How do you begin your research?

Let's say you are selling a

new Macbook.
First, How to Conduct Market Research

Before we get into the tools and tactics you can use to conduct your market research, let's talk
about a solid methodology with which you should approach your research.
1) What do you want to know? The first key to conducting market research effectively is
identifying something specific you're trying to figure out. Trying to answer everything in one
round of market research usually means you won't get meaningful answers to anything. Here are
some of the things many businesses are trying to figure out when conducting market research -be sure to drill down into these categories to make it specific to your business.

Whether you're solving a problem people actually have

What competitors your target audience is using for their current solution

What people don't like about their current solution

How much someone is willing to pay for a solution

Whether a new product or add-on is enticing

Demographic and psychographic information

How your target audience likes to communicate and consume information

2) Draft your questions and hypotheses for how people will answer. This will help you think
through logical flows and the potential follow-up questions you should ask to get a
comprehensive set of data. There's nothing worse than conducting your market research, and
upon analyzing the results, realizing there was an entire branch of logic you hadn't anticipated
that requires you to conduct your research again. For example, if you're doing market research to
determine whether an add-on service would be interesting to your current customers, you'd
probably want to ask different follow-up questions to those who responded positive, negatively,
and indifferently. Walk through hypothetical conversations with each of those groups, and
document all of the questions you'd like to ask before beginning your research.
3) Find the right group of people for your market research. Is your research targeted toward
customers (as opposed to leads or the general public)? If so, what qualities should those
customers possess? For example, if HubSpot was gauging interest in an add-on service, we might
only need feedback from customers that use the Professional package of our software, and

eliminate those using the Basic or Enterprise levels of the software. Or if we wanted to gauge
whether the inclusion of that add-on service would help convert more leads, we might consult
leads in our database only within a certain business size that we know are interested in the
Professional version of the software.
4) Determine the best method to ask your questions. We're going to get into tools and tactics
in the next sections of this post, but selecting the right method for administering market research
is key for getting the best results. For example, if you're like our very own Laura "@Pistachio"
Fitton and you have a large Twitter following, it might make more sense to leverage that Twitter
following to do market research rather than creating a survey. Or perhaps you have an extremely
engaged segment of your email list that also happens to be the target audience for this research -consider using email as a key tool in your market research instead!
5) Analyze your findings. After you conduct your research and collect your findings, it's time to
get analyzing. Depending on what type of data you're pulling in -- quantitative or qualitative -you may need to set a threshold that helps you determine your next steps. For example, if your
research is quantitative and you were looking to gauge interest in that add-on service we keep
talking about, what number of people need to respond positively, negative, and indifferently to
pursue or nix the project? Or perhaps you're looking for more qualitative feedback -- like
different ways someone would use one of your products. Look for new ways people are using the
product you hadn't considered to drive the improvements you make and identify problems you
didn't even realize people had that you could solve.
How to Craft Your Market Research Survey

Surveys are the most common method of administering online market research, so we're going to
start by digging deep into the right and wrong way to administer them -- because there are tons
of little things that make a big difference in the results you get!
Surveys are fantastic for quantitative research, especially since most survey tools like
SurveyMonkey and Zoomerang (both tools I've used successfully in the past) come with
reporting options that sort the data for you, and allow you to export and manipulate the data as
needed. But you can also easily loop in qualitative analysis, or use survey tools for future indepth qualitative analysis that becomes necessary as you learn more from the data you collect.
(Tip: If you're just looking to get quick insights, Google has just launched a tool called
Consumer Surveys that lets you ask a question and get aggregated responses and accompanying
data for $0.10 per response.)

When drafting your survey, take pains to ensure every question you ask truly needs to be asked;
if your survey is too long, you'll suffer a lower rate of completion. There are two things you can
do to help respondents fill out the survey in its entirety. First, include a progress bar so
respondents know there's an end in sight -- otherwise, they could be one question away from
completion but think they're several minutes away, causing them to abandon the survey.
You should also set expectations up front for how much time the survey will take. If after editing
out questions you don't truly need to ask, you are still left with a survey that will take 5 minutes
to complete (which is pretty long for an online survey), that's okay! Tell respondents that the
survey should take 5 minutes to complete, that their feedback is valuable, and why you need that
feedback from them specifically. For a long survey, this up-front admission will result in less
people starting the survey, but a higher proportion of those who begin the survey will complete it
-- giving you higher quality results for your market research.
Online survey tools are also fantastic research mechanisms because of the built-in logic
functionality in most tools. This allows you to better target your questions to survey respondents
as they self-identify through their answers to your questions. For example, perhaps you're trying
to beef up your buyer personas a bit. Your lead intelligence tells you the industry and company
size of your leads, but you really need to get a handle on job titles, too, because your personas
really revolve around the C-suite and middle management. The logic in survey tools will let you
begin with a question about job titles, and based on the response, send respondents down two
different logic trees with two different sets of questions. So while you may think your market
research is limited to your lead intelligence, online surveys tools with logic functionality let you
segment on the fly for higher quality information.

