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Marketing research is a necessary step for any customer-centric brand. It allows you to gather insightful data, reduce knowledge gaps about customers, to better serve your customers, and steer your business in the right direction.
However, when faced with a concept as broad as market research, it can be difficult to know where to begin and how to conduct the various types of research.
This comprehensive guide to market research methods will assist you in overcoming this obstacle, allowing you to approach all of your research needs confidently.
It is a methodical process of gathering, analyzing, and interpreting data, also known as ‘market research’. The data could pertain to a specific target market, consumers, competitors, or the industry as a whole. This is the basis of any successful business. The research can be used for anything from identifying a new market to launching a new business.
So, how do you conduct such research?
Learn more about the steps to conduct research in our article “The Voxco guide to market research”.
“It is, quite simply, the best value in the industry. “
- Frost & Sullivan
Read how Voxco helped Frost & Sullivan conduct 100k surveys across 300 industries.
There are several methods for conducting market research. Most businesses, however, use one or more of the six basic marketing research methods: focus groups, observation, personal interviews, surveys, field trials, and competitive analysis. The methods you choose will be determined by how much money you are willing to spend and the type of data you require.
Also read: Market research tools
Using concise and straightforward questionnaires, you can evaluate a sample group representing your target market. The larger your sample size, the more reliable your results are. There are several ways to conduct marketing research using surveys, such as in-person surveys (one-on-one interviews), telephone surveys, email surveys, and online surveys.
Surveys are the most basic type of marketing research method. These are useful when you want to quantify something and have a relatively large sample to survey. You can gather quantitative and qualitative data using surveys.
A moderator uses a scripted series of questions/ topics to lead a discussion among a group of people in this type of marketing research method. It can last one or two hours and requires at least three groups to produce a balanced result. You can gain valuable insights into customer attitudes as well as identify problems with new products/services.
It is no secret that focus groups have a significant impact on decision-making. The diverse viewpoints of each participant can provide you with a wealth of information.
A moderator can leverage mobile offline surveys to gather data during a focus group session. This way, you can gather surveys without the internet and remove the use of paper questionnaires. Like Voxco’s offline survey tools, it allows you to gather data offline and integrates the data once the device is connected to the internet.
A personal interview, like a focus group, includes open-ended and unstructured questions. They typically last about an hour and are recorded. Personal interviews provide more subjective information than quantitative surveys. The results, however, are statistically unreliable because they do not represent a large portion of the population.
These are the most effective ways to gather information quickly; the interviewer can also clarify questions if respondents do not understand them.
These are the most adaptable marketing research methods. More questions can be asked, and additional observations about the respondent, such as dress and body language, can be made by the interviewer.
You can use mobile offline surveys to conduct personal interviews. The versatile Voxco mobile offline will help you to manage face-to-face data collection projects. You can conduct dynamic personal interviews on mobile devices with no network connection.
Individual responses to focus groups and surveys may differ from people’s actual behavior. For example, by videotaping customers in action at stores or work, you can observe how they use or purchase a product. This will provide you with a detailed picture of customer purchasing patterns and usage habits.
Example- During an in-store observation, a researcher or digital camera software records how customers move around a store, how much time they spend in each section, and which products they notice first.
Observational research is useful because it allows researchers to learn about customers’ actual behavior rather than what they tell the researcher or report in a survey.
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Field trials entail placing a new product in a few select stores to test customer response in real-life selling scenarios. This can assist you in making product changes, improving packaging, or adjusting the price.
For example, when a company wants to launch a new product on the market, it will use test marketing. They would first market and sell the product to a small group of people. They would then investigate how this specific group of people reacts to the new product and decide whether to launch it to a broader audience.
For this, you can make use of mobile offline surveys. Leverage an offline survey tool to create a mobile offline survey that allows you to gather data even in remote locations with no internet.
Field experiments are valuable for quantitative research and advantageous for businesses because the research is specific to a product or brand – the study meets the company’s precise research needs.
Competitive analysis is a method of secondary market research in which a company gathers and analyses information about competitors in its market. It entails identifying all of your company’s primary and secondary competitors and determining their offerings, profits, marketing strategies, and so on.
This data can help you understand your competitors’ strengths and weaknesses, as well as your position against them. It can also provide insight into successful business models and consumer preferences, allowing you to implement more profitable strategies.
Marketing research assists you in constantly improving your product by acting on your feedback. Here are some of the marketing research benefits.
While working as a marketing manager for a restaurant chain, you notice that your online customer reviews aren’t as positive as you’d like. You conduct market research to determine why customers rate your restaurants poorly.
You decide that gathering primary data is the most efficient way to investigate this issue. So you ask your customers to fill out an online survey after they’ve eaten. You use convenience sampling because you give the survey to any customer who volunteers to fill it out. The survey includes questions such as:
After a sufficient number of people have completed your survey, you analyze the results. People rate your restaurant poorly because they are dissatisfied with the food quality. As a result of your market research, you advise management to invest in higher-quality ingredients.
Finally, you decide to launch a marketing campaign to inform customers about your newly added food items on the menu, which feature fresher ingredients than other chain restaurants.
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Survey research methods for marketing have numerous forms and subsets of methods that brands can use in their campaigns. A solid research campaign will lead you deeper into the various methods available, some of which are tried and true and others newer.
Market research can give you a significant advantage over competitors if you choose your method carefully. So let’s get started with Voxco.
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