What are the steps to conduct market research?

The first step is to have a well-defined goal for the research so you know what you want to accomplish. Is there a need for your company to fill? Do customers know your brand? The next step is determining what information you need to accomplish that goal: for example, if you want to determine how to improve a product, you should find out which features customers are interested in.

You need to decide how to collect the information—through online surveys or a telephone survey—and then collect it. Next, you’ll need to analyze your data to determine the findings. Finally, you need to determine what to do with the results. Are there major changes your company should consider implementing?