How to get the Most out of Market Research Data

By 13th November 2017Blog, Market Research

Gathering data for market research takes a lot of time, effort and investment, so it’s vital that it’s worth the while. Whether it’s a survey or a focus group, the planning you put into your market research strategy will determine how useful the results will be. With customer insights and data proving invaluable in many sectors, you need to make sure you get the most out of your market research strategy.

Here are some top tips for conducting a market research project with the aim of acquiring useful data which can be used in multiple ways.

Hire pro researchers

To get the most out of any research project, it has to be planned and executed well. It’s a good idea to trust the experts in the field, and hire a professional market research company who can use specialist knowledge to achieve the best possible results. From deciding where to collect data from and which methods to use, you’ll be in a better position with the experts by your side.

Know who to ask

The data you collect will only be relevant and useful if you ask people who represent your target customer. Demographics are really important, and to get the most of your data you need to make sure you are only asking the right people. Unless you want skewed results, be clear from the get go whose opinion really matters to the research project.

Test different collection methods

There’s a wide variety of online and offline data collection techniques, and choosing the most suitable one for your upcoming project can be difficult. If you can’t find any definite reasons why one should be used over another, then why not try a few methods and see which generates the most informative and useful responses. For example, you might get more detailed answers from a focus group but is the extra information worth analysing? You might choose to run two separate data gathering projects alongside one another although this can also make evaluations more complicated.

Analysis and sharing

If you hire a professional agency to take on the market research project, they should take care of the data analysis and present the key findings to you.  Analysing large volumes of data is very complex and time consuming, which is why a market research company is usually worth the investment! Once you have a report on the data in a format which is easy to understand, it’s important to share this information within the company and provide access to the analysis, so everyone can see the results and action the next steps.

If you’d like to make the most of the data you already have or need to collect further information, get in touch with our market research team.

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