4 Questions To Ask Yourself Before Starting Market Research

Market Research is using information gathered in a logical and strategic way in order to gauge various factors that affect your product/business. It uses numerous forms of ways of collecting data, all with the goal of finding how much support your product/business has with your target market.

Before starting one, however, you may need to ask 4 Questions To Ask Yourself Before Stating Market Research.

1. What is Your Product?

product

Ok this may sound like a no-brainer but it actually goes deeper than it seems. Before starting market research into what others think about your product, you should find out how you feel about your product and what are the goals you wish to achieve from it.

Is your product meant to end world hunger? Is it just for entertainment? Question yourself and solve the problems before you can question others and point out your problems brutally.

2. Why are you Conducting the Research in the First Place?

pentair codeline research and development

You think about beginning a market research after you have questioned all the goals you wish to achieve with your product, but ask yourself why are you making a research in the first place? What is it you wish to achieve with your market research? 

Do you want to check the support your product has? Do you want help in making the decision to start a new business venture? Or you just simply want to learn more. Understanding what you need will help you ask the right questions later on and help you filter through the useless clutter and get straight to the chunks.

3. What is Your Target Market?

target market

Shooting in the dark is not good, asking this question will help you narrow down the field of potential information you need and allow you to convert that into data you can actually use. Ask yourself "who is this for?" "how will this benefit them?' "judging from my target market how do I react?". All of those are valid questions and will hopefully make it easier for you.

4. How Will you Conduct the Research?

online research

There are many ways to find the information you need, be it from interviews, surveys or full on research. Finding the best one that will suit the demographic you are aiming at is a surefire way to make it easier to get the information required.

Is your target market the lazy couch potato gamer? Then an online survey would be te best way to conduct the research. Is your marker active moms in their forties? Then maybe field interviews would be effective. The point is, deciding which ways you use to do the research is important and will help you.

Asking the previous questions are really all you need to get started. Once yo have those the others simply come in like. "what should I change?" "is someone else doing my job better?". 

Market Research is fundamental to a good product, in the end all the information in the world means nothing if you don't act on it. Make good use of your info, and make good use of this guide.

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