Market Research

How to Perform Good Market Research, Part 1

September 1, 2010

This is a part of a series of videos from the Market Segmentation Forum hosted by Luke Hohmann and organized by the OpenView team.  Watch these videos to understand the main points from the forum.

When people make strategic decisions on stale data, many issues arise. Instead, being ahead of the stats and having the most up-to-date information, is what will result in boosted performance. Treat your market research as a continual process; many things can change in the industry over time. And there are a number of ways to approach market research. Attempting to master all of these is a necessary step.

Effective market research must be the following:

  • Systematic: It should be planned and well-organized. And it should come in the form of a repeatable process, too.
  • Objective: It should avoid biases and concentrate on the task at hand. The ultimate goal is unbiased market research data.
  • Focused: It should be geared toward one, common direction.
  • Actionable: It should net results and information.

Following these guidelines will result in much-improved data return during your next market research endeavor.

Next week, I’ll share insights on the importance of developing a hypothesis from primary and secondary data sources

Photo by: Nic McPhee

Chief Business Officer at UserTesting

Tien Anh joined UserTesting in 2015 after extensive financial and strategic experiences at OpenView, where he was an investor and advisor to a global portfolio of fast-growing enterprise SaaS companies. Until 2021, he led the Finance, IT, and Business Intelligence team as CFO of UserTesting. He currently leads initiatives for long term growth investments as Chief Business Officer at UserTesting.