, and the most targeted, but the disadvantages are high cost, long time, and difficult.

Second-hand information: refers to the information obtained by the researcher indirectly from existing sources, including internal and external information. Internal information refers to the various information owned by the enterprise itself, such as sales statements, financial reports, market forecasts, etc. External information refers to all kinds of information outside the enterprise, such as government statistics, industry reports, network information, databases, etc. The advantages of second-hand information are low cost, short time and easy access, but the disadvantage is that it may be outdated, inaccurate and incomplete.

Common misunderstandings and suggestions of market research:

Myth 1: Only rely on second-hand information, ignoring the importance of first-hand information. In this case, market research often lacks in-depth understanding and insight into the market, it is difficult to find market opportunities and problems, and it is difficult to meet the individualization and innovation of decision-making.

Recommendation 1: When collecting market research data, first-hand and second-hand data should be combined to make full use of various sources of information. It is necessary to use existing data and actively obtain new data to improve the data. Effectiveness and usefulness.

Myth 2: The methods and techniques of collecting data are not appropriate, resulting in the quality and quantity of data not up to standard. In this case, market research is often difficult to obtain reliable and sufficient information, or cause information bias and error, affecting the results and judgment of the research.

Recommendation 2: When selecting and using the methods and techniques of collecting data from market research, appropriate methods and techniques should be selected according to the objectives of the research and the characteristics of the data, such as the way of observation, the object of the interview, the design of the questionnaire, the scheme of the experiment, etc., to ensure the quality and quantity of the data.

3. collation and analysis data

Collating and analyzing data is the third and most critical step in market research. The data collation of market research refers to the classification, coding, entry, cleaning, verification and other operations of the collected data in order to facilitate data analysis. Market research data analysis refers to the use of statistics, economics, psychology and other theories and methods, the collated data to summarize, compare, calculate, infer and other operations, in order to draw valuable.Conclusionand recommendations.

The data collation and analysis of market research should have the following characteristics:

System: Data collation and analysis should follow certain logic and steps, from simple to complex, from surface to deep, from the whole to details, to ensure the integrity and consistency of data.

Objective: Data collation and analysis should respect the original appearance of the data, avoid subjective prejudice and interference, in order to ensure the authenticity and accuracy of the data.

Innovation: data collation and analysis should use advanced theories and methods to discover the laws and connotations of the data in order to improve the significance and usefulness of the data.

Common misunderstandings and suggestions of market research:

Myth 1: The process and results of data collation and analysis are not clear, and there is a lack of effective recording and presentation. In this case, market research is often difficult to trace and verify the source and process of the information, and it is difficult to communicate and present the information.Conclusionand recommendations.

Recommendation 1: In data collation and analysis, professional software and tools, such as Excel, SPSS, R, etc., should be used to record and present the process and results of data collation and analysis, such as tables, charts, models, etc., in order to improve the visualization and comprehensibility of data.

Misunderstanding 2: The methods and techniques of data collation and analysis are inappropriate, resulting in dataConclusionand recommendations are unreasonable or unreliable. In this case, market research is often difficult to obtain valuable and useful information, or cause misleading and misjudgment of information.

Recommendation 2: When selecting and using methods and techniques for data collation and analysis, appropriate methods and techniques should be selected according to the type and characteristics of the data, such as descriptive analysis, correlation analysis, causal analysis, predictive analysis, etc., to ensure the rationality and reliability of the data.

4. writing report

Writing a report is the fourth and final step in market research. A market research report is a document that systematically, completely, clearly and convincingly presents the process and results of market research to decision makers in written form. The report of market research is the display of the results and results of the research, and the embodiment of the influence and value of the research.

The market research report should have the following characteristics:

Structure: The report should follow a certain format and order, including the title,AbstractCatalogue,Text、Conclusion, recommendations, appendices, etc., to ensure the completeness and organization of the report.

Content: The report should include market research objectives, methods, data, analysis,Conclusionand recommendations to ensure that the report is systematic and comprehensive.

Language: The report should use standard language, avoid typos, speech disorders, ambiguity, etc., to ensure the clarity and accuracy of the report.

Style: The report should use an objective style, avoid subjective evaluation, emotional color, exaggeration or devaluation, etc., to ensure the objectivity and fairness of the report.

Common misunderstandings and suggestions of market research:

Myth 1: The structure and content of the report are unreasonable and lack focus and logic. In this case, market research reports are often difficult to attract and retain the attention of readers, and it is difficult to convey and explain the process and results of the research.

Recommendation 1: When writing a market research report, you should follow a certain structure and content, highlighting the research objectives, methods,Conclusionand recommendations, according to the introduction,Text、Conclusionorder, using headings, subheadings, paragraphs, lists, etc., to improve the readability and understandability of the report.

Myth 2: The language and style of the report are inappropriate, unconvincing and unattractive. In this case, market research reports are often difficult to win and maintain the trust and interest of readers, and it is difficult to influence and promote the formulation and implementation of decisions.

Recommendation 2: When writing a market research report, you should use appropriate language and style, and use facts and data to support the research.Conclusionand recommendations, use charts and cases to enrich the analysis and presentation of the research, and use concise and powerful language to express the significance and value of the research in order to enhance the persuasiveness and attractiveness of the report.

