Market research has achieved an important role among brands, companies and on their own. To have a reflection of this, Statista reveals that it is an industry that this year will receive revenues of up to 47.36 billion dollars worldwide. For companies, it represents advantages such as strengthening their position, minimizing investment risks, identifying opportunities and threats and facilitating strategic planning, among other things. That is why brands and companies cannot forget the different methods of market research that are available to receive the above benefits. But do you remember what they are?
As Brandwatch shares from his blog, these are 10 methods of market research that brands and companies can take advantage of today to learn more about consumers:
In case you do not remember, the first of these market research methods that your company can take advantage of is to gather a group of people in a room to record them and ask them questions about a specific topic. From product ideas to even visions about candidates in the world of politics
Following these conversations, the organization can obtain insights or use the data to formulate a judgment on the vision of society on an issue.
Generally the participants of a Focus Group are chosen taking into account certain criteria, such as demographic data, their interests or occupation.
The second of these market research methods stands out because they are specific questions that are provided to the participants, either in a presence, by phone, via email or from an online form. These questions can be closed or open in nature.
In the case of closed questions, there are different types that can be leveraged, such as dichotomous (of two options), of multiple choice, of each, of valuation scale, of Likert scale (those that say “Totally agree” and “Disagree”), matrix (with grid options) and demographic.
The surveys stand out for their versatility given the range of questions and formats. However, to make the most of them you must understand well how to mix the types of questions. In addition, it is important how the questions are asked. As the source highlights, a good question allows a good analysis.
Since social networks are already part of our daily lives, they have also been placed as an important space from which to develop market research. This through social media listening.
By using specialized tools in this concept, researchers can identify selfless topics and analyze relevant publications on social media, for example they can track brand mentions and what consumers say about the products of that firm.
According to the source, social media listening succeeds in democratizing insghts and is especially useful in market research since this is a vast amount of unfiltered data that is available to everyone.
As can be understood by this concept, in interviews, the interviewer speaks directly with the interviewee. This method is understood as one that is more personal and allows communication and clarification, so it is considered ideal for open questions. Interviews allow researchers to go beyond the surface and address issues of interest in greater depth.
The only detail with this method is that it can be expensive in a matter of time and resources, so the firms that develop it must be very clear on how to allocate their resources effectively. In addition, you should be careful with the main questions and those that are simpler because you can reach unhelpful results.
In relation to the fifth of these methods, the source emphasizes that these are actions that take place in the environment of the participants. Experiments and field tests depend on dependent and independent variables; The researchers are the ones who control the independent variables in order to test their impact on the dependent variables. The key is to try to establish if there is a causality following the experiment.
Regarding this method, the source also highlights that there are key strengths and limitations with respect to this method. One of those strengths would be the fact that in a field test real life is more likely to be reflected due to the notarial environment, so there is greater validity for the experiment than in a laboratory. And a limitation would be that there is less control over the strange variables that can skew the results. This makes it difficult for other researchers to replicate the study in the same way.
The sixth of these methods is considered qualitative because it deals with one where the researcher observes the subjects in a natural or controlled environment. According to the source, the researchers take note of this to analyze the information later. Within this method, subjects are prone to behave naturally, which reveals their true nature as they are not under pressure. However, if they are aware that they are being observed, they may act differently.
Within the retail world this method is considered one of the most appropriate, however, the great disadvantage that it has is that it can be time consuming and researchers have no control over the environments in which they carry out their work.
This is one of the most strategic and specific market research methods. As the name is understood, it is about investigators analyzing the competition because it is important to know how the brand or company compares to its rivals.
The competitive analysis begins with the definition of the product, service, brand and market segment. Within it there are different themes to buy from the firm with its competitors. For example, it can be from the perspective of marketing in relation to the content it produces, its SEO structure, its public relations coverage and even its presence in social networks. It can also be from the perspective of products with elements such as types of offers, price structure or SWOT analysis.
Among the methods of market research, this is considered an adequate one for those who have few resources or for those who seek to support their research with extra data. Because more and more data is produced year by year, it is convenient for researchers to use this information.
As the source shares, there are different types of open data that are useful in market research, for example, there are government databases, survey data, “fact tanks”, among others.
For firms that do not have a research or marketing department that can carry out this task, there is a payment option, from which all the above methods can be developed. At present it is possible to find hundreds of firms that offer relevant reports on industries. These specialized firms host a large number of reports that brands can buy either with a single user license or under a subscription model.
In terms of resources, with paid research it is possible to save time and you will have a better idea of what will be obtained from the beginning.
Finally, brands and companies have available sales data for analysis. As the source points out, sales data is like a puzzle that can help reveal the full picture of market research ideas. Together with the market research data, sales data helps researchers have a better image to act and see consequences.
To close, it is necessary to emphasize that not all methods can be suitable for all businesses, it all depends on the situation they are in. Consider what your brand wants to achieve and the data you need.
By: Omar Escamilla