Homebreadcumb forward arrow iconBlogbreadcumb forward arrow iconDigital Marketingbreadcumb forward arrow iconUnderstanding and Conducting a Market Research like Experts

Understanding and Conducting a Market Research like Experts

Last updated:
18th Apr, 2018
Read Time
12 Mins
share image icon
In this article
Chevron in toc
View All
Understanding and Conducting a Market Research like Experts
Ads of upGrad blog

In a market study conducted in 2015 by Think with Google 89% of buyers use the internet during the B2B research process, 71% start with a generic search query and 57% of their evaluation is done before they’ll perform an action on your site. The insights from the study clearly reflect that today’s buyers make informed decisions about purchasing. So, does your marketing plan and strategy aligns with the buying thought process of your target audience? If not, get to know the importance of market research to design a customer-centric marketing strategy.

Best Digital Marketing Courses Online

Go where your consumers are going, speak their language and emote their emotions to connect with your target audience. Yes, this is what most marketer’s do. Yet, knowing your target audience in a deep fashion by learning what they would learn to know. And, to do this, market research is the best tool to know the buyer’s journey. Every sales and marketing professional must look beyond just offering a sales pitch to the consumers. All sales and marketing professional must know to conduct a methodical and professional market research and analyse the data gathered from it for the benefit of the business.

A market research is a method of collecting data about the consumers and to determine whether a particular product or service would satisfy the needs of the audience. An effective market research can be the fertile seeds in every stage of the business cycle. Business organisations can gain information about the performance of the company in the market, target persona, competitors, economic shifts, current market trends and the changing needs of the consumers from a compelling study.

In-demand Digital Marketing Skills

Ads of upGrad blog

Learn digital marketing courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career.

The competitive business ecosystem ensures firms possess the apt knowledge about the changing concerns and preferences of the consumers. Market research is the best way to augment the customer satisfaction and get to know the factors that make or break the business. Identifying the problem areas of the business, minimise the loss in business, seek new business opportunities and reach to new global markets through a compelling market research.
Irrespective of whether you are a newbie or an established marketer in the industry, this blueprint and a step-by-step guide to understanding to conduct a market research is going to be helpful and handy to get a deeper vision into the consumer’s journey.
There are two main types of market research. Once the plan and the hypothesis of the research are decided, it is time to decide on which type of market research should be conducted. The two types are:

Primary Research:

This research includes the researching about the product of the company, product of the competitors, what is the audience needs and how the product would connect with the audience, what is the value proposition, etc. This is usually done internally.

Digital Marketing Free courses to Learn

Secondary Research:

This is the field or external research where the sample target audience is involved to understand the real-time needs of the consumers.
Sales 101: An Optimum Approach to Find a Happy Customer

Key Attributes of a Market Research Study

Some of the key attributes of a professional market research study are survey research, survey questions, survey distribution models, survey analysis, and survey report.

Survey Research

An online or offline questionnaire which has set of questions that would be answered by the potential consumers. This could be given to the audience either in hand or emailed or SMS to them through the digital world.

Survey Questions

This is the most critical part of any market research. The language, tone, important and valid questions that pertain to the traits of the audience is important aspects of focus.

Survey Distribution Models

Ensure you opt for the best survey distribution model. Emails are considered to be the best distribution channel to collect data irrespective of B2C or B2B business.

Survey Analysis

The final analysis is the climax of any survey. While excel sheets and pie-charts were the past analysis methods, there is a swift evolution of inbuilt market research software platforms that automatically provide live survey analytics, all in real-time!

Survey Report

The survey report is the complete set of conclusions drawn from survey analysis. This includes what the current trend is and what projections appear to be. A good survey report forms a complete thesis based on the market research objectives and survey data analysis.

Get an Edge in your Management Career: UpGrad and IMT Ghaziabad


An Ideal Process to do Market Research: Step-by-Step Method

#1 Define Your Personas

Before knowing how your audiences are making decisions, the first step is to know, ‘Who are the consumers?’. The process of knowing and defining consumers are Target Persona Research. To know this, crafting a buyer persona is essential. Buyer personas also referred as marketing personas, are the fictional, generalized traits of the ideal or potential customers. Buyer personas aid to visualise the audience, streamline the consumer communications and help in designing an effective marketing strategy.
In order to create target personas, use different target persona templates available in the market and easily organise the audience segments. Some of the most important fragments of the persona are; name, age, demographics, professional qualifications, passion and interests, challenges of their life, and how would be they connected to the business and the brand. These information’s would help to classify the audience as per their needs and the business could target them accordingly.
Be thoughtful while brainstorming about the target personas. Be specific and clear about the needs of the audience. Remember, you are optimizing information for designing and executing marketing campaigns that would lead to attract potential customers and generate business leads.