Champu Consulting's professional services and success stories in market research

Shangpu Consulting Company is a professional market research and consulting service company, with many years of market research experience and professional market research team, providing high-quality market research and consulting services for customers in all walks of life, helping customers understand the current situation and trends of the market, discovering market opportunities and problems, formulating effective marketing strategies and business plans, and enhancing customers' market competitiveness and performance growth.

The services of Champu Consulting Company in market research cover the whole process of market research, including:

Planning and design of market research: according to the needs and objectives of customers, formulate market research programs and plans, determine the objectives, scope, objects, methods, time, budget, etc. of market research.

Implementation and execution of market research: according to the plan and plan of market research, collect first-hand and second-hand market information, including observation, interview, questionnaire, experiment, network, database, etc.

Market research and analysis: according to the objectives and data of market research, the use of advanced software and tools, the market data for sorting and analysis, including classification, coding, entry, cleaning, verification, induction, comparison, calculation, inference, etc., to obtain valuableConclusionand recommendations.

Market research report and presentation: according to market researchConclusionand recommendations, write a market research report, including the title,AbstractCatalogue,Text、Conclusion, recommendations, appendices, etc., are presented to the client in a written, systematic, complete, clear, and persuasive manner, while also providing oral explanations and explanations to enhance the impact and value of the report.

There are many successful cases of market research by Champu Consulting. Here are some of them:

Case 1: An automobile manufacturer wants to understand the needs and preferences of automobile consumers in the Chinese market, as well as the strategies and performance of competitors, to provide a basis for its product development and marketing strategies in the Chinese market. Champu Consulting provided comprehensive market research services to this client, including:

Through the network, database, industry reports, etc., the basic situation, development trend, policies and regulations, market size, market structure, market distribution and other second-hand information of the automobile industry in the Chinese market are collected.

Through observation, interviews, questionnaires, etc., the basic characteristics of automobile consumers in the Chinese market, purchase behavior, purchase motivation, purchase decision-making, purchase satisfaction, brand awareness, brand preference, brand loyalty and other first-hand information are collected.

Through experiments, neural marketing, etc., we collected first-hand information on the potential demand, potential preferences, and potential influencing factors of automobile consumers in the Chinese market.

Through competition analysis, SWOT analysis, PEST analysis, etc., the basic situation, product characteristics, price strategy, promotion strategy, channel strategy, market share, market share, market influence and other first-hand and second-hand information of automobile competitors in the Chinese market are collected.

Through comprehensive analysis, correlation analysis, causal analysis, prediction analysis, etc., the collected data are collated and analyzed, and the characteristics, changes, differences and influencing factors of the needs and preferences of automobile consumers in the Chinese market are obtained.Conclusion, and the strengths and weaknesses, opportunities and threats, strategies and effects of automotive competitors in the Chinese market.Conclusion。

Through writing reports, making charts, showing cases, etc., the process and results of market research are presented to customers systematically, completely, clearly and convincingly in written and oral forms. At the same time, it also provides suggestions and plans for automobile product development and marketing strategies for the Chinese market, such as product positioning, product design, product innovation, price strategy, promotion strategy, channel strategy, brand strategy, etc.

The market research report and recommendations provide strong support and guidance for the customer's automotive product development and marketing strategy formulation and implementation in the Chinese market, and help the customer achieve good performance and reputation in the Chinese market.

Case 2: A cosmetics brand wants to understand the needs and preferences of cosmetics consumers in the Chinese market, as well as the strategies and performance of competitors, to provide a basis for its brand promotion and marketing strategies in the Chinese market. Champu Consulting provided comprehensive market research services to this client, including:

Through the network, database, industry reports, etc., the basic situation of the cosmetics industry in the Chinese market, development trends, policies and regulations, market size, market structure, market distribution and other second-hand information.

Through observation, interviews, questionnaires, etc., the basic characteristics of cosmetics consumers in the Chinese market, purchase behavior, purchase motivation, purchase decision-making, purchase satisfaction, brand awareness, brand preference, brand loyalty and other first-hand information were collected.

Through experiments, neural marketing, etc., the first-hand information on the potential needs, potential preferences, and potential influencing factors of cosmetics consumers in the Chinese market was collected.

Through competition analysis, SWOT analysis, PEST analysis, etc., the basic situation, product characteristics, price strategy, promotion strategy, channel strategy, market share, market share, market influence and other first-hand and second-hand information of cosmetics competitors in the Chinese market are collected.

Through comprehensive analysis, correlation analysis, causal analysis, prediction analysis, etc., the collected data were collated and analyzed, and the characteristics, changes, differences and influencing factors of the demand and preference of cosmetics consumers in the Chinese market were obtained.Conclusion, and the strengths and weaknesses, opportunities and threats, strategies and effects of cosmetics competitors in the Chinese market.Conclusion。

Through writing reports, making charts, showing cases, etc., the process and results of market research are presented to customers systematically, completely, clearly and convincingly in written and oral forms. At the same time, it also provides suggestions and plans for cosmetics brand promotion and marketing strategies for the Chinese market, such as brand positioning, brand image, brand communication, price strategy, promotion strategy, channel strategy, brand loyalty, etc.

The report and recommendations of the market research provided strong support and guidance for the formulation and implementation of the customer's cosmetics brand promotion and marketing strategy in the Chinese market, and helped the customer achieve good performance and reputation in the Chinese market.