Top Market Research Methods

Proper methods deployed for conducting market research help get a more accurate report. An accurate report is primarily based on inferences drawn from the data analysis. Empirical Data generated using proper research methodology and tools tend to be more realistic in terms of meaningful market data collection.

Techniques and tools used for data collection will be based on a lot of parameters and desired results. For huge data to be collected from across diverse geographical locations, populations belonging to a range of demographics or varied socio-economic strata will employ techniques for multiple data collection. The selection of appropriate Market Research Methods cannot be overemphasized enough!

Some of the Market Research Methods are discussed here in brief. However, it must be appreciated that each of these research methods has its inherent strengths and limitations. Market Research Strategies need to be drawn up and appropriate research methods selected for a meaningful market study.

3 Reasons to Conduct Market Research

There are numerous reasons why businesses should conduct market research. Let’s look at three of the key reasons:

• Identify market opportunities: Market research can help businesses identify new market opportunities. It can also help them spot potential gaps in the market that can be filled with new products or services or transforming current offerings. By understanding the needs and preferences of your target audience, you can develop products and services that better meet their needs and help your company stand out in a crowded marketplace.
• Reduce business risks: No matter how good your product or service is, if you don’t assess the potential risks in your industry, you are just one step away from getting crushed. This is where market research can help. It can help businesses gather crucial data and enable them to make informed decisions and reduce the risk of failure.
• Stay ahead of the competition: The secret to a successful business operation is staying ahead of the competition. That’s exactly what market research can help businesses with. A market research agency can help you identify emerging trends, stay informed about changing customer preferences, and be knowledgeable about new market entrants. By staying informed and adapting to new trends, businesses can maintain their competitive edge and continue to innovate better than their competitors.

Importance of Market Research in 2023

The importance of business market research continues to grow with each passing year. As the business landscape continues to evolve at a rapid pace, organizations must have a clear understanding of their customers’ constantly evolving needs, changing preferences, and shifting behavior, if they want to stay ahead of the curve. Market research provides businesses with access to the tools that are necessary to gather feedback directly from their target audience and gain crucial insights into ever-changing trends and consumer behavior. It can help businesses stay up-to-date with the latest trends and developments, identify new business opportunities, and make informed decisions with their target audience at the forefront of their decision-making process. Another reason why market research is even more important in 2023 is the increasing importance of technology in the business world. As consumers become more tech-savvy, digital channels have become more important than ever when it comes to marketing and sales. Businesses must understand how consumers are using technology, what they expect from digital experiences, and how they can leverage technology to improve their offerings. There isn’t any organization that’s “too big to fail.” If we jump back to the mid-90s, “Blockbuster” was a behemoth in the home video rental space. When Netflix asked Blockbuster executives to acquire the newly-founded online streaming service, they scoffed at the idea. The DVD rental giants didn’t see what was coming, as its entire empire would be wiped out. Back then, it had stores in 9000 locations. Today, it has shrunk to just one. That’s what a lack of market research strategy can do to even the biggest of firms.

Commonly Used Market Research Methods:

Here are some of the most widely deployed market research methods:

Qualitative Market Research:

Qualitative market research means an assessment or examination of consumer behavior with a focus on philosophies and patterns instead of figures. New information is gathered, enabling researchers to analyze various subjects and issues intensively.

1. In-depth interviews - One of the biggest and most potent market research strategies that can be employed is in-person interviews. These are highly effective from a qualitative research perspective. They are in-person interviews that are done over the phone or physically throughout multiple locations. They are done by specialist experts in a particular domain who can readily understand, code, and assess responses that are open-ended accurately and seamlessly by following client standards impeccably. Some of the other benefits of this method include appointment-based interviews, tapping direct decision-makers, handling surveys of almost any size/scope, and more.
2. Focus Group Discussions - Another one of the most effective market research strategies and tactics is Focus Group Discussions. They are semi-structured and predetermined research interviews that are conducted by trained moderators. They ask questions of a broader nature which will generate more responses while building newer opportunities for more discussions amongst all the participants. This helps in analyzing and understanding various aspects of a deeper nature than what you can get from any market research study or survey.
3. Online Bulletin Boards - These are excellent market research strategies and tactics, offering a highly innovative and creative way to gather market research information and responses along with invaluable insights. This method involves getting a community of people together virtually to generate the production of data via interactive sessions and discussion with skilled moderators conducting the entire procedure.
4. In-Home Usage Testing - This method works for products in various categories. They are popular methods of conducting market research at almost all stages of the product testing and development cycle. People can test consumer goods and offer their feedback after using the items at home. This helps companies tweak and polish items before launching them officially for mainstream consumers. They can fix errors, make major improvements and iron out other issues as a result.

