How to do Market Research

1. Define your buyer persona.

Before you dive into how customers in your industry make buying decisions, you must first understand who they are. This is the beginning of your primary market research — where buyer personas come in handy.

Buyer personas — sometimes referred to as marketing personas — are fictional, generalized representations of your ideal customers. They help you visualize your audience, streamline your communications, and inform your strategy.

2. Identify a portion of that persona to engage.

Now that you know who your buyer personas are, you’ll need to find a representative sample of your target customers to understand their actual characteristics, challenges, and buying habits.

These should be folks who recently made a purchase (or purposefully decided not to make one), and you can meet with them in a number of ways:

• In-person via a focus group
• Administering an online survey
• Individual phone interviews

3. Engage your market research participants.

Market research firms have panels of people they can pull from when they want to conduct a study. The trouble is, most individual marketers don’t have that luxury — and that’s not necessarily a bad thing. In fact, the time you’ll spend recruiting exclusively for your study will often lead to better participants.

4. Prepare your research questions.

The best way to make sure you get the most out of your conversations is to be prepared. You should always create a discussion guide — whether it’s for a focus group, online survey, or a phone interview — to make sure you cover all of the top-of-mind questions and use your time wisely.

5. List your primary competitors.

Understanding your competitors begins your secondary market research. But keep in mind competition isn’t always as simple as Company X versus Company Y.

6. Summarize your findings.

Feeling overwhelmed by the notes you took? We suggest looking for common themes that will help you tell a story and create a list of action items.

To make the process easier, try using your favorite presentation software to make a report, as it will make it easy to add in quotes, diagrams, or call clips. Feel free to add your own flair, but the following outline should help you craft a clear summary:

• Your goals and why you conducted this study.
• Who you talked to. A table works well so you can break groups down by persona and customer/prospect.
• Executive Summary. What were the most interesting things you learned? What do you plan to do about it?
• Describe the common triggers that lead someone to enter into an evaluation. Note: Quotes can be very powerful.
• Provide the main themes you uncovered, as well as the detailed sources buyers use when conducting their evaluation.
• Paint the picture of how a decision is really made by including the people at the center of influence and any product features or information that can make or break a deal.
• Action Plan. Your analysis probably uncovered a few campaigns you can run to get your brand in front of buyers earlier and/or more effectively. Provide your list of priorities, a timeline, and the impact it will have on your business.

Conducting market research can be a very eye-opening experience. Even if you think you know your buyers pretty well, completing the study will likely uncover new channels and messaging tips to help improve your interactions.⁴