The role of market research can be summarized as helping to:
1. Illustrate the nature and scope of consumer groups
2. Recognize the nature of the forces that form groups of clients
3. Understand the nature of the forces that shape the vendor’s ability to satisfy specific consumer groups
4. Test individual and interactive marketing variables
5. Monitor and reflect on past successes and failures in marketing decisions
Market research has some limitations, which are money, time and resources.
Focus on Secondary research:
The first step in answering a research question is secondary research. First it must be done, mainly because it is cheaper and easier than the primary one. Often there is no need to conduct a primary investigation, because secondary research fully answers the question.
Secondary research can consist of comparing sales before and after the ad, Google analytics data, or annual reports. It is internal secondary data, which is the cheapest, most often free and easily accessible. External secondary data, such as market research reports made for other purposes or publications, should also be considered.
Focus on Primary research:
Exploratory research should be undertaken first, when you try to explore and understand the problem / phenomenon.
The findings can then be used to formulate questions for a conclusive investigation. Exploratory research should be carried out qualitatively. You cannot get a deep understanding of the attitudes towards your brand; you will discover the values and motivations that lead customers to buy your product / service.
Qualitative research methods will also allow the researcher to draw conclusions, obtain explanations of motives and ideas, which quantitative methods would not provide.
Qualitative methods of market research:
Qualitative research is about talking to people. The most common techniques are focus groups and interviews. It can also involve observations and experiments.
People in the group often denigrate unexpected findings, which would not be discovered in quantitative research. These findings are condensed later in the survey questions for quantitative research, to allow their measurement and testing. Qualitative research allows researchers to enter the subconscious level of the minds of the respondents, so the interviewees without knowledge will allow the researcher to assess their perceptions, feelings and real reasons, which even they do not know. There are many advantages of the focus group, which other techniques do not have. Some examples are synergy, stimulation, safety or snowball in which a respondent will say his opinion and this will cause a reaction from the other person. Therefore, it is very possible that new ideas arise and that feelings are discovered.
The article was shared on behalf of Morar HPI, a research agency. The company’s brand team aligns commercial objectives, target audiences and sector dynamics to create new brands and focus existing ones. Their experiences span core brand strategy to brand communications creation. Visit https://www.morarhpi.com/ for more information and services.