Are you considering starting a business or improving the performance of the current one? Market research will help you find unsatisfied needs in the market, give information about your customers or find out what your customers thing about your business and many more. The process includes the creation of an exploratory research to get to know your target audience first, using secondary research or qualitative research, consultation with experts or observation, and then verify the results with a quantitative research. The final and most important step is to analyze and interpret data collected.
Market research is the process of collecting and analyzing information from target markets in order to solve a variety of marketing problems. Market research will allow increased sales on a current product or testing the feasibility of a new product in a potential market. Thus, a market research will be conducted to find different needs targeted consumers have, so that a product or service can be created or improved to satisfy consumers’ needs.
Exploratory research: Get to know your audience first!
Exploratory research has to be used first to understand the people who are to be interviewed and the market to be researched. The main research activities include secondary research, qualitative research, consulting with experts and observation.
Secondary research includes finding data compiled by other people. Sources could include issued reports by the government or specific market, industry and country reports found in newspapers, magazines, journals and on the Internet. Secondary research should be performed before primary, the collection of data on your own, or else data taken from a primary research might already exist, through secondary sources, and waste money.
Qualitative research collects data through the direct interaction of the researcher with the target audience, either through group discussions or in-depth interviews. It aims to establish customers’ attitudes, values and beliefs.
The use of Focus groups is the process of having people to discuss different subjects in groups, and thus allows the full interaction of the researcher with the targeted audience. It may provide rich insights into consumer motivations and behaviors because group members will probably ‘feed off’ ‘each other. Qualitative research will help you create questionnaires that include questions about what is important for the respondent and worded in the language he uses and understands. A possible flaw of the method is that interpretation of the results is highly subjective because it depends on the skills of the moderator. Focus groups can be found today over the internet in the form of chat rooms or forums but with the absence of Body language and the interaction between the group members.
On the other hand In-Depth interviews include interviewing consumers individually for one or 2 hours based on a specific topic. It can be used when the presence of others can inhibit honest answers and viewpoints. For example, participants might not be willing to share personal experience with people they do not know and thus lie.
In general, qualitative research is based on discussions and interviews with actual or potential buyers of a brand or service. cliente oculto
Consultation with experts includes interviewing people who may not be part of the target segment but can still provide important marketing-related insights. For example, may include experts in universities or financial institutions. They can be useful in predicting future trends and developments.
Observation is useful when the product field is unfamiliar. For instance, watching people buy wine or paint in DIY stores will allow you to see how consumers use a product, observe any difficulties consumers have and eliminate them. The most basic form of observation is Ethnography which involves the prolonged and detailed observation of consumers, how people interact around their own environment.
The objective of exploratory research is to get acquainted with the market and the customers and thus, being able to base the quantitative survey on informed assumptions rather than guesswork.