4 steps to properly carry out your market research3 min read
Existing market research methods
The methods in this list cover both areas, primary and secondary.
1- Focus group method
It’s a simple concept, but it can be tricky to use.
You place a group of people in a room and ask them questions about the topics that interest you.
For some, it’s new product ideas. For others, it may be the opinion about a brand, for example.
The organizer draws lessons from these discussions or uses them to assess a general vision of the company on a particular theme.
Typically, participants are selected based on certain criteria, such as their interests and professions.
2- Market research method by survey
Surveys ask participants questions.
Surveys are very versatile due to the large number of question formats. However, the selection and combination of possible questions requires special care.
The way questions are asked is important. Only the right questions will allow you to come up with a relevant analysis .
3- Social media analysis
Social media has reached a point where it is an integral part of our lives. And since they function as a bit of a digital extension of themselves, internet users freely share their opinions and thoughts on social media.
It is also because so much content is shared online on social networks, and often very quickly, that it represents a gold mine for market research .
4- Method of market research by interviews
During the interviews, the interviewer speaks directly to the interviewees .
This type of market research is more personal. It allows direct and transparent communication and is suitable for open questions.
Additionally, interviewers can go beyond superficial answers and explore questions in more depth through an interview.
5- Field experiments and trials
Field tests are performed in the participant’s environment .
They include an independent variable and a dependent variable: the researcher studies the independent variable to measure how it then affects the dependent variable.
Advantage : Behavior in a field test is more likely to reflect real life due to its natural environment. The results are less likely to be influenced by the characteristics of the requirements, because the participants do not know that they are the subject of a survey.
6- Method of market research by observation
Observational market research is a qualitative research method in which the researcher observes test subjects in a natural or controlled environment .
This method is like the researcher playing the mouse, but the mouse takes notes and analyzes them later.
7- Competitive analysis method
Competitor research is a strategic and specific form of market research . In this case, the objects of the market study will be exclusively the competitors, direct or indirect of the company.
It’s important to know how your brand stacks up against your competitors.
At the beginning of the competition analysis, the product, service or brand and the market segment are precisely defined.
8- Public domain data
On the internet, there is publicly available data for those who don’t have the resources or just want to supplement their research with more data.
The sources of this data will depend on your field of activity.
9- Buy research
Subscriptions are available for those who wish to purchase relevant industry or research reports for example.
In addition, specific market studies can also be carried out by specialized organizations and then marketed.
10- Analyze sales data
Let’s mention that sales data is like a piece of the puzzle that can help you get a complete picture of your customers and your market .
In principle, they refer to past results. But by cross-referencing it more precisely with other market research data, sales data can help to get a better idea of the actions to be taken and their consequences.
Choose a market research method
It’s important to know that not all methods are right for you or your business .
As you go through the list and find certain methods that interest you, you should dig deeper into each market research method.
It is up to you to define the type of market research that is appropriate for your professional field and your situation.
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