#2 Sampling of the Audience

Once defining the fictional target personas, it is necessary to check with the real audience. It is time to match the brainstormed ideas with the with the real audience. A representative real audience to understand the buyer’s journey is important.
The participants of the market research experiment must possess the characteristics of the fictional buyer persona. A minimum of 10 participants in the sample group is a must. It is vital to select people who have currently interacted with the brand. These people could be who have made the purchase, who were making a purchase and people who might be potential customers. This mix of participants would lead to an effective and insightful study. A simple recruiting process of participants includes various steps such as: making a list of customers who made the purchase, call for participants from the social media world, and create incentives for participation.

#3 Planning & Preparation of the Discussion Guide

Being prepared for conducting the experiment and survey is essential. Whether it is an email, telephone or a focus group interviews, being prepared to ask and handle different questions in different scenarios is essential. A good planning and preparation for the discussion would help in the asking the right and important questions and use the time of the participants and the business professionals wisely.
The discussions need to be free flowing, natural and conversations. Yet having a guide to different questions, and probable answers for different situations would help to keep the conversation lined to the objective of the research. The discussion guide must be a parameter and an outline format for the experiment with the audience along with the information of time factor and list of questions to be addressed in the discussion.
Bullet points listed on a glossy whiteboard
Asking yes or no question is leading the audience to a particular answer. In the initial stages of buyer persona study, it is always recommended to know have all open-ended questions. These questions will restrict the one-word response and give a better picture of the audience. The questions could be framed in the chronological order such as the introduction of the participant, the professional details, passion, and interests. Then specific questions that would connect the brand and the buyers. This would give an insight into why people would buy the product or service and why wouldn’t they do so.
Classify the questions as per Awareness, Consideration, and Decision stage of the cycle. It is essential to know when does a buyer make a purchase and what are the factors that influence these purchasing decisions. Lastly, ask questions that help the business understand what their expectations from the brand and the business product or service are.

upGrad’s Exclusive Digital Marketing Webinar for you –

What’s new in Marketing?


#4 Leading the Conversations

It’s time to directly talk to the participants through the survey questions. Whether it is an online or an offline survey, understand when and how to talk to the participants once the questionnaire is given to them. Never accept short answers. Gently and politely make sure they open up and have long interactions. Allow participants to think and give them their space and time. It is always essential to keep the focus group on track with the persona objective and traits. Never mislead them or if they go off-track, ensure they are back to the purpose of the market research.

Do You Really Need an Offline MBA to Become a Great Manager

#5 Analysis & Inferences of the Market Study

It would be quite overwhelming to collate all the data from the participants. It is usually recommended to look for common themes and thoughts that could be expressed as a story, leading to a specific plan and process for marketing strategy. The summary of the market research should have details about the background of the study, which includes the goals and reasons for the study. It must also have information about the participants, the main inferences from the different stages such as awareness, consideration and stage. At the last, the final inference and the action plan to design a successful marketing campaign.
The advantages of a quantitative market research are fully data-oriented decision making, zero scopes of analytical errors and timely and concrete projections. Some of the statistical analysis techniques of market analysis are; Total Unduplicated Reach and Frequency (TURF) Analysis, Conjoint Analysis, MaxDiff Analysis, GAP Analysis, Strength, Weakness, Opportunities and Threat (SWOT) Analysis, Trend Analysis and Text Analysis.
A qualitative market research is cost-effective, gives in-depth insights about the target audience of the business, flexibility to know the different business products which would fit the audience taste and answers the ‘why’ for all the business problems.
Whether you are an entrepreneur who is planning to start a business or an established business professional who has a target audience, market research is critical for the business organisation. The results and inferences from the market research could help in optimizing the brand strategy and positioning, elevate the communication strategy with the consumers, innovate the impact of the product and assess the performance of the business in the market when compared to the competitors. In short, elevating the business operations.

Key Skills Required to Excel as a Market Researcher

Some of the key skills needed to succeed as a Market Researcher are commercial awareness, strong and exceptional data analysis skills, brilliant organisational skills, pleasing and approachable interpersonal skills, and clean and clear communication skills. A great market researcher must always look out for something new in the consumer, must be curious by nature, methodical in work culture and always prioritise and focus on consumers first and then the process.

