Market research refers to the process of obtaining, analyzing, and interpreting information in a particular market about products and services they offer, past, present, and prospective customers, the unique needs of target customers, and competitors in the market.
How Is Research Done?
Market research data is classified as either primary or secondary information. Primary information refers to the first-hand data gathered from original sources. Organizations can do the work on their own or hire other firms or individuals.
On the other hand, secondary information is data that has already been gathered by others and is publicly available in various forms. Some examples of secondary data include newspapers and journals. One of the drawbacks of the method is that everyone can access it and your business has no control over collection techniques.
The information you collect from primary and secondary sources is classified as quantitative or qualitative. Qualitative information enables businesses to get a better understanding of how the target customers feel about specific topics. You can ask for their opinions and reasons why they make the choices that they do.
Some of the common sources of qualitative information include direct observations and interviews. On the other hand, quantitative information is statistical data and is more structured. Businesses obtain data through sources such as questionnaires and surveys. Usually, primary research is more expensive and time-consuming. However, it’s the best way to obtain the information your organization needs.
You can use several primary research tools. First, you can carry out customer surveys, which can be done through software and surveys using phones. The exercise involves creating a list of questions that offers the best insights to show how the customers feel about the products and services you provide and the experience you offer.
The surveys can be as specific as you want. The second tool you can try is interviews, which can be done through phone calls or face-to-face. They’re popular as they offer organizations an opportunity to ask detailed questions. Business owners and managers can also follow-up with interviewees wherever necessary to gather the information they need.
Another common primary research tool is focus groups, which are organized sessions with a group of people with similar characteristics. Some of the characteristics include location and age. The groups engage in discussions of various topics and are led by moderators.
Every business can benefit from market research. Are you wondering how the exercise can help to strengthen your company? Here are some of the key benefits:
Improving Your Branding
Many business owners don’t understand and don’t know how to handle their brand. They often ask about the customers’ perception and how they can gain a competitive edge in an industry. With market research, you can improve your branding by exploring subjects such as personification, brand awareness, and competitive comparisons.
Additionally, you can survey the customers and get feedback on marketing content such as websites and logos. You can conduct brand research by interviewing your customers. By doing so, you will explore a wide range of topics and get feedback from the participants.
Understanding the Customers
Business owners need better information on target customers, the market size, and the best ways of reaching them. For example, you can carry out a study after developing a new product to get insights into the target market.
The exercise can enable you to get answers to questions such as their age, gender, marital status, their residence, and level of education. You can also develop a questionnaire to help you understand the profile of your target audience so that you can develop focused brand positioning.
How Can NetBase Quid Help?
Do you need a company that can help you to conduct market research and offer insights on the market? NetBase Quid is an award-winning platform and can help you to get a competitive edge over the competitors.