Market Research made Easy!
What is market research?
Market research is the process of planning, collecting, and analyzing data relevant to marketing decision-making.
• Planning: Marketing is all about asking the right questions. It’s the who, what, where, why, when, and how of strategy. Here are some examples of great questions to get you started:
o About the Market:
-What is the size of the market
-Is it growing, flat, declining? For how long? What are the causes?
-What’s going on in the publishing industry? Hardcover vs. soft cover vs. ebooks vs. audiobooks
-What trends are impacting book sales?
-Who buys books? What are the demographics? What book genres are selling?
-Where are they buying books? Why?
o About your customers:
-Who are they? Who would you like them to be? Why?
-Where are they located?
-Who are they reading?
-Why do they read?
• Collecting: Sources of credible, relevant, accurate, timely information. There are two types of data collection primary and secondary. Primary data sources revolve around custom surveys that ask specific questions to uncover specific insights. Secondary data is data collected and sold by third parties. The 100% correct way of getting the data you need would be to create surveys and get people who read what you write to opt-in and complete the questionnaire. But this can cost thousands of dollars and take months for all the data to come back in. With that in mind, you need to get comfortable with secondary data.
o TPC recommends:
Analyzing: You don’t have to be a marketing MBA to make sense of the data you are gathering. Just use it to answer the planning questions and try to avoid “analysis paralysis!”