The 5 Step Marketing Research Process

The 5 Step Marketing Research Process

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Marketing is never to stop. Different trends, approaches and notions, like RTB marketing, appear every day. But before implementing any of new or old technology marketing research should be made. It is a ground of all further marketing solutions.

To make it more understandable, it is like calculating the cost of a new house you are going to build: construction materials, how many floors you can afford and actually want, cost of interior decor. You are unlikely to take next steps before having this information.

However, it is not the same in marketing world. It may sound surprising, but marketing researches is the first thing that many companies primary reject. Main reason is financial insufficiency, while the process may take time, too, that is not always convenient if you need to be quick.

Nevertheless, some skilled startups may easily reassure you that marketing research is not a synonym to big expenses at all. It can be affordable and very useful if everything is done right according to several simple rules.

1. Set the problem and define goals

Any activity should be oriented for particular goals. They can be achieved by resolving several problems. In some sense, we can say that a problem is like a mini-goal that will lead you to the aim you need.

Besides, you will need a hypothesis. It may be not true, you may give your own speculation based on particular facts, own experiences or feelings. At the end of your marketing research you should compare it with real facts you have found and confirm it or reject.

2. Plan your marketing research

Planning is a key to success in any business. Here you should define exact steps you are going to take.

Advice: you’d better write them on a piece of paper to understand what you should do after each activity.

Think about target audience where you will make a selection. Obviously, it is not possible to talk to all citizens in megapolis, but 100 people can be a good variant. Huge companies have certainly bigger audience, but if you represent a startup with unknown prospects, this amount will do.

Mind the cost! Calculate the price you may need for the research. Of course, it is better to write a bit higher prices for all the services connected to fit in a budget.

Besides, there are also time expenses for performing the research, results analyzing and coming to conclusion.

Make a table with 2 columns for these points and write what it will cost you.

3. Collect information

There are different variants like opinion polls, surveys, observation, experiments etc.

Some experts also come to methods of desktop researches. It means that information has already been collected by someone and you make your analysis according to that data.

Note: you remember to write down the method you are going to choose, don’t you?

4. Analyzing the information we have

The information you have received should be classified so that it could be “readable” and understandable.

There are lots of variants for representing it:

  • – tables;
  • – diagrams;
  • – graphics etc.

Any method that will help to have clear view of the data you got will be suitable.

5. Representing information

Now it is time to show your colleagues or bosses what is the information you posses is about. Making tables is a good options, but radius charts are more vivid and effective. The proportions will help to see immediately how people react to something, how often they buy certain products and so on.

There should be kept a balance between visual effects and information capacity. The latter is even more important. The quicker everybody understands result, the less time you will waste for explanations and the faster you will come to the conclusion what to do with the moods of your target audience.

We hope, you feel no fear about marketing research. If you still need aid and supervision – write us to dispel fears.

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