Before you dive into a market research project, there are 2 important actions to take to ensure it all goes swimmingly. Spending this extra time beforehand will undoubtedly pay off in the end.
1) Define the problem.
Be clear about your research objective. Perhaps you have decision problem faced by management that can be translated into a market research problem in the form of specific questions relating to competitors, pricing or customer preferences. It may be helpful to outline possible scenarios of the research results in advance so that the decision maker can proactively formulate action under each scenario.
2) Determine the value of the information being collected.
Information can be useful, but what determines its real value to the organization? The value of intelligent data is determined by:
- your organization’s ability and willingness to act on the findings
- the level of indecisiveness that your organization’s leaders are experiencing without the information
- the level of risk aversion
- the reaction of competitors to any decision improved by the information
- the cost of the information relative to your organizations current resources, time and money