If you're conducting qualitative research in your online surveys, you'll need to be careful with the
way you phrase your questions. There's a fine balance between being open-ended so as to
encourage honesty, and being vague to the point of confusion. On the other end of the spectrum,
survey questions can often be so specific that they're unintentionally leading -- infusing the
answer the marketer expects to hear right into the question and answer choices. For example, a
survey question might be structured:
Would you use product X for Y, Z, or other?
While you provided "other" as an option, you're already planting a couple ideas in the
respondents' minds about the correct way to use your product that they may not have had without
your direction. Instead, phrase a question of this nature more open-ended, like:
Explain some of the ways you might use product X when at the office.
This phrasing lets respondents answer your question without the preconceived notions that come
with your product knowledge, but also limits the scope of the answer by adding a clause like
"when at the office" at the end to help narrow their frame of mind enough to provide a detailed
answer. (Tip: When asking open ended questions, you'll need to use a text box. Make the size of
the text box commensurate with the length of answer you hope to receive. If respondents see a
two-line text box, you'll probably receive a short sentence. If they see they have 8 lines of space,
you'll likely receive a more in-depth response.)
Finally, once you analyze the results of your survey, you may find you'd like to follow up with
your respondents verbally. Prepare for this instance by including a question at the end of the
survey asking if the respondent would be willing to speak with someone from your company on
the phone to hear more about their opinions. While not everyone's cup of tea, plenty of people
are excited to share their thoughts on the phone -- it makes them feel special and engaged with
your company! If you do administer phone interviews, it's recommended that you record those
calls (disclosing the recording to your respondent, of course) so they can be transcribed by a
third-party service. This frees you from the burden of note-taking during calls, lets you focus on
asking the right follow-up questions, and lets a larger group analyze what was said objectively,
not what you think you heard the respondent saying.
Market Research Doesn't End With Surveys!

While online surveys are the most common way marketers and business owners collect market
research insights, there are other ways to get the intelligence you need. You'll probably find,
however, that a mix of these tools with more calculated online surveys is a helpful approach to
stay connected with the opinions of your leads, customers, and the general market.

Hop on Social Media

You've probably heard plenty of success stories about using social media for feedback (we've
written an entire blog post on how to do it), so why not make use of it for your market research?
Social media market research is ideal for getting qualitative feedback, and getting it quickly. And
luckily, social media is getting better and better at targeting -- in fact, just yesterday LinkedIn
announced more robust targeting functionality for users! Couple that with Twitter's list
functionality, Google+ Circles, and Facebook lists, and you've got the ability to get your
questions out to the exact audience you're targeting for information.
Dive In to Your Marketing Analytics

Market researchers can get more quantitative insights from their marketing analytics -- about
everything from how people consume information, to what they think of your product, service,
or brand, to what problems they're facing in your industry that you might be able to solve. For
example, instead of setting up a survey to determine which offer is more enticing, you can
simply set up an A/B test to see whether a BOGO or 30% off coupon gets better conversion rates.
Or if you're trying to identify opportunities for expanded service offerings, you might take a look
at your search analytics. Looking at the search terms people are typing can help you understand
not only the problems people face, but whether they consider your product a solution for those
problems.
Perhaps you notice that there's growing volume around the search term "how to treat a unicorn
with a gluten allergy." Whoa, did you know that gluten allergies are on the rise in unicorns? Is
that a space you want to play in? If so, and you begin creating content and solutions for it, take a
look at whether the traffic that comes to your site on that term actually converts. If not, perhaps
you haven't designed a solution that meets the needs of the gluten-allergic unicorn community.
Leverage Public Records

You can even make use of public records to get the market information you need! Inc.com
compiled a fantastic list of government resources that provides demographic information, three
valuable ones which I've listed below:
1. FedStats: This site publishes government statistics, like statistical profiles of
states, cities, and counties.
2. The Census Bureau: This site gives you access to census data.
3. The Census Bureau's Quick Facts: This site gives quick facts about
people, businesses, and geography.

