Important Steps To Conduct A Market Research From Marketing Expert Carmelo Cerrelli

April 22, 2015
 
According to marketing expert Carmelo Cerrelli, market research is a great technique to gather and analyze useful information about the market your business operates in.
Here are a few important steps you must follow to conduct your market research from marketing expert Carmelo Cerrelli:
Step 1: Planning Your Market Research
  • It’ important to have a goal for your market research which most definitely helps you and your business become more competitive and profitable, so it’s important to conduct it.
  • You must develop a plan for gathering information efficiently, in order to know what you want your research to accomplish and how you can realistically reach this goal. You should keep in mind that your plans can always change as research progresses.
  • You must always be prepared to present your findings and to decide on a course of action. It’s very important to remember the purpose of market research.
Step 2: Getting Useful Data
  • Make sure you use data from different sources. It has become easier now than ever for businesspeople to access enormous quantities of data.
Step 3: Performing Your Own Research
  • It’s very important that you use available data to determine the supply/demand situation in your market, simply because you should aim to supply products or services that the market has a demand for.
  • You must make sure that you perform surveys, as it’s one of the most basic way of knowing the attitudes of your business's customers.
  • You must make sure that you conduct focus groups, in which customers gather at a neutral location and try your product or service, and then discuss it with a representative. That’s how you will know how your customers might react to a proposed strategy.
  • You must make sure that you conduct one-on-one interviews with customers as it can be useful.
  • You must make sure that you conduct product/service tests. Often companies let potential customers try their new product or services for free so that they can know if there are any problems before rolling it out.
Step 4: Analyzing Your Results
  • In order to analyze your results you must perform a SWOT analysis, which will tell you about the strengths, weaknesses, opportunities, and threats relating to your company.
  • In order to analyze your results you have to find new target markets.