Follow these 13 tips to make market analysis effective

Are you all set to launch a market assessment soon as you will start a new business or plan to expand the existing one? Spend a few minutes here to sharpen your ideas before deploying a talented research team to bring out the maximum number of credible answers against your queries.

Here are 13 crucial factors that you should check over and over again like a sceptic:

* Expect the best, get ready for the worst: You must have already reviewed a couple of research reports on the business or the target market as well as judged your maximum strength to handle the process. But if you fail to act as per the findings of the analysis, it will turn worthless and you will have to count loss. So think twice before launching the assessment.

* Do not fully believe the secondary data you have gathered for pre-assessment. Those are formal reports that may be different from the real picture.

* Emphasise more on selecting the right persons as research associates; take time to prepare them for the task. They need to be fair and credible if you want not to drain your money.

* Like in the case of choosing field officers, you have to pick the right group of respondents considering geographic information, their buying nature and cultural behaviour.

* Make sure the method you selected is perfect with regard to the particular nature of business and the target customers. Do not think in a bookish way; take the path of rationality according to the market situation on whether to choose qualitative or quantitative research method.

* Make sure that your target group has been selected through an intensive scrutiny and based on suggestions given by experts on this field.

* Review the questions as per the target group’s capacity and mindset. Otherwise you will not get the appropriate answers while some respondents may not feel like answering to those ambiguous or far-related questions.

* It will be very economical and time-befitting if you can promote your product or service and conduct the survey concurrently.

* Make a research calender for the year or beyond so that you can understand the market precisely and easily assume your tasks in the coming days.

* Identify and prepare a profile of regular clients or potential contacts that your field workers meet during the assessment. Contact them after the survey; they may act deliberately as your brand ambassador, voluntarily.

* Do not let the competitors know about your assessment details or purpose as they may spoil the move. But try to collect information about their reaction during the process.

* Take a look at the changes in policy decisions by business leaders/associations and the government that may affect your research. Some decisions may relieve you, even by suggesting that the assessment is not needed now.

* Listen to the critics within your organisation and the respondents who make critical comments during the research, with patience. You will be benefited, no doubt. So, be flexible to make necessary changes in the process whenever your research team encounters something unexpected.

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