Finally, think of market research as an ongoing process. Often, the insights you glean result in
more detailed and interested questions you'd like to ask. Continue to communicate with your
target audience and customers so you can learn what their needs are and what you can do to meet
them.

A company comes to you with a new product, where do you begin your research
and evaluation on this product?

New Product Research

Successful new products are essential to a company's growth and survival. We believe new
products to be one of the most important applications of marketing research, but one of the
most difficult to execute in practice. New products can be concept-driven or product-driven.
The implicit model that underlies the following paragraphs is concept-driven (i.e., concept
followed by product), but keep in mind that you can also start with a product and work
"backward" to build a concept and positioning.
New product development must have focal points to have any chance of success. Focal points
include definition of the target market, determination of the product category, and/or definition
of the problem to solve or opportunity to exploit. These focal points are largely managerial
judgments. Once some of the basic focal points are identified, then Decision Analyst can help
make the effort successful.
Qualitative Explorations

Once the target audience is identified (even if not totally precise), and some notion of the
product category (or human need) is established, then qualitative research is the first step. The
purpose is to develop in-depth understanding of the target consumertheir motivations,
perceptions, fears, and preferences. Perceptions of competitive products can be explored.
Unmet needs can be identified. New product ideas can be sought. The qualitative exploration
serves to identify new product possibilities as well as refine the target-market definition for
those possibilities. Qualitative research is also useful in determining the starting points for
ideation.
Innovation Services

Building on the foundation of understanding provided by the qualitative research, Decision

Analyst uses its Imaginators panel of 2,000 exceptionally creative individuals to help
generate new product ideas. These ideation sessions can be conducted online or offline,
following creative processes developed by Decision Analyst. A typical all-day ideation session
of eight Imaginators produces from 400 to 600 unique new-product ideas or idea fragments.
Decision Analysts Insights & Innovation Team then translates this raw ideation material into
new product concepts. These concepts can then be refined with qualitative research before

going into quantitative testing.

Concept Testing

Concept testing identifies potentially successful new products early on, so that you can focus
limited research and development resources (and limited marketing resources) on the new
product concepts with the greatest probability of consumer acceptance. Decision Analyst
provides a suite of concept testing systems and services.
Brand Name Research

Selecting a name for a new product is an important step in new product development.
NameScreen is our online system to identify the best names for final evaluation. Typically,
final names are tested in the context of package, concept, or product testing, so that all
variables are implicitly incorporated into the name test.
Packaging Research

Package graphics and copy are critical to new product success. Decision Analyst offers a suite
of package-testing services to help develop a winning package that can help generate trial of
the new product and project the appropriate brand image.
Product Testing

New products must be optimal to have a reasonable chance for success. Product testing is an
essential step (or series of steps) in the development of a new product. Decision Analyst offers
a range of product-testing services to help ensure that the new product will be successful.
Conceptor Volumetric Forecasting

With our Conceptor simulation models, year-one sales of a new product can be forecast,
based on concept-testing scores, product-testing results, marketing-plan inputs, and media
spending plans.
Test Market Evaluation

Real-world testing of new products is always recommended, if time and budgets permit. Actual
store tests and/or actual test markets provide the most reliable evaluation of a new product.
Decision Analyst is expert at designing and executing test markets for new products.
Product Clinics

Our automotive research group conducts static clinics, dynamic clinics, and 3D projection
digital imaging clinics. These clinics range in size from small single city evaluations in the

U.S. to large-scale multi-country clinics. Each clinic is conducted by a dedicated team, led by a
senior researcher experienced in all aspects of conducting clinics. Data is captured using
handheld devices to assure fast delivery of data tabulations. Presentations of clinic results can
be provided within 24 hours of the conclusion of the clinic in-person or via Web-based
meeting.
New Product Research Services

Decision Analyst is a leading global marketing research and analytical consulting firm, with
over 3 decades of experience in new products research and consulting. Our staff has worked on
hundreds of successful new products. With our worldwide online panels and interactive
systems, targeted innovation processes, and analytical systems, we can bring transformational
change and acceleration of pace to your new product development efforts.
For more information on New Product Research, please contact Jerry W. Thomas,
President/CEO (jthomas@decisionanalyst.com), or call 1-800-ANALYSIS (262-5974) or 1817-640-6166.

