Ingredients of a Successful Market Research Program

Author: Abhijeetsingh Hazare

Author: Abhijeetsingh Hazare

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Ten most important ingredients for conducting a successful Market Research Program. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

1. Ask yourself why the market research is needed - what will you do with it when you have got it? If the answer to this is at all unclear, re-consider your belief that you need market research. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2. Ask around to find out if your company already has any reports/studies in this area. In some areas, data which is a few years old is still valid. Certainly, the background of knowledge from earlier studies can be very useful as guides to the size and structure of the market. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 3. Find out if there are any published studies in this field which can be purchased off the shelf. There are directories (eg MARKETSEARCH) which list published studies. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 4. If you know anyone who has commissioned market research (of this type) before, ask them for their advice. There is no substitute for experience and there may be someone close by who has 'been there' before. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 5. Prepare a written brief --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 6. If you think that the research requires external help from an agency, talk on the phone to a couple of agencies to discuss the implications and cost of the project. If necessary, refine the brief and send it to a small number of agencies (three is reasonable). --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 7. Allow at least one week and up to two weeks for the agency to come back with its proposals (sometimes called 'return of brief'). This will state the agencies understanding of the background to the research (they should add to your brief and not just regurgitate it), the research aims and objectives, the methods (this is the crucial bit and you should expect some detail here - who will be interviewed, how and in what numbers), the timing and cost. Also, it is normal for the proposal to give a profile of the team which will be leading the study and their experience in this type of work. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 8. Choose your agency on the basis of who you think can best carry out the work. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 9. Be prepared to personally explain to those agencies that haven't got the job why the business has gone elsewhere. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 10. Hold a commissioning meeting with the winning agency and, at this early stage, arrange milestones and reporting sessions. It will drive the study and ensure that it comes in on time. Make sure you speak to the agency frequently throughout the study. Quiet clients get pushed to the back of the queue. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Thanks & Regards, Abhijeet Singh Management Consultant Edgesys IncAbout the Author:

Abhijeetsingh Hazare is an expert author and Management Consultant with over five Years of expertise in Market Research/Intelligence, Business Analysis, Requirement Engineering Process, statistical Modeling using SPSS, Crystal Ball, Excel, Risk Management and Presales. He has been recommended by several clients and colleagues across the globe for his work. He has a diverse background working on consulting assignments in several sectors - private companies, public companies, government & nonprofit's. To find out more about him visit http://in.linkedin.com/in/sabhijeets

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