Level Up Your Market Research

by Erica Boey

Illustration by Connelly Miller

Starting a new business? Launching a new campaign? Releasing a new product?

Businesses may find it tempting to dive straight into enjoyable business activities. However, before indulging in the excitement, it is crucial for every business to do its homework by conducting thorough market research. 

Market research is essential for any business aiming to gain a deeper understanding of its consumers and competitors. The quality of your market research can either make or break your project or business. Here are three key tips to improve market research for your business:

1. Know your Sample Group

In an ever-changing market, gathering a robust range of data is vital to assist your business in developing a deeper understanding of your target audience. You only need to survey as many people as required for your research purpose. Typically, a sample size ranging between 300 and 400 is sufficient for most purposes. Acquiring a relatively large sample group within your target demographic can help eliminate biases when conducting primary research. 

You can enrich your data by diversifying your research methods through surveys, focus groups, or in-depth interviews. This provides your business with information that accurately represents your target audience for market segmentation. 

2. Conduct and Organize Your SWOT Analysis

A SWOT analysis is a strategic planning method that can help recognize your company’s strengths, weaknesses, opportunities, and threats. As a business owner, this is an effective tool that enables you to have a better idea of your company’s capacities and potential areas of improvement both internally and externally.

When you are bombarded with an abundance of information, crafting a SWOT analysis can not only organize the scope of your analysis but also provide new insights into your business trajectories. Take your SWOT analysis game one step further by highlighting or color-coding your main issues, this allows you to prioritize your solutions more productively and effectively. Once you have identified your key takeaways, break them down and include specific details by using a mind map when constructing your business plan.

3. Don’t Ignore the Feedback and Reviews 

When doing research, most businesses tend to make the mistake of assuming success based solely on the sources and information produced by their competition. Instead, businesses should look into how consumers are responding to a certain campaign or product by reading or watching reviews. Reaction videos, comments on social media and influencer TikTok reviewers have made it easier for companies to determine the true performance of their own businesses or competitors. Through leveraging these platforms, businesses can categorize the nuances of customer feedback and translate them into competent action plans.

Improving and revitalizing your approach to market research can significantly impact your business outcome. When done in a meticulous and detail-oriented manner, market research can and should produce plenty of information that enhances your business goals. Remember, it is not just about how much data, but the right data – quality over quantity!