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Market Research Examples

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Table of Contents

01

What is Market Research?

Market Research is the procedure of gathering information in order to understand the expectation and needs of the target market. 

Before launching a new product or starting a business, market research is an important step you cannot miss. It can help you to understand how your target customers will react to it and if it is something they want. Gathering their feedback and opinion you can make decisions on how to move forward. 

You can find insightful information from your customers such as –

  • What kind of product they like to buy
  • How much will they pay for it
  • Their view about your competitors

Such information and many more can help you plan your product development and marketing campaign strategy accordingly. 

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02

Why should you conduct Market Research?

Research is the first step to understand your target customers. You may have a general idea about who they are and what they want but it is not enough to successfully land your business.

  • Market Research can help you obtain all relevant information about your customers. If you don’t know them properly you cannot improve customer experience. This will lead you to lose customers. 
  • Research can tell you what your customers are thinking and why they made their decisions. It helps you understand the working of your customer’s mind. 
  • Customers experience your product differently. They may get confused with certain elements or features which may affect their view about it. From your customer’s feedback, you can understand what changes you need to make.

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03

Market Research Examples

There are lots of different Market Research methods you can choose from. All these research methods serve the purpose of collecting customer opinions. You should carefully choose the method that best suits the purpose of your research. 

Surveys

A survey is a cost-effective research that is qualitative in nature. It contains identical questions which you can ask a group of potential customers. You can ask your respondents open and closed-ended questions. You can post a survey on your website or social media, or send it via email or text message. 

Surveys are easy to conduct and analyze as well. It can help you understand if a product/service will succeed or fail among the target customers. 

Social Media Research: 

Social media research serves the same purpose as a survey. With the increasing use of social media platforms, it has become easier to reach a wide range of audiences and even easier to find potential customers. 

Companies now use social media platforms like Facebook, Twitter, Instagram, etc. get fast responses from users about a product or service. 

It is easy to upload a survey on social media that reaches a large customer base in little time. Social Media Research is also prompt and can help you get valuable insights from the prospective audience. 

Focus Group:

Focus Group is a traditional and common form of conducting market research. The participants selected are diverse. 

A group of 6 to 10 people who fit the profile of the potential customer is observed. They are asked questions about products, new launches, services, etc. The diversity in the opinion of the participants helps you receive information from a different perspective. You can record the session to examine it later. 

A Focus group is a qualitative method that helps you get in-depth opinions. It helps you understand the feelings of the customers by interacting with them directly. 

However, it is important to understand that Focus Group cannot represent the entire target market. It can also be expensive and time-consuming to find the right members for the research. 

One-to-One Interviews: 

One-on-One conversation is the best way to conduct an in-depth interview. Talking with your customers face-to-face can help you understand them more personally. Observing the body language and detection of social cues in the participant can help the interviewer gain deeper insights. 

Interview Research can be conducted anytime and anywhere. You can interview your participants at their home, in a shopping mall, office, street, or any other place and record their response to analyze it in the future. 

Interviews, however, can be expensive and time-consuming. The participant may also not represent the target market. 

Phone Survey:

A phone survey is also a kind of one-on-one interview. Instead of meeting up with the participant you can call them and ask them a series of questions to record their responses. 

There are quite a few disadvantages of conducting a phone interview. 

  • The participant may not be willing to reveal too much information
  • It costs a lot to conduct a phone interview
  • Due to high cost, you cannot conduct an in-depth interview
  • It is time-consuming to call participant one-by-one and ask questions
  • You cannot target a huge audience so the participant may not represent the target market

Observation: 

Observation does not require you to talk to the customers. The purpose is to observe your users engage with the products from your company or similar products from your competitor and note their behavior. You can observe your customers in your shops or restaurants. You don’t have to bring them into a room and see them engage with your product.

Covert Observation is ideal for conducting such research. It is cost-effective and you can see your customers in their natural setting. They are not influenced by your presence. 

However, observation cannot help you understand what is going on in their mind. You cannot understand their thought process or their reason for their purchase decision.

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04

Things you want to avoid when conducting Market Research

  • Don’t fill the survey with too many questions. Keep the questions to a minimum count or else it will bore the respondent.
  • If you are conducting Observation Research, don’t record them. Recording them (video or audio) might make them nervous and they find it annoying. 
  • Tell your customers the purpose of observation if you want to conduct Overt Observation. Ask for permission. There is a higher chance that they will cooperate if you tell them why you would like to observe them. 
  • Don’t ask questions that will reveal bias on your part. Don’t ask them if they used your “amazing product”. Such questions may influence their opinion and you won’t receive an honest opinion. 
  • Don’t ask questions based on the assumption that they have already used your product. This will confuse them and they may give you an unclear answer.

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05

FAQs

In Market Research the factors involved to gather information are:

Market Competition – to understand and observe the external factors that may affect your business

Target Customers – to help develop buyer’s persona

Competitor Brand – to create the profile of your competitors

Market research can help you find your potential market as well as your potential customers. Asking relevant questions in your market research can help you advertise and position your products/services for a successful sale.

Market Research Analysts help a business determine its position in the market environment. They help determine the effective way of promoting the products and services of the company.

 Additionally, they analyze their competitors and their marketing strategy. Market research analysts also gather insightful information on the potential customers of the business.

A Market Research Plan is a document about the important details and information about your market research.

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Great Research
Fast Insights
Best-in-class ROI

Voxco’s platform helps you gather omnichannel feedback, measure sentiment, uncover insights and act on them.

Join 500 + global clients across 40+ countries