Commercial research phases: step-by-step method

Are you thinking about launching a new product to the market? If so, you’re probably wondering what price to set for sale, which segment of the population to target in your marketing campaign, or whether there’s another brand that could be your competition. Indeed, it can be a process full of doubts, but the good news is that the path can be clarified. How? By following the 6 phases of market research. 

The market research process is a systematic method of collecting, analyzing, and interpreting relevant data to better understand the market in which a company operates. Ultimately, the goal of the market research phases is to help organizations or brands make informed decisions. 

If you want to know what each of the phases of market research consists of, keep reading — we’ll explain everything. Let’s get started! 

Defining research objectives 

You can’t start a market research project (or any kind of research) without knowing the objectives you want to achieve. You must clearly and concisely establish the goals and aims of the study — what you expect to achieve or how far you want to go. Here are some elements you should keep in mind when setting the objectives of your market research: 

• Clarity: they must be clearly defined and easy to understand, leaving no room for ambiguity or misinterpretation. 
• Specificity: they should focus on the aspects of the research topic to be studied, answering “what” or “which” questions. 
• Measurability: they should be formulated in a way that allows for measurement and evaluation. 
• Realism: they must be achievable within the study’s constraints, including time, resources, and feasibility. 
• Time limitation: they may include schedules or deadlines to indicate when goals should be achieved. 

Research design 

In the research design phase, you’ll outline the entire plan that will guide the study, including the methods and techniques for data collection and analysis, as well as the necessary resources. Here are the details: 

• Data collection methods: determine how the data will be collected (surveys, experiments, observations, interviews, etc.). 
• Sampling: select a representative sample of the target population. 
• Data collection instruments: create or select tools such as questionnaires or surveys. 
• Data analysis: define the statistical or analytical techniques for data analysis. 
• Timeline: establish deadlines for data collection, analysis, and reporting. 
• Resources: determine the necessary resources (funding, staff, equipment, data access). 
• Presentation of data and reports: plan how the results will be communicated. 

Keep in mind that there are several research designs, such as experimental, survey-based, participant or non-participant observation, and case studies. Choose the design that best fits your objectives. 

Data collection 

If you’ve already defined the methods you’ll use for data collection, it’s time to put them into practice to later draw conclusions. You should design questionnaires or interview guides — that is, create specific tools according to your research design to gather information from participants. 

Remember that the sample must be representative of your target population. Also, verify the quality and accuracy of the data collected to ensure valid research results. And one more reminder: don’t overlook ethical considerations — obtain informed consent before collecting data and ensure participants’ rights and privacy are respected. 

Data analysis and interpretation 

Data analysis will help you categorize, manipulate, and summarize data to address objectives, identify patterns and trends, and make informed decisions. These are the steps to consider when interpreting your data once collected: 

• Organize and clean the data: this is essential before beginning analysis. 
• Identify variables and relationships: analyze the variables in the dataset and look for possible relationships between them. 
• Use statistical tools: apply analytical techniques to extract meaningful insights. 
• Contextualize results: interpret findings within the context of the research problem or question. 

Presentation of results 

It’s time to present your findings. How? That will depend on your audience and how much information you want to include. Generally, market research results are presented as a report, although you can also prepare a poster, technical papers, oral presentations, or graphic slides. 

Most importantly, the presentation should include your research objectives, methods used, results obtained, and analysis based on the initial hypotheses. Here’s a tip: use visual resources to present data clearly and engagingly. 

Decision-making 

Now it’s time for the final step: making decisions based on the initial objectives. These decisions may relate to marketing strategy, product development, resource allocation, or pricing. In any case, the decision should be data-driven and aligned with the company’s needs. 

Finally, here are some useful tools for decision-making: 

• Decision matrices: compare alternatives based on specific criteria. 
• Cost-benefit analysis: evaluate costs versus benefits. 
• SWOT analysis (strengths, weaknesses, opportunities, threats): assess internal and external factors that affect decisions. 
• Decision-making models: use techniques like decision trees or multi-criteria analysis. 

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