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What to Look At When Conducting Market Research
When you’re conducting market research, it’s important to be aware of what you’re looking at and looking for. The more you’re ready in advance before you start your research, the more likely it is that your research will be accurate.
- Define Your Problem – When you start conducting market research, you need to first define the problem and identify the objective of the research that you’re trying to accomplish. Knowing these things in advance will be helpful.
- Design the Project First – Think about all the questions you may have and how you’ll get the answers. Some you’ll be able to get via primary research, others via secondary research. Will you use a focus group, a survey or something else?
- Know What Question You’re Trying to Answer – When you start researching, you need to have a list prepared of the questions you want to answer before you even start. This is going to help direct the research that you do.
- Look for Official Sources – The best thing to do is to look for government data, trade publication data, and industry data from reputable sources. Your sources are the most important aspect of your information because they will determine whether or not your research is accurate.
- Start with Secondary Research – It seems strange, but the best research to start with is secondary research which is research that’s already been conducted. Find out what answers you can get from other people’s work first. Then use those results to inform your primary research.
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