What Steps Should We Take Into Account When Planning A Market Study?

Every year a number of market research projects of different kinds are developed; either qualitative or quantitative. Regardless of the methodology you choose, it is always a critical step to properly plan each study. In this way it is possible to make the best decisions when establishing the steps and times that we will need to meet our objectives.

For this reason we are going to enumerate the fundamental steps that cannot be missing in any market study project.

Relevance of doing a study. Although this step seems obvious, from the beginning it is crucial to define if the problems or doubts we have regarding a certain phenomenon can be resolved with market research or if, on the contrary, they can be covered by other means. In the first scenario we will establish a research protocol.

Determination of the target population. It is in this phase that we have to choose whether we are going to approach the target consumer that we should already know from the beginning or whether we are going to look for some other approach that can be the population in general or a segment of it with certain characteristics of our interest and that allow us to meet our objectives.

Definition of the sample. As we have mentioned in other posts on this blog, it is impossible in the vast majority of cases, given the times and budgets available to most of those interested, to carry out a census. For this reason, it is necessary to define a representative sample that allows us to obtain data and information that are a reflection of the entire universe.

Choice of a technique. It is necessary to determine, whether we have chosen a qualitative or quantitative methodology, the technique that allows us in the best possible way to meet all our objectives and available resources. Among the best-known techniques are face-to-face interviews, focus groups (either virtual or online), ethnographies, in-depth interviews, panels, etc.

Supervision. This step really needs to be present throughout the entire execution of the project. This task forces us to define evaluation and correction actions for areas of opportunity at the moment they are identified; whether they take place during the execution of the techniques or the data analysis, to name a few examples. This supervision can be done at the desk or in the field and must consider measurable and tangible parameters.

Analysis. When the field inputs are already available, the analysts can make several revisions in order to clean the extreme or erroneous databases that may affect the calculations. Subsequently, the tabulars and the operations that are necessary to be able to answer the questions that gave rise to the study are carried out.

Recommendations and conclusions. It is the final phase of any Market Study. This step is when a document or a series of documents is prepared where the main discoveries are reflected, which can be presented in the form of analysis results and proposals for preventive or corrective actions in order to improve the processes of the brands or undertake other operations such as business or communication plans.

Planning of Market Research is a critical task, since depending on the attention paid to the design of the project, we will be able to obtain a valid study that does not present major difficulties in its execution. Thus, our investigation will represent a step forward to fulfill the established purposes.

At Acertiva we have two decades of experience planning and executing Market Research in different LATAM countries such as Brazil and Mexico. Email us today to share your requirements and we in turn tell you how together we can write your next success story.

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