William Wallace
While there are many ways to perform market research, most businesses use one or more of five basic methods: surveys, focus groups, personal interviews, observation, and field trials. The type of data you need and how much money you’re willing to spend will determine which techniques you choose for your business.
The following list will bring upon some of the most trending market research methods and technologies.
Qualitative research engages the target audience in an open-ended, exploratory discussion using tools like focus groups or in-depth interviews. Qualitative research explores the “what, why and how” questions and provides directional data about the target audience.
Quantitative research answers the “how many” questions and provides results that can be projected onto the broader population with statistical confidence. It is used for a range of research objectives, including market sizing, product development, messaging testing and others.
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.
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.
