Identifying credible sources of market research information is one of the ways in which you can be able to collect useful data for market research (we mentioned it in our previous post on How To Conduct Market Research), and today I’ll be sharing with you guys three effective sources of market research information that you can capitalize on to ensure you get the right facts when going about data collection for your business.

Sources Of Market Research Information/Sources of Data for Research/Sources of Information for Research

Sources Of Market Research Information #1: Subsidiary Information Sources

This includes previously accumulated information related to the study and which will help meet the specific objectives of your research e.g. if you want to venture into social media marketing, then you can research on previous data about social media marketing as a building block but make sure the information isn’t obsolete.

Sources Of Market Research Information #2: Observation & Experimental

Sources

This essentially includes observing the market e.g. looking at your target market’s buying behavior, their likes and dislikes. In general, you need to assess your market’s behavior so as to tailor make products and services that meet their demands. You can later carry out experiments to test whether some of your observations were accurate e.g. if your target market are internet marketers and you’ve observed that they’re in need of quality traffic i.e. leads, then you can come up with such a service and test it i.e. experiment, to see how it turns out.  

Sources Of Market Research Information #3: Personal Interviews

This involves going into the field and doing interviews with your target market to collect data for your market research e.g. what would they like to see in a particular product they use, what don’t they like, recommendations etc.

My Take On The Above Sources Of Market Research Information

The above sources of market research information though few can go a long way in helping you come up useful data for your marker research which will eventually aid you to not only come up with a great product or service but also a highly effective avenue of marketing it to your target market.  

You can however come up with your own sources of market research information to help you gather more data about your target market but care should be taken no to waste too much time in data collection such that your project stalls or worse never picks up-Just get what you need and move on to the next step and the best way to do this is to always remember that no amount of data will ever be enough; there will always be more and more.

As always, feel free to share what your thoughts are on the above sources of market research information; I’d certainly love to hear from you!

P.S: If you found value in the above post on Sources Of Market Research Information, then I’d really appreciate if you shared it with others 🙂 

(Sources Of Market Research Information: Image above courtesy of FreeDigitalPhotos.net)