Did