Thinking of Doing a Marketing Research Project? Some thoughts to consider
Marketing research can help guide solid business decisions, but it is important to realize two things:
The home improvement space is particularly tricky given the structure of the industry, the range of customers from homeowners who buy infrequently to contractors who buy daily, and some target audiences that are quite hard to find.
So here are some basic steps to consider when building a research plan:
Do this right and you are off to a good start. Get this wrong and you will end up with an unproductive project.
Now that you have a good plan, execution and analysis/reporting are critical.
How can the subject be covered with respondents so they can provide quality answers? (Must put the questions into their terms, not necessarily a direct statement of the business issue.) How to get sample of respondents that represents you target group? What is the best flow for collecting the data?
Analysis and Reporting
Much of ďartĒ in doing good research is proper and creative analysis of the data. Much like a good mystery, analyzing research is a process of continual discovery. One finding might lead to another line of inquiry. It is important to have both the analytical tools and the business experience to turn the data it the insights that drive the top and bottom line.
Beware The Cheap Plan
With some of the tools available today, some companies are going it alone. This may work when the decisions being made are of minor impact. But if you really care about getting quality information, a research professional is what you need. Bad research is often worse than no research at all.