Market research refers to the process of collecting, organizing, analyzing and interpreting market-related information to understand the current situation, trends, opportunities and challenges of the market, so as to provide the basis and suggestions for the strategy and decision-making of enterprises. Market research can help companies understand their strengths and weaknesses, understand the dynamics and strategies of competitors, understand consumer needs and preferences, and understand the size and potential of the market. Market research is one of the key factors for the success of an enterprise, but how to conduct effective market research is not an easy task. Market research needs to have a clear purpose and scope, the selection of appropriate methods and tools, the collection and analysis of large amounts of data, and the writing and presentation of persuasive research reports.

In order to help companies conduct better market research, this article invited several experts who have been engaged in market research for many years to share some of their tips and experiences in the market research process. These experts are:

Zhang Xiaoming, a senior partner of Shangpu Consulting, is responsible for market research and strategic consulting. He has provided market research and strategic consulting services to leading companies in many industries.

Li Na, a data analyst at Shangpu Consulting, specializes in using various data analysis tools and methods to provide data support and insight for market research projects.

Wang Gang, research manager of Shangpu Consulting Company, is responsible for the implementation and management of market research projects, and has participated in and led the design and implementation of many market research projects.

Chen Li, research consultant of Shangpu Consulting Company, is responsible for the communication and coordination of market research projects, and has provided advice and guidance on research methods and tools for many market research projects.

Here are their shares:

Determine the purpose and scope of research

The first step in market research is to determine the purpose and scope of the research, that is, to answer the questions of "why do market research" and "what market research to do. This step is the basis and direction of market research, which determines the content and quality of market research.

Zhang Xiaoming said: "the purpose and scope of market research should be determined according to the strategic objectives and problems of the enterprise, rather than collecting market information at will. The purpose of market research should be clear, specific, measurable, achievable and meaningful, and the scope of market research should be clear, focused, borderline, logical and relevant. The purpose and scope of market research should be fully communicated and confirmed with the decision makers and stakeholders of the enterprise to ensure the effectiveness and relevance of market research."

Wang Gang said: "The purpose and scope of market research should be determined according to the characteristics and changes of the market, rather than fixed. The purpose and scope of market research should be flexible, dynamic, adaptive, updated and innovative. The purpose and scope of market research should be continuously observed and analyzed with the current situation and trends of the market to ensure the timeliness and foresight of market research."

Chen Li said: "The purpose and scope of market research should be determined based on the resources and conditions of the research, not unrealistic. The purpose and scope of market research should be practical, feasible, reasonable, optimized and balanced. The purpose and scope of market research should be reasonably planned and allocated with the time, cost, personnel, data and tools of the research to ensure the efficiency and quality of market research."

Select appropriate research methods and tools

The second step of market research is to choose the appropriate research methods and tools, that is, to answer the questions of "how to do market research" and "what to do with market research. This step is the means and tools of market research, which determines the process and results of market research.

Li Na said, "The methods and tools of market research should be selected according to the purpose and scope of the research, not one-size-fits-all. The methods and tools of market research should be matched, appropriate, effective, scientific and sound. The methods and tools of market research should be compared and tested against the questions and assumptions of the research to ensure the accuracy and reliability of the market research."

Wang Gang said: "The methods and tools of market research should be selected according to the characteristics and changes of the market, rather than static. The methods and tools of market research should be flexible, dynamic, adaptive, updated and innovative. The methods and tools of market research should be balanced and integrated with the complexity and diversity of the market to ensure the comprehensiveness and depth of market research."

Chen Li said: "The methods and tools of market research should be selected according to the resources and conditions of the research, not unrealistic. The methods and tools of market research should be practical, feasible, reasonable, optimized and balanced. The methods and tools of market research should be reasonably planned and allocated with the time, cost, personnel, data and tools of the research to ensure the efficiency and quality of the market research."

Collect and analyze data

The third step of market research is to collect and analyze data, that is, to answer the questions of "where to get market information" and "how to understand market information. This step is the core and key of market research, which determines the basis and value of market research.

Li Na said: "The data collection and analysis of market research should be carried out according to the purpose and scope of the research, rather than blindly collecting and analyzing data. The data collection and analysis of market research should be purposeful, targeted, systematic, methodological and quality. The data collection and analysis of market research should be compared and tested with the research questions and assumptions to ensure the accuracy and reliability of market research."

Wang Gang said, "The data collection and analysis of market research should be based on the characteristics and changes of the market, rather than static. The data collection and analysis of market research should be flexible, dynamic, adaptive, updated and innovative. The data collection and analysis of market research should be balanced and integrated with the complexity and diversity of the market to ensure the comprehensiveness and depth of market research."

Chen Li said: "The data collection and analysis of market research should be carried out according to the resources and conditions of the research, not unrealistic. The data collection and analysis of market research should be practical, feasible, reasonable, optimized and balanced. The data collection and analysis of market research should be reasonably planned and allocated with the time, cost, personnel, data and tools of the research to ensure the efficiency and quality of market research."

The data collection and analysis of market research can be divided into two categories: primary data and secondary data. First-hand data refers to data collected directly from market participants (e. g. consumers, competitors, suppliers, etc.), such as questionnaires, interviews, observations, experiments, etc. Second-hand data refers to data collected indirectly from market recorders (such as government, institutions, media, etc.), such as statistics, reports, news, reviews, etc. First-hand data and second-hand data have their own advantages and disadvantages. Generally speaking, first-hand data is more accurate, timely and unique, but it is also more time-consuming, more expensive and more difficult to obtain; second-hand data is more convenient, cheaper and richer, but it is also more vague, outdated and common. Market research should be based on different situations, the use of first-hand data and second-hand data, in order to improve the effectiveness and representativeness of the data.

The data analysis of market research can be divided into two categories: quantitative analysis and qualitative analysis. Quantitative analysis refers to the quantitative processing and interpretation of data through the use of mathematical and statistical methods, such as descriptive analysis, inferential analysis, and predictive analysis. Qualitative analysis refers to the non-quantitative processing and interpretation of data through the use of language and logic, such as classification analysis, comparative analysis, causal analysis and so on. Quantitative analysis and qualitative analysis have their own advantages and disadvantages, in general, quantitative analysis is more objective, more accurate, more standardized, but also more abstract, more complex, more indifferent; qualitative analysis is more subjective, more intuitive, more flexible, but also more vague, simpler, more biased. Market research should be based on different situations, the use of quantitative analysis and qualitative analysis, in order to improve the credibility and insight of the data.

Writing and presenting research reports

The fourth step of market research is to write and present the research report, that is, to answer the questions of "how to summarize market information" and "how to convey market information. This step is the result and display of market research, which determines the impact and value of market research.

Zhang Xiaoming said: "The writing and presentation of market research reports should be carried out according to the purpose and scope of the research, rather than arbitrarily summarizing and communicating data. The writing and presentation of market research reports should be purposeful, targeted, systematic, methodological and quality. The writing and presentation of market research reports should be compared and tested with the research questions and assumptions to ensure the accuracy and reliability of market research."