Mistakes that Most Market Researchers Make

Some of the common mistakes that most market researchers make are: doing only primary research or doing only secondary research, using the only web for research, not being able to identify and connect with the audience, and giving zero incentives for the consumers to communicate with the brand. Ensure you do not make these mistakes. Every research must be a blend of all types of research that gives inferences from different dimensions and perspectives.
The Ultimate Sales and Marketing Resource Guide

Popular Digital Marketing Blogs

As a process, market research would feel and look like an overwhelming operation. Having said that, the more you conduct market research, the easier it gets. It is a very eye-opening experience which would sometimes amaze the marketers. The study unquestionably would help in knowing the audience better, enhance the communication channels and improve interactions with the consumers. The renowned marketing professionals and market research scientist recommend business organisations to conduct market research studies at regular intervals of time to stay abreast and ahead of the competitors.

Anshuman is working with the content team of UpGrad. He's passionate about improving Indian education system; before UpGrad he worked to build an ed-tech startup and was responsible for all marketing efforts. He's highly opinionated in current affairs and loves reading, writing & running.
Get Free Consultation

Selectcaret down icon
Select Area of interestcaret down icon
Select Work Experiencecaret down icon
By clicking 'Submit' you Agree to  
UpGrad's Terms & Conditions

Our Popular Digital Marketing Course

Frequently Asked Questions (FAQs)

1What is SWOT Analysis?

SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis seeks to assess the health of a business based on these 4 aforementioned parameters.

SWOT Analysis helps businesses optimally utilize their resources. It also helps companies eliminate hazards and reduce the chances of failure.

By helping companies to create a distinct business strategy that helps differentiate their products and services from those of their competitors, SWOT analysis enables organizations to reach their marketing goals and objectives.

2What is a focus group?

A focus group is a technique in research that uses group interaction to collect data. A small group of carefully selected people is given a topic to discuss.

Marketers use focus groups to gauge the behavior of their key demographics. It helps them answer vital questions in the product development stage and offers invaluable insights into a possible interaction between the soon-to-be-launched product or scheme and its intended audience.

Focus groups can be used in one of 3 ways in a research design. They can be used as a standalone source where they are the sole method of collecting data. They could be a supplementary source of collecting data that could lead to a more rigorous quantitative stage.

They could also be a part of a multi-pronged approach where data is collected through various means without any one method of the collection being given special preference.

3What are pie charts?

A pie chart is often referred to as a circle chart. It comprises a circular statistical graphic that is divided into slices or sectors to represent numerical problems. Each slice stands for a pre-defined subset of the whole. Pie charts are an efficient way to represent a whole that is made up of distinct and separate parts.

Besides pie charts, numbers and figures can also be statistically represented in the form of histograms, line plots, bar graphs, etc.

Explore Free Courses

Suggested Blogs

10 Best Digital Marketing Project Ideas & Topics for Beginners / Students [2024]
As someone who has navigated the dynamic realm of digital marketing for years, I understand the challenges that beginners face when trying to kickstar
Read More

by Sriram

31 May 2024

Top 20 Fun Social Media Project Ideas & Topics For Beginners [2024]
Social media apps are platforms that enable users to create, share, and interact with content and connect with others through networks. They facilitat
Read More

by Rahul Karthikeyan

30 May 2024

Top 77 Social Media Marketing Interview Questions & Answers: Ultimate Guide 2024
Attending a Social Media Marketing Interview and curious about what are all the interview questions will be asked? Prior to attending a social media m
Read More

by Dilip Guru

18 May 2024

27+ Digital Marketing Interview Questions & Answers 2024 – Must Know
Nervous about your upcoming Digital Marketing interview? Fear no more! we are there to help you. One of the hottest fields to rise up in the online sp
Read More

by Nitin Gurmukhani

16 May 2024

Top 11 Careers in Digital Marketing: Ultimate Guide [2024]
A career in digital marketing offers exciting opportunities to engage with diverse audiences and drive business growth through online channels
Read More

by Sriram

11 May 2024

Top 10 Highest Paying Jobs in Marketing in India [A Complete Report]
If you ask anyone in the age group of 20 and 60 years, the very word, ‘leisure’ is a fleeting concept. In the race to meet the endless ser
Read More

by Rahul Karthikeyan

14 Apr 2024

How Much Does YouTube Make in India? What Does YouTube Pay for Views?
YouTube Monetisation: How Much Money do Indian Creators Make? The world is rapidly moving towards online visual content, and engaging video content i
Read More

by Robin Joseph Abraham

05 Mar 2024

The Cost of Success: Guide to Digital Marketing Course Fees
As someone who understands the potential of digital marketing, I’m passionate about its impact on careers and businesses. However, I am also awa
Read More

by Harish K

29 Feb 2024

100 Best Youtube Channel Ideas for Beginners for 2024
Starting a YouTube channel can be a lot of work. YouTubers need to script, edit and post their content regularly, in this chaos if one can find ideas
Read More

by Sriram

26 Feb 2024

Schedule 1:1 free counsellingTalk to Career Expert
footer sticky close icon