5 steps to conduct effective market research and get out of the crisis

To relaunch your business, carrying out market research can be a key to identifying new growth markets or diversifying your product and service offering. Here are the objectives of a market study and the steps to follow to better understand the desires of consumers and your environment.

Market research: decryption

Market research is not reserved for starting a business. It is also an essential tool to evolve your business and identify new opportunities, in particular to face a crisis or better respond to consumers whose expectations have changed.

Market research involves collecting and analyzing data to:

The objectives of effective market research

When an entrepreneur plans to start a business or launch a new product/service, he must limit the risk of failure. For example, it would be detrimental to start an activity in a disaster area!

Thanks to market research, you achieve several objectives:

The different types of market research

Before you start carrying out market research, define the method to be implemented. Here are the 3 main types of market research.

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Quantitative research: a global approach

Quantitative market research is carried out using a large sample of potential customers with large-scale surveys or panels. It involves determining the statistics and key figures of a market, a population, a sector.

This method provides overall information on age groups, socio-professional characteristics, acceptable price level, etc.

To be relevant, the quantitative study must meet 2 principles:

The survey questionnaire must be distributed as widely as possible by email, Internet, social networks, telephone, mail or live.

Qualitative research: an in-depth approach

With a qualitative approach, you reduce the sample questioned but you collect much more precise information. You explore demand in depth to identify the expectations and motivations of potential consumers in order to refine your customer targeting.

The objective is to determine:

No need to interview a large number of potential customers! Choose a small sample with different profiles and focus on these categories of customers to conduct in-depth investigations. Take the time to delve deeper into the themes of the questionnaire to fully understand the demand in relation to the envisaged supply.

For a qualitative study, choose:

Be sure to construct a perfectly clear and objective questionnaire. Your questions should not implicitly influence the respondents, otherwise the results of the study will be biased. Indeed, depending on the formulation used, your interlocutors may unconsciously give you the answers you want. You must be ready to hear that your solution does not interest anyone if you do not adapt it a minimum...

Documentary market research

This method is based solely on research in:

Consult all the documentation that provides you with the information you need to assess your market and your target.

As far as possible, i.e. depending on the time and budget you have, it is best to carry out a quantitative study and a qualitative study in succession. They are complementary to have a global vision of the target market and a precise idea of ​​the target clientele.