Market Research Insight
Market research is an important part of any business, whether you’re a startup or a well-established company. Understanding your customers and competitors can help you make better decisions regarding your business, target audience, and products
What is a Market Research Insight?
A market research insight is a statement that describes the problem and solution to a problem. It should be actionable, or it can be used as a basis for a solution to be developed by someone else.
Market research insights are often used in marketing campaigns to help companies understand their target audiences better, but they can also be used in other ways:
- To inform product development decisions
- As part of an internal communications strategy
Here are five elements that go into running successful market research insights:
1. Gather Information from Multiple Sources
You may be tempted to start your research by searching the Internet for information and data, but that’s only one way to gather data.
If you want a more complete picture of your target audience and their needs, use multiple sources of information. For example:
- Secondary research (data that has already been collected) can be helpful in understanding market trends or identifying new opportunities. It includes reports from industry analysts and other organizations, as well as articles published online or in print media about topics related to your business topic.
- Primary research involves collecting original data through surveys or interviews with people who are similar to those whom you want to serve with your product or service offering.
2. Have an Open Mind When Conducting Research
The most important thing to do when conducting research is to be open to new ideas. You need to have an open mind and not be afraid of change. If you are, you will miss out on great opportunities that could help your business grow and thrive.
- When conducting market research, be sure not only to ask good questions but also to listen closely for answers that may surprise or confuse you at first glance. Listen for new ways of thinking about things–and then try them out!
- Don’t hesitate when it comes time for implementation: if something doesn’t work out as planned (which happens often), don’t give up; instead, think about how things could be improved next time around so that they do work out in the end
3. Be Transparent With Your Data
Data transparency is a key part of the research process. What does it mean, and how can you be transparent with your data?
Data transparency means that you are sharing all of your information with your clients and partners in a clear way so they know exactly what they’re getting from you, and can make decisions based on that information. This includes:
- The type of research being conducted (quantitative or qualitative)
- How many people were surveyed or interviewed for each study phase, including sample size breakdowns by demographic group (e.g., gender)
- Any changes made after collecting initial findings–for example, if additional questions were added due to new insights during the analysis
4. Test Your Creativity
The fourth element of a successful market research insight is to test your creativity.
- Be creative with the way you ask questions. You may have heard it before, but asking open-ended questions can give you better information than closed ones. Instead of asking “What do you think?” or “Do you like this?”, try asking “Why do you think that?” or “What made this product so special for you?”.
- Use a variety of different methods to gather information from your target market. Not everyone will answer an email survey in the same way as they would fill out a form on your website or talk with someone over the phone–so try as many different ways as possible until one pops up that works best!
5. Talk with People Outside Your Industry
- The last step in a successful market research insight is talking to people outside your industry. This may sound counterintuitive, but it’s actually one of the most important parts of the process.
- Talk to people who are not your customers and have no interest in your product or service (e.g., stay-at-home moms). Talk to those who have no knowledge of your industry (e.g., retirees). And talk with people who have never heard of your company before today (e.g., college students).
Market research is an essential part of the product development process. It helps you understand your customers and gives you valuable insights into what they want from your product or service. But how do you make sure that your market research delivers these insights?
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