Market research is conducted with the sole purpose of collecting data and information regarding the consumers’ preferences and their likes and dislikes regarding a product or a service. The aim of the research is to gather new information, thus, it is quite important to devise strategies and plans to collect correct and reliable data. The collected data regarding the consumers’ preference and satisfaction need to be tabulated in the correct form.
The information that you collect and have tabulated and analyzed will determine the success or failure of your product or service in the market. Here are a few rules that will help you with reliable market research and guarantee your success and thereby, reduce any expenses that the product failure will incur.
The rules of market research
Read on and know how you can ensure your market research will provide accurate results and information.
Talk to the right people:
Talking and getting information from the right people is utmost important in market research. If you are selling a product used by women and the questions are asked to the men, you are sure to fail. Certain products and services are gender-based or age-based. Keep in mind the product and your target audience before you embark on the market research journey.
Use the language the customers understand
Another important factor that is often overlooked by most research agencies is the language incorporated during the research. Make sure to use the language that is generally understood by the consumers. If the respondent is unable to understand what you are asking of him/her, he/she will be unable to answer correctly. Using difficult to understand words and vocabulary, using detailed answer format will surely put the customers off and they will lose interest in answering the questions.
Also, it is equally important that the respondents are given importance as to how they like the product or service or their feelings pertaining to the product and such. This will make them feel important and you will be able to yield better results for your product.
Ask the right question
Asking irrelevant and worthless questions just for the sake of asking will prove to be a waste of time and money. Be astute in asking the right questions and in the right tone. Do not assume and create fake choice answers that the respondent will surely answer in order to appear smart and impress the interviewer, but in reality, will be of no use to your purpose. Frame questions in such a way, that the respondents are able to understand and provide answers that serve your purpose.
Analyse the data collected
Once the data has been collected and recorded, tabulating it in a correct order and analyzing it is the next important step. Analysing the data and the methods to be employed for the analysis has to be pre-determined even before the start of the interview. The analysis will give you the answer you have been looking for and you will be able to determine if your product or service is going to be a success or a failure.
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