Market research strategy is to carry out market research to gain insights for particular product/service, which can further be used to take an edge over the competitors in the market. It is a systemic process in which every single thing is defined with time limitation, and has to complete in evaluated time period, in order to provide an upper edge for demanding client in specified market. How to evaluate and finalise the market research strategy suiting to your product/services is crucial.
Evaluation is determination of subject, it's significance, and by a criteria assign by set of standards. While evaluating your market research strategy, make sure to define goals clearly. This includes finding more and complete information about the consumers, who are using product/service of your research client. Knowing what consumers think about product, positive or negative issues they are forming for product, what they value, how they are comparing competitors service, are they promoting your product or not etc.
How you going to generate this information? Simply by putting relevant qualitative and quantitative questions in the research survey. Keeping surveys concise, short and relevant, not asking unwanted questions, by keeping your respondents engaged, by offering some gifts or anything that attract respondents to provide relevant information.
You should evaluate your strategy consistently and should have space for flexibility (in case of market change), because market shifts so quickly and you cannot control these shifts. Market shifts could happen due to technological advancement, change in government strategies, or may be due to financial crisis. If your strategy lacks flexibility for change, then it would be yesterday's research technology sooner or later.
Target audience is crucial part of evaluating and refining your strategy. You must reforming strategy by knowing how they shop? Are they doing it online or offline? What are their common interests? These can include attitudes, values and lifestyle. What is their age and gender? What is average income? How qualified they are? If you able to crack down these things with ease and unbiased opinions, this is the sign that your strategy is on right path.
Some evaluation criteria describe below:
Competitor actions:- This can be considered as universal one, and must have in your strategy. You should be able to track down, how market is shifting like, how your competitors taking actions, what strategies they are implementing, what different steps they are adopting, what’s their market positioning? How about their pricing?
Social change:- Growth of social media has provided an excellent platform as it is very fast and effective. Strategist uses it to gain an early warning, to draw issues that might get unnoticed for some period, and to refine strategy. It is proven that social media gives you detail insights of your customers, what they like and what they don't. Social media platforms are major contributors to form and refine strategies.
Economic change:- The economy always has an impact on market, either in positive or negative way. Market researchers always need to keep close eye on market shift i.e. shift in consumption of information due to economic change. You should keep in mind while forming research strategy that strong economy can be bad for some businesses, and poor economy can be beneficial for different businesses.
The motive of market research is to work smart rather than hard and to work smart, it require constant refining to match up with competitors. Refining comes handy in product development phase, when you launch a product in market and outcome is failure, that is when refining of strategy is required most. Refined strategy allows you to get ahead and generate profit in less time by letting market itself guide you.