If you want to succeed in your market research it is important that you understand this 5 tips to take a multipronged approach with your investigation.
So, how can you improve your market research? It is easy if you know how to start. Here we go:
Build technical understanding
Very often technical knowledge of an industry or a market is an underestimated skill when it comes to market research. In my experience, I have found that consultants or analysts with adept knowledge on a particular industry tend to engage with clients better and fare well.
Improve your Market Research: Get creative, invent your methodology
I call this science and research combined with art. Understand types of information available and assess informational gaps required to capture the market dynamics. Tweak your market methodology to supplement data points using other external data bases, survey vendors, or hiring experts to contribute to projects.
Use a balance of qualitative and quantitative information
It is important to support a qualitative trend through quantitative analysis. Trend analysis using this approach becomes more defensible. A futuristic prediction made on analyzing data is much more believable.
Comprehend secondary information sources effectively
The internet is a vital tool, and market research professionals rely heavily on secondary data sets that are readily available; however, it is important to sanitize and check for the legit nature of the information including vetting the source of the data.
Seek continuous learning, self education, and networking opportunities
As a market research professional, it is important to stay abreast of what is happening in a particular industry with regards to new business models, policy changes, regulatory norms, emerging technologies, and disruptive products. Subscribing to industry specific newsletters and journals will help you stay informed of the current dynamics. Engage with industry experts and network to expand your horizon to welcome new perspectives.