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Choose Your Research— And Your Researcher—carefully.
Market research does not have to be exhaustive or expensive. Start small, watch the trends emerge and then hire a full-service market research firm.
Exploratory helps you understand market shifts and trends (although no research has yet adequately explained the trend of men wearing capri pants). Descriptive research builds on the exploratory research, as it attempts to understand the specifics of your target market’s preferences, desires and sensibilities. As its name suggests, descriptive research provides the color, the nuances…it fills in any gray space.
Both research types are indispensable—
Conduct exploratory research every three months. One relatively simple way is to sign up for Google Alerts. You type in keywords associated with your business, and this program will alert you whenever that term is Googled. Before long, trends will emerge, which should be shared internally. Get feedback, and decide if a descriptive study is warranted.
But, if you’re going to conduct exploratory research on a larger scale, or your circumstances call for descriptive research of any scale, make darn sure you seek out respected marketing research firm, and then meet with their principals before making your choice. You need researchers who have objectivity, who know where to source data, and who have sophisticated analytical techniques to amplify the color.
But in the meantime, start small with exploratory research, identify the trends that emerge and then conduct descriptive research to unearth insights.
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Whether out to make a profit or out to change the world, your enterprise could reap great benefits by fully understanding the sensibilities, desires and behavior of your target markets.
But it’s one thing to conduct smart, targeted research; quite another to translate that market research into next steps. Most research firms won’t do much more than drop a 400-page jumble of statistics and data on your desk.
The market research experts of ColemanWick will deliver clear results in everyday language, collaborating with you to determine the implications of the newly mined research, and in turn strategizing on intelligent next steps for your organization.