Don’t guess, ask! Market research might be the edge your business needs.

Gambling is not for the faint hearted. Especially when your product, campaign or company’s success could be at risk. But how often do we roll the dice on a great idea, concept or campaign by just leaning back on our experience and knowledge of industry, customers, products and competitors over time? Market dynamics don’t stand still. They are in flux as others change their approach, run new campaigns, strengthen their customer relationships, and influence customer thinking. To rely on what we think we know is a gamble.

Market research is the backbone of any successful business or marketing strategy. Done right, it will provide you with invaluable information about:

• Your customers’ frustrations, expectations and desires.
• Your competitor’s success with those you want as customers.
• What customers actually believe about your product.

Market research is the analysis phase that aims to reduce the risk and allow you to make more informed marketing decisions. But how do you do it effectively?

Here are 5 tips for doing better market research, gained from over 20 years of doing research for our clients.

1. What do you need to know?

Before you jump, figure out exactly what you really need to know. Research can be expensive and participants attention spans are short. Razor-sharp focus and purpose means clarifying early the exact information you need to know and not just ‘nice’ to know.

Do you have a theory which you want to test? ‘The quality of cat litter purchased is driven by where cat litter resides in the home.’ Or is it knowledge you need? ‘What are the important key drivers of sheep producers’ purchase decisions when looking for liver fluke control in east coast tableland regions.’

Having a clear research objective will keep your research focused and get you the information you need.

2. Think about the best way to get answers

There are lots of ways to do market research, a review of current studies available in the public domain, focus groups, telephone interviews, online surveys, even observation studies ‘just watching how people behave’. The best method depends on what you're trying to find out and who you're trying to reach. Also think about timing. Is this a busy time of year for your customers? If so, you may struggle to recruit without a compelling reward!

3. Check what else is out there

Don't rely on just one source of information. Think of it like building a puzzle – the more pieces you have, the clearer the picture gets. So, use a mix of "fresh" data you collect yourself (called primary research) and don’t forget to look at existing info like industry reports (called secondary research). This way, you'll get a well-rounded view of what's going on. You might also be able to cut down your questions (which moves on nicely to the next tip).

4. Keep it simple

You might be super interested in your research, but chances are your survey participants aren’t quite so keen. Participant fatigue is real and if you ask too many questions or use language, they’re not familiar with, you will get a high dropout rate, and possibly even unreliable data as you participants get bored. Stay focused, use plain English and don’t ask anything you don’t need to – the shorter and easier your survey is the better!

5. Make it pretty and unbiased

Data is great, but the real magic happens when you figure out what it all means and present it in a way that has meaning for your business. Look for patterns, trends and insights that jump out.

Approach the analysis with impartiality and minimising your biases is vital. Report the results as they are: what they reveal and what they don’t. This will help inform your decision making.

Charts and graphs are your friends – they help turn data into clear pictures that make it easier for everyone to see what's going on.

By following these tips, you'll be well on your way to doing a great piece of market research. Remember, it's not about asking everything you’ve ever wanted to know – it's about finding insights that you can turn into practical actions that will help your business.