Quantitative Market Research-

Quantitative market research is the systematic analysis of consumer behavior through the collection of data that is quantifiable and also through computational, mathematical, and statistical techniques. Information is gathered from prospective and current customers via surveys, polls, questionnaires, and other methods.

1. Intercept Interview - This is another innovative strategy that can be employed. One of the most potent market research strategies for interviews on the site or location with consumers and visitors enables techniques to approach them directly in these zones (like shopping malls, supermarkets, or grocery stores for example) and encourages them to provide their responses. Interviewers are trained and placed at strategic points within or in proximity to the business that is backing the research activity in question. They choose points for exit and entry and then have a short screening procedure to see whether the respondent is eligible for this research activity or not. If he or she is eligible, then a complete survey is done at the location itself.
2. Surveys - Various kinds of surveys are done as a part of quantitative research. Surveys ask various questions to respondents and they can use the online poll format or paper questionnaire type as well. Surveys help in quantifying consumer preferences for analysis and further decision-making.
3. Telephone Interviews - Another quantitative research method involves telephonic interviews of respondents in various target groups and segments. This helps in similarly garnering information as other surveys. The difference here is that it does not aim at in-depth conversations and only requires answers to a set of targeted questions.

Quantitative vs Qualitative: When to Choose Which Market Research Method

When deciding between quantitative and qualitative market research methods, it's important to consider the following factors:

• Your research objectives
• The type of data you are seeking
• The characteristics of your target audience

To shed more light, we have laid down some guidelines that will help you determine when to choose each of these market research methods:

Quantitative market research is best suited for:

Large sample sizes

If you need to collect data from many respondents, quantitative research is the ideal method for you. It allows you to gather data from a large sample size, ensuring that your findings are representative of the population as a whole.

Statistical analysis

Quantitative research is useful when you need to analyze data statistically. Simply put, it allows you to quantify the relationships between variables and identify patterns and trends.

Generalization

If you are looking to generalize your research findings to a larger population, quantitative research is the way to go. It enables you to make statistical inferences about the population based on the data collected from a sample.

Qualitative market research is best suited for:

Exploring new topics

If you're exploring a new topic or need to develop a deep understanding of a particular issue, qualitative research is ideal. Qualitative data collection techniques allow you to gather rich, detailed data that can be further analyzed to provide key insights into complex issues.

Small sample sizes

Qualitative research is useful when you need to collect data from a small sample size, such as when studying a niche market or a specific target audience.

Emotion and behavior

Descriptive qualitative research can help you understand the emotions and attitudes of your target audience that play a crucial role in their purchase behavior. It enables you to gather data on how your customers think and feel about your products or services, providing insights that quantitative data may miss.

Final Word

It is often said that Data is the new oil. It is the lifeline for businesses to not only survive in today's highly competitive market, but also flourish and innovate. Depending on your line of business and the kind of data you are seeking, employing qualitative data research and quantitative descriptive research techniques can help drive your business decisions to the next level. For your qualitative market research or quantitative market research endeavors to be successful, you need some expert help. When seeking qualitative or quantitative market research services, it helps to work with a reputable quantitative research firm with proven hands-on experience. That’s where Unimrkt Research can help make a difference. We can help you deploy different types of relevant qualitative research methods across different industries on a global scale and in a variety of languages. Whether you are looking for qualitative market research or quantitative market research services, we have got you covered. To learn more about our market research services, call +91-124-424-5210. You can also email sales@unimrkt.com or fill out our contact form, and we will respond at the earliest.