How can you conduct market research and analysis like a pro?

This is the most critical step for any market research but to do so one should always arrange a session with all the key stakeholders. The objective of this session is to understand all the business questions that a company is seeking market research to answer and what's the genesis of these questions. e.g. Company's stakeholder ask this question - How much time shoppers are spending at the category aisle? however, with this question they wanted to deduce whether shoppers are shopping the category as "grab and go" or "exploring options". so if we don't ask the implication of the question, then we wouldn't have an answer in the end of research. Thus, both Business Questions with their imperatives are important to have at the initial stage.

In my experience, defining market research objectives is intricately tied to understanding the stakeholders involved. Various roles within an organization might request market research on a particular topic, but the nuances of their requirements can differ considerably. I'd like to point out that taking the time to interview and truly grasp the context from each stakeholder's perspective is paramount. This not only ensures precision in the research but also fosters trust. Furthermore, occasionally expanding the scope of the research, even slightly, can be advantageous. When deeply immersed in a specific subject, introducing an extra question or two can yield insights that benefit a broader range of stakeholders.

Whenever I confront this decision professionally, I consistently lean towards starting with secondary methods. The vast amount of readily available data can often be enlightening and obtained with minimal effort. More importantly, this preliminary data is a foundation that refines and optimizes the primary research methods, ensuring they are both targeted and efficient.

Utilizing secondary research can be an effective and cost-efficient way to address business inquiries. This approach involves leveraging existing information, which can help ensure that primary research is conducted with clear objectives and scope. By using secondary research, businesses can avoid duplicating efforts and maximize the use of available resources.

Efficiency is paramount, especially when handling vast amounts of data. Maintaining explicit annotations of sources is crucial. When delving into secondary research, it's always wise to corroborate findings across multiple sources. The digital landscape is riddled with unreliable data, and a single inaccurate piece of information can tarnish the credibility of your entire analysis. An experience taught me a valuable lesson: I had once overlooked data relevant to a new project because it seemed inconsequential during a prior research phase. Since then, I've adopted a more encompassing approach. Whenever I encounter potentially relevant information, I earmark it in a repository, ensuring a rich resource pool for future endeavors.

A combination of quantitative & qualitative analyses is paramount. For an example, in regression analysis (quantitative), the correlation between dependent factor and independent variable does not imply causation. For example, based on regression analysis, ice sales has a high direct correlation coefficient with crime rates (but not rational causally linked). Hence, qualitative analysis is needed over here to uncover a third/middle factor between ice cream sales and crime rates

Combining art and science, quantitative and qualitative analysis is a crucial aspect of market research. However, the main objective of this analysis is not just to answer the predefined research questions but to provide valuable insights that can answer the business questions that led to the research project. Therefore, it is essential to ask ourselves, "So what?"

Agreed. Utilizing both gives you a better understanding as to why there are fluctuations in sales. It factors in the ongoing variables, i.e; Change of placement of product on shelves. A change in the neighborhood demographics. Lack of inventory. New packaging/labeling throws off the consumer and they don't notice the product. New formulation is no longer satisfying the consumers or causing side effects.

From my experience, it's vital never to shy away from stating what may seem "obvious". Often, market research is undertaken to validate existing assumptions. As researchers, there might be a tendency to feel that a conclusion that essentially states, "Yes, our initial hunch was right", lacks depth or impact. Yet, I've frequently discovered that what may appear self-evident to one individual can be a revelation to another. This was especially evident when I presented findings to seasoned stakeholders deeply entrenched in their industry. Sharing these "obvious" insights can be intimidating, but an external perspective can occasionally shed light on elements that insiders might overlook.

Enrolling in data storytelling courses and practicing regularly would be highly beneficial. There are some good courses available on LinkedIn. Check them out!

The targeted investments in the VC arena tends to be opaque (start ups/private equities) in terms of financial reporting that are being used to forecast IRR. Therefore, market intelligence and a robust due diligence framework are required to be part of the market research process before called up capital is being invested in these start ups.

Upon completing and presenting your research, remember to identify any additional stakeholders who might benefit from your findings. While this may entail some extra research or tweaking the results, it ensures that your diligent efforts achieve their fullest potential. Capitalize on the fresh market insights you possess to maximize the reach and impact of your research.