Additional Resources from Decision Analyst

New Product Research Services

Brand Name Research

Concept Testing

Innovation Services

Packaging Research

Product Testing

Qualitative Research

New Product Research Brochures

ConceptTest Brochure (opens a pdf file)

Innovation Services Brochure (opens a pdf file)

New Product Metamorphosis Brochure (opens a pdf file)

Optima Product Testing Brochure (opens a pdf file)

Package Optimization Brochure (opens a pdf file)

Complete List of Decision Analyst Brochures

New Product Research Case Histories

Concept Testing

Games People Play

Hotel Services Innovation Program

Look Before Leaping

Never Trust an Engineer (Qualitative Research)

Positioning Test with Segmentation

Time-Extended Online Qualitative

Using Exploratory Research to Formulate Quantitative Research and a

Discrete Choice Modeling Design

Volumetric Concept Testing

New Product Research White Papers

Choice Modeling for New Product Sales Forecasting

Concept Testing (And the Uniqueness Paradox)

Hang the Innocent

New Product Sales Forecasting

New Products

New Products for Tough Times

Product Testing

Quality Promise ProgramEmpowering Consumers as Your Quality-Control

Agents

Using Consumers to Fuel Your New Product Generation Pipeline: The Role of
Idea-Centric Creativity

What do you know about XYZ Marketing?

Marketing Global
Misso
XYZ is a pioneer in digital marketing solutions. We develop advanced digital marketing and web
design solutions and we also specialize in mobile solutions, media presence, online reputation
management and analysis. Our goal is to improve our customer's presence online in order to
obtain the very best results.
Descrio
E-mail Marketing
Marketing Mvil
E-commerce
Publicidad Online
Landing Pages
SEO - Optimizacin para motores de busca
Estrategia Digital
Converso e Anallise de campanhas CPC / CPL
Gestio de afiliados
Gesto de Redes Sociales

reputacin Online
Conteudo Digital
Specialties

Email Marketing, SMS Marketing

Website

http://xyz-management.com/

Industry

Marketing and Advertising

Type

Partnership

Company Size

1-10 employees

Founded

2014 How would you determine if the price of X product is truly the deciding factor
for the consumer?

How to price your products this is a question I get ALL the time. And every time I browse
Etsy and many other online stores I see it the shockingly low price. Too many sellers think low
prices mean selling more. Are you one of them?
The reality is that savvy shoppers looking for handmade goods disagree. Pricing low could mean
pricing yourself out of a sale. Your price communicates your products value to the consumer and
is a major factor in your success.
How do you choose your prices? Do you look at competitors prices and chose a comparable
price, or do you aim lower? Do you factor in labor, materials and profit? Do you keep your
prices low because youre afraid pricing higher will mean selling less?
Instead of asking yourself what an item is worth, you might tend to ask what will consumers
pay? If thats the case, not only are you cheating yourself with an unfair prices, but also other
sellers. When too many sellers in a niche under-price their products consumers grow accustomed
to the low price, and feel cheated when asked to pay a fair rate.
Its time to change that.

If youre looking for a way out of the bargain basement and into profitability, here are some tried
and tested tactics that work for how to price your products:

Price your products according to the market: One simple way to ensure your prices
are fair to you (and other artisans) is to look at sellers in your niche. Find 3-5 who are
selling items similar to your and find the average price.

Introduce a new line: Many sellers many fear theyll loose steady customers if they
suddenly raise prices. I suggest they try an experiment instead. Create a new line of items

priced fairly and leave your old prices alone. You might be surprised how much faster the
newer higher priced items sell.

Pay your way: If your price includes only material costs, youre not paying yourself for
your labor costs. Increase your prices to add a small profit on every item, and take that
money out of the pot every month. Seeing the result of your efforts will keep you Think
about a wholesale price: Your business may be just you right now, but down the road
your hobby business could become a full-time job. At any moment a boutique or eretailer could contact you to carry your product. Would you know what to charge?

CLICK HERE to download your FREE Pricing Calculator

What is your favorite technique in determining the validity of a products price?
I enjoy the research that goes into comparing the prices but I really enjoy testing
the waters. My favorite technique is choosing a sample of the people that bought
and having a questionnaire about how well the product met their needs and seeing
whether the price point matches with what the most highest buying demographic
wants in a product.
What is the difference between quantitative research and qualitative research?