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Market research based on our previous work

   

   Our previous articles explained the importance of good market research and the costs of bad data, so in this article I will present the way we conduct our researches on two recently completed projects.  Namely one of our clients was interested in real estate market in Dubai and another wanted research about motorcycle airbags market.

The most important factor in any kind of research is to have valid sources and to choose them wisely. 

Key factors in conducting a market research, as we discussed before, are to establish who the potential customers are, their demographics, psychographics and pain points. Furthermore, one needs to research the competitors and establish what their strengths and weaknesses are.

A good researcher also needs to provide numbers!

This is one of the most important parts of the market research. Clients need figures such as prices, buying power of their potential customers, statistics, best selling seasons for particular product and as much relevant details as possible.

I have recently conducted a research related to Dubai real estate market. As we all know in 2008 this market experienced financial crisis and the prices of the real estate plummeted 50%.

I used as many secondary sources as possible to provide the most precise and accurate information, and based on the gathered information I created statistics and included it in the research paper. It is important to visualize the obtained data through charts and infographics as exemplified below.

picture1

I used information gathered from the official real estate sale and rent websites, but also numerous pages which provide comments and testimonials about residents and residential areas in Dubai.

These pages also contain prices and costs of living in Dubai.

picture2

Source:http://www.numbeo.com/property-investment/city_result.jsp?country=United+Arab+Emirates&city=Dubai 

I also included information relevant to resident in Dubai, such as health care, day care centers, pharmacies and retail shops locations.

picture3

Source:http://uaedubaimetrocitymap.blogspot.ba/2013/03/detail-burj-khalifa-dubai-location-map.html

Research for motorcycles was quite different but also required similar information.

This research contained the numbers of motorcycles per state, number of motorcycle owners and people who have the license to drive but do not own the vehicle.

picture4

I also included the statistics on motorcycle crashes such as-the main cause of the crash, consequences, how many bikers involved in the crash had had the proper gear and how much it affected the outcome of the crash as shown in the images below.  

 output SAs4np

 

In order to conduct good researches remember to:

  • Be clear about your objectives before beginning your market research
  • Identify your target audience, how many respondents you require and what data you are hoping -to collect before beginning
  • Make sure your target group is relevant to your needs and represents the market you are targeting
  • Watch for and incorporate unsolicited feedback you receive on social networks or review sites
  • Develop a chart or graph from the data collected to make it easier to visually analyze the results
  • Don’t ignore criticism because you don’t want to hear it; it can be the most valuable feedback you receive
  • Ensure your survey is neutral and doesn’t involve leading questions
  • Aim for a large enough sample group to give you meaningful data
  • Keep your mind open to new opportunities and needs that you didn’t consider before conducting your research.

Summarize your research in the conclusions and explain what the main body text contains and the main conclusions the research provided. 

CLICK Kresevo team