Best Types Of Market Research For Awareness Targeting And Acquisition

Conducting market research is the first step towards successful marketing, whether you plan to use generational marketing strategies or guerilla marketing practices. Through techniques like surveying, you can obtain information about your customers’ needs. You can gain valuable information about competitors, as well. There are several different market research methods. If you are a business owner, you are probably interested in learning more about the ways in which you can conduct market research for your business. Here are the different types of market research that you may want to consider.

Surveys

Surveying involves requesting direct feedback from target audiences. There are several forms of surveying. In-person surveys are the most effective way to conduct customer research. This form of surveying requires you to talk to people directly. That helps guarantee that you will actually receive responses to questions you ask. Typically these in-person surveys are conducted in high-traffic locations, like shopping malls. This raises your chances of finding a willing participant. Another surveying method is mailing. You can send surveys to select consumers through the mail. This requires the least amount of work. However, it garners a very low response rate. Telephone surveys are another option, as well. This technique is similar to in-person surveys. However, it is more difficult to successfully engage participants because of the negativity surrounding telemarketing. Surveying is a very broad approach. It is one of the most versatile types of market research. Consider one, or all, of these survey varieties for use at your business.

Focus Groups

Focus Groups involve gathering people into a room and asking them in-depth questions about your product. Participants, typically, are specially selected members of your target audience. They tend to be of the same age, race or gender. Focus groups are great because they allow you to ask sophisticated questions in a more intimate setting. You might ask questions like: “how much are you willing to pay for this product?” or “what can we do to improve it?” The surveying is done without the presence of managers or owners, so participants might feel more comfortable. If possible, you can also organize focus groups through the internet. In order to do this, you simply connect your participants through a video streaming service. Focus groups are one of the more effective types of market research. They allow you to get a better understand of your target audience through comprehensive responses to targeted questions so be sure to give them a few thank you sayings when done. Consider this type of market research for your small business.

Trials

Trials involve putting your new product on the market for real-time testing. Your main goal is to see how the product does in terms of sales. Based on your results, you might consider modifying your product. You could lower the price or adjust the custom packaging. You could even make changes to your product in general. Trials are a bit more difficult to initiate because they require you to have an established storefront. If your business lacks one, you can make deals with local store owners. If you can manage to get your product on the market for testing, this is one of the most effective types of market research. It brings real-life feedback and tangible results. Remember to incorporate trials in your market research if your business calls for it.

Secondary Sources

Primary sources like surveys and focus groups allow you to gain information through direct contact with consumers. Secondary sources, on the other hand, are packets of information that already exist, like those used by sports analysts. An example of this is market research data that has been collected by other businesses. Using this data is advantageous. It takes all the work out of having to do it yourself. This information is usually available on the internet via government databases or business websites. If primary sources are too time-consuming, secondary sources can be a great way to conduct market research. Obtaining information from secondary sources versus other direct types of market research is especially valuable. Secondary sources allow you to gain insight on a larger audience. Use secondary sources in addition to the other types of market research spoken of in this post. Your business will thank you for it.

Know Which To Use

If you want to make the best use of all these different types of market research, you should have some idea of when to use which type. Most market research done by marketing consultants focuses on one or more of four key areas. These four areas of market research are awareness, targeting, acquisition and retention. After you determine which area your business needs research on, you also have to decide which type of research would best suit your purpose. Qualitative research, focus groups, interviews and observation, are better for exploratory purposes. Quantitative research, like surveys and trials, is better for quantifying a problem. Consider your business needs and identify which of these areas would best help you get the information you need.

There are an innumerable types of market research. You can make use of more direct types of market research, such as surveys and focus groups. Or you can research existing market data to help you identify trends and gain understanding of a larger audience. Familiarize yourself with the various types of market research laid out in this post. Implementing these methods will greatly benefit future marketing campaigns and your business as a whole.

Photo from http://blog.inkjetwholesale.com.au/start-ups/the-perfect-startup-strategy-series-3-conducting-business-market-research/