Steps to Create A Market Research Plan
Having the best product idea is not enough; you need a well-documented market research plan to execute it. This plan will help you understand how the product is going to fare in a certain region. Viva Consulting a market research company in UAE, is one such consulting firm that undertakes tactical research when you are trying to open shop in Dubai and the UAE, helping you know the markets inside out. So, a market research plan must include data regarding buyers, an estimate of the existing marketplace and the competition, marketing forecasts for the coming year, business goals, etc.
A key element of this plan is knowing who will be able to give relevant information about research questions. For this, you need a sampling plan that will make sure that the information that is gathered reflects the views of the targeted audience. A sample unit refers to a group of participants from whom samples will be collected in order to build a framework.
This is the first decision to be made by a researcher and for this, he must identify a target audience. This means knowing who will take part in the research. Accordingly, a sampling frame is created that must make sure that each member here gets to be sampled.
Setting Sample Size
The market researcher must then decide on sample size, or how many people should take part in this research. When the sample is large, findings are likely to be more definite and reliable. Less than 1% of this target audience’s participation can assure reasonable reliability. The only concern is that the sampling process must be credible and done properly.
Selecting Sampling Procedure
When you are doing quantitative research, you will need a probability sample for calculating specific statistical considerations. This probability sample will expose the limits of the sampling error. Probabilistic sampling usually implies a waste of money and time, although it lets the researcher calculate sampling error. The non-probability sampling processes offer useful information and proper market insights. Since different techniques are going to produce different types of data, you need to make sure the procedure complements the data type that you need for answering research questions.
Your next task is to get consent from participants to take part in the research project. You need to find ways to contact them, and prospective participants must agree not only to be a part of the study but also feel comfortable with research conditions.
Every research project has goals, and so does every research plan. Some of these goals are to understand who your buyers will be, how they will shop online, whether they will use mobile devices for shopping and researching products etc. Them you need to highlight the collection channels that you will use to take feedback from the target customers. This feedback can be obtained via surveys and social media platforms. You can brainstorm questions for the collection channel.