Different Types Of Market ResearchThere is more to market research than initially meets the eye; market research is quite a broad market which features a variety of ‘flavours.
There are 2 types of market research that are used to locate data.
Many would ask the question, why is market research important? Well, knowledge is power.
Qualitative market research research is where results are generated from a relatively small group.
Some different kinds of Qualitative research would be:
Qualitative market research is quite focused and labor intensive in order to get accurate in depth data as opposed to general data from a broader market.
Quantitative market research is based more around surveys.
This could be an online survey or offline. The way that quantitative market research is carried out is via telemarketing, e-mail or mailing (post). Whereby candidates would need to complete a survey of questions giving answers and opinions to set criteria.
This information is then sent for statistical analysis so that a broad trend can be found of occurring trends in the data.
There are various market research techniques that have been used and many of us have heard of:
Every kind of market research is different and each one needs to be correctly applied to the research needed.
Market research companies can gauge what sort of research is needed for a specific product/service or requirement. Rather than spending time on Google, just fill in the form and we will do the hard work for you.
Primary research is research that you collect yourself but going directly to your target market through a range of methods. This is because it is data you create, you own the data set.
There are two types of results, exploratory information (determines the nature of a problem that hasn’t yet been clearly defined). Then there is conclusive information (carried out to solve a problem that exploratory research identified) from participants are collected as raw data and then analysed to gather insights from trends and comparisons.
Secondary research can often be the preparation for primary research activities, providing a knowledge base. The information gathered may not provide the specific information to explain the results, which is where primary market research would be used to enhance understanding.
There is also a logistics planning need for a recording solution that can handle large datasets, since manual management of the volumes of information can be tricky.
Both primary and secondary research have its advantages and disadvantages, as we’ve seen, but they are best used when paired together. Combined, the data can give you the confidence to act knowing that any hypothesis you have is backed up.
Branding market research assists a business to create, manage and maintain the company brand. This can relate to the tone, branding, images, brand values or identity of the company.
Research can be carried out through interviews, focus groups or surveys. For example, brand awareness surveys will ask your participants whether the brand is known to them and whether it is something they would be interested in buying.
Additional areas for brand research is also around brand loyalty, brand perception, brand positioning, brand value and brand identity.
Competitor market research is about knowing who your competition is and understanding their strengths and weaknesses, in comparison to your business. It can also be about your competitive offering in the market, or how to approach a new market.
The aim of this research is to find ways to make your organisation stand out and future planning through horizon scanning and listening to customer preferences.
For example, for competitive analysis, researchers would create a SWOT for your business and your competitors, to see how your business compares.
Of course there can never be a like for like comparison, but competitor research should yield valuable information to chew over.
There are hundreds of market research companies (and freelancers) around the UK all setting their own rates. For this reason, comparing quotes is important. Market research is an important part of the lead generation strategies for startups and new companies, but also is an essential marketing tool for established brands.
Market research costs do vary considerably, just fill in the form to get quotes to compare.
It is not about comparing quotes to find the cheapest market research agency, but the ‘right’ one for your particular brand, for your product or service to produce the best results.
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