5 Stages to a Success-Worthy Marketing Research Process

If 20 different companies decided to conduct marketing research on the same study, it's probable that the research would be done in 20 different styles. While the approach, order and style with which marketing research is done can vary per company or industry, there are certain steps that everyone must include in order to achieve a successful marketing research process. The flexibility lies in the way business minds insert their own ways of thinking, styles of working and manipulation of the steps. But if a company wants their marketing research to be in-line with their goals and produce successful results, they'll have to be rigid enough to include these five stages.

‍The Five Stages to Successful Market Research

1. Hypothesis Articulation. The first stage begins by formulating a marketing research hypothesis. There's a problem that needs to be solved. In order to achieve this, you must articulate the problem, understand it, diagnose the cause and develop plausible solutions. Approaching the problem from an analytical perspective ("sales have fallen in comparison to this time last year") helps identify the root cause, leading to effective solutions.
2. Investigative Preparation. Just as successful studies include these five stages, the five stages must include a time-tested investigative preparation process. Base yours on the scientific method to include identifying your problem, creating a hypothesis, making hypothesis-based outcome predictions, developing a test of your hypothesis, conducting that test and analyzing your results. You'll know your process is solid and on the way toward a successful outcome.
3. Framework for Information Acquisition. The framework used for your study and the collection of its data is known as the research design. To come up with your design's specific procedures and methods you first have to choose your research method. Is it subjective or objective? Experimental research controls the variables and the process, giving you subjective results. While non-experimental research observes and is objective.
4. Interviews or Observation. The two most common data collection methods are interviewing or observation. Both methods can be used in experimental or non-experimental research. Interviews are used in survey research and can take place face-to-face, via the internet, email or phone. While observation methods include analyzing a person or group's past behavior to make predictions about future behavior.
5. Data Collection and Articulation. Once you've chosen your research method, the data collection process can begin. Think of this as the communication phase. Likely to be the longest-lasting stage in your process, once your data is accumulated, you'll begin analyzing it. To bring yourself full circle, the project will end with a research report. Using easily-understood language and thorough detail, complete a report that summarizes the results or a technical report that uses tables, graphs, statistics and face-to-face reporting to articulate the research findings.

Study Resource Planning

‍Complete this success-worthy cycle by accounting for your research expenditures. Include manpower, time spent and money invested. The decision maker who's in charge of the marketing research must work out the details, whether that involves drawing up a formal budget and going through a formal process of approval, or if it's as simple as saying "Let's do it!"

Lay the groundwork for goal-achievement by getting organized, planning a budget and scheduling a timeframe for the major activities involved in the study. Use smart resources to break the process down into simple, achievable tasks. With thorough preparation and this five-stage process, you'll enjoy increased success from your marketing research efforts.