Introducing ! ! ! ! ! ! ! Tools and Techniques for Gathering Market Research . This new and exciting book will help you discover new ways for gathering all of your information in one convenient location.
Gathering market research is never an easy task. Whether you’re looking to quickly survey potential customers or to create a long-term marketing plan, it’s just not simple. To make this process easier, we’ve created the following guide titled Tools And Techniques For Gathering Market Research , which will provide you with information regarding the most important marketing techniques and resources, as well as taking a look at some of the biggest marketing myths (like the 80/20 rule) and how you can avoid them by gathering market research.
Market-research tools are invaluable to business owners and their employees, whether they operate a local store or a large corporation. These tools give businesses the ability to monitor customers’ reactions to their products, measure the impact of their marketing decisions and create an open communication loop with their customers. This useful information allows them to make informed decisions on their businesses, such as whether to launch new products or remove product lines and in which marketing activities they should invest the most time and money.
In survey research. survey questions are given to respondents (in person, over the phone, emailed, or an online form). Questions can be close-ended or open-ended. As far as close-ended questions go, there are many different types:
- Dichotomous (two choices, such as ‘yes’ or ‘no’)
- Multiple choice
- Rating scale
- Likert scale (common version is five options between ‘strongly agree’ and ‘strongly disagree’)
- Matrix (options presented on a grid)
- Demographic (asking after info such as gender, age, or occupation)
Surveys are massively versatile because of the range of question formats. Knowing how to mix and match them to get what you need takes consideration and thought. Different questions need the right set up.
It’s also about how you ask. Good questions lead to good analysis. Writing clear, concise questions that abstain from vague expressions and don’t lead respondents down a certain path can help your results reflect the true colors of respondents.
There’s a ton of different ways to conduct surveys as well, from creating your own from scratch or using tools that do lots of the heavy lifting for you. Surveys are a commonly used market-research tool used to collect information, ideas and opinions from consumers. They can be distributed in person, by mail or online. When completed in person, respondents generally do not include their names on surveys to preserve anonymity. Surveys questions have a variety of formats, from short answer and multiple choice to true or false. Oftentimes, companies offer incentives like coupons, free products or gift certificates to respondents.
In interviews, the interviewer speaks directly with their respondent. This type of market research method is more personal, allowing for communication and clarification, making it good for open-ended questions. Furthermore, interviews enable the interviewer to go beyond surface-level responses and investigate deeper.
However, the drawback is that interviews can be time-intensive and costly. Those who opt for this method will need to figure out how to allocate their resources effectively. You also need to be careful with leading questions, or simply poor ones, that lead to useless results. Here’s a good intro to leading questions. Interviews can be held over the phone or through web video conferencing software. A company representative speaks with a customer to get honest feedback about everything from product pricing to product design. One-on-one interviews are an effective research tool for companies looking to get opinions on sensitive topics that respondents may not feel comfortable discussing in a group setting.
Social media listening
Social media has reached a point where it is seamlessly integrated into our lives. And because it is a digital extension of ourselves, people freely express their opinions, thoughts, and hot takes on social media.
Because people share so much content on social media and the sharing is so instant, social media is a treasure trove for market research. There is plenty of data to tap into and dissect.
By using a social listening tool, like Consumer Research, researchers are able to identify topics of their interest, then analyze relevant social posts. For example, they can track brand mentions and what consumers are saying about the products owned by that brand.
Social media listening democratizes insights, and is especially useful for market research because of the vast amount of unfiltered information available. Because it’s unprompted, you can be fairly sure that what’s shared is an accurate account of what the person really cares about and thinks (as opposed to them being given a subject to dwell on in the presence of a researcher).
A focus group is a small set of demographically diverse participants who are brought together to provide a series of information about a product or service. It is one of the most common methods of gathering data in primary market research.
The interactions in the focus group are usually coordinated by the moderator who ensures that the conversation remains within the boundaries of the research aim and objectives. This ensures that the data collected is relevant to market research.
A focus group can be made up of 6-12 individuals and the questions asked can be both close-ended and open-ended in nature depending on the peculiarities of the research. Focus groups are designed to identify and understand perceptions and to gain insights into how consumers feel about a particular product or service.
Apart from being an easy way to gather data from target markets, focus groups enable you to gather in-depth information about the feelings, views, and perceptions of the consumers in relation to your product or service. Participants can freely communicate their viewpoints and confirm or refute each other’s experiences.
Companies use focus groups to help determine the most effective marketing messages to send to potential customers, select flavors for products, develop pricing, select packaging and even to assist with naming products and services. Focus groups are also formed after a product is released to get feedback from a group of individuals who represent the target market. Focus groups are similar to one-on-one interviews, except that they typically include a group of 6 to 10 people. Participants are asked a series of questions by a facilitator who moderates the discussion. The information gathered during focus groups is given to key decision makers in a report format and used to help companies solve problems.
Experiments and field trials
Field experiments are conducted in the participants’ environment. They rely on the independent variable and the dependent variable – the researcher controls the independent variable in order to test its impact on the dependent variable. The key here is to try and establish whether there is causality going on.
For example, take Hofling’s experiment that tested obedience, conducted in a hospital setting. The point was to test if nurses followed authority figures (doctors) if the authority figures’ rules violated standards (this. The dependent variable being the nurses, the independent variable being a fake doctor calling up and ordering the nurses to administer treatment.
According to Simply Psychology, there are key strengths and limitations to this method. There assessment reads:
- Strength: Behavior in a field experiment is more likely to reflect real life because of its natural setting, i.e. higher ecological validity than a lab experiment.
- Strength: There is less likelihood of demand characteristics affecting the results, as participants may not know they are being studied. This occurs when the study is covert.
- Limitation: There is less control over extraneous variables that might bias the results. This makes it difficult for another researcher to replicate the study in exactly the same way.
There are also massive ethical implications for these kinds of experiments, and experiments in general (especially if people are unaware of their involvement). Don’t take this lightly and be sure to read up on the all the guidelines that apply to the region where you’re based.
Competitive analysis is a highly strategic and specific form of market research, in which the researcher analyzes their company’s competitors. It is critical to see how your brand stacks up to rivals. Competitive analysis starts by defining the product, service, or brand, and market segment. There are different topics to compare your firm with your competitors.
It could be from a marketing perspective: content produced, SEO structure, PR coverage, and social media presence and engagement. It can also be from a product perspective: types of offerings, pricing structure. SWOT analysis is key, assessing strengths, weaknesses, opportunities, and threats
Observation is a data collection method that involves paying attention to research subjects as they interact in their natural environment in order to gather useful insights into their behaviors. It is a common research method and it can be quantitative or qualitative in nature.
In quantitative observation, the researcher focuses on the numbers; that is, observing the research subject in terms of numerical values like age, weight, and volume. Qualitative observation, on the other hand, utilizes the 5 sensory organs, together with subjective parameters, while examining research variables.
Observation, whether qualitative or quantitative, is the easiest and most common method of data collection. Also, it results in more accurate data because the researcher has the opportunity to filter and verify the information that has been observed from the research subjects.
However, this method of data collection is quite subjective because it is prone to generalizations from the researcher. Since the quality of data gathered via the observation method can be affected by the researcher’s bias, it is important for observation to be carried out by an expert.
Observation can also take a naturalistic or participant approach. In naturalistic observation, the researcher is absolutely removed from the research environment; that is, he or she has no direct contact with the research subjects as they interact and exhibit their behaviors.
There are many different kinds of tools and techniques available to gather market research for your company’s business. These resources provide valuable insight into customer preferences, competitor analysis, and public opinions about your products.