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Following are the 6 steps of market research process -
1. Understand business goals and problems
Collaborate with the client to define specific objectives of the proposed research. Determine key timing and customized research and reporting requirements. By understanding the business problem clearly, you'll be able to keep your research on collected information focused and effective.
2. Develop study plan and research design
Design the discussion, guide, survey, focus group, etc. Conduct necessary secondary research. It means how will you identify and choose model.
3. Analyze your data and perform research
Conduct focus group, initiative session, web usability, survey, etc. Post data and research result online as they become available allowing the client to take an advanced look for major trends in your data.
4. Deliver actionable insights
Data analysis that summarize clear conclusion from the gathered data. Information combines in a report that aims to tell story of the data. Answer the original business problems and resolve that problems. Offer clear business recommendations.
5. Present results
Result presented in person or via teleconference depending on client demand. A conversation communicating clear actionable insights.
6. Follow up
Regularly follow up with the clients.
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