How to Perform Good Market Research, Part 1

This is a part of a series of videos from the Market Segmentation Forum hosted by Luke Hohmann and organized by the OpenView team.  Watch these videos to understand the main points from the forum.

When people make strategic decisions on stale data, many issues arise. Instead, being ahead of the stats and having the most up-to-date information, is what will result in boosted performance. Treat your market research as a continual process; many things can change in the industry over time. And there are a number of ways to approach market research. Attempting to master all of these is a necessary step.

Effective market research must be the following:

• Systematic: It should be planned and well-organized. And it should come in the form of a repeatable process, too.
• Objective: It should avoid biases and concentrate on the task at hand. The ultimate goal is unbiased market research data.
• Focused: It should be geared toward one, common direction.
• Actionable: It should net results and information.

Following these guidelines will result in much-improved data return during your next market research endeavor.

Next week, I’ll share insights on the importance of developing a hypothesis from primary and secondary data sources

Photo by: Nic McPhee