Setting Up A Market Research Project

Science LabworkLast week I wrote about showing value in market research by creating actionable results.  In it, I mentioned about thinking with the end in mind.

I recently compared doing a market research project with the traditional “biology research project” we all did back in high school, in other words the Scientific Method.

Here is how the Scientific Method applies to a market research project.

  • Observation: As in science, the reason a market research project is done is based on an observation that you have about your business, marketing, target market, etc.  This is the central focus of the project that you will be doing.
  • Question: Once you have determined the observation, you need to determine the questions behind the observation that you plan on testing.  As opposed to the scientific project, you could have multiple questions.  But make sure they are related to each other and are always focused on the Observation.
  • Hypothesis: This is a key component.  It is your educated guess of what the results of the project will result be in relation to each question.  As opposed to the scientific study,you will likely have multiple hypotheses.  From this point, you will be able to establish a base line for developing the Experiment.
  • Experiment: In this case, it is the study approach.  As in the scientific study, designing the correct study is key.  First, you will need to determine the correct type of study.  From there, whether it is developing the right discussion guide for a qualitative study, an unbiased survey for a quantitive study, or a quality competitive shop procedure and attribute listing, you should develop a procedure that states how you plan to conduct your experiment.
  • Results: The results are the reporting of what happened from the Experiment, the study.  It should also include observations and data from when you were conducting the study, especially if the research project was more qualitative and observational in nature.  Put the results in graphs and charts so that results are easier to understand.
  • Conclusion: The idea of the conclusion is to answer the Questions by confirming, denying or modifying each of the hypotheses.

With any project, keeping the end in mind is critical.  By following that Scientific Method that we all learned back in high school biology, you can develop and implement a successful market research project. for your business.

–J. Nolfo helps companies understand their market and customers though a variety of market research strategies. He has over ten years of experience of market research for strategic planning purposes. He is the Director of Research at Rhino Market Research. He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“. If you would like to discuss this blog or how J. can help you understand your market and customer needs, email him at jnolfo@rhinomarketresearch.com.

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About J. Nolfo
Well...there is a lot to know. #Cx, #Analytics, #SM, Specialty #AgChem, #StL sports, & more. FT @BASFAgProducts. @Mizzou Alum. Supporter of the #Rhino. Tweets my own. #SMMW17 attendee....Dad...Hiker...Scouter...and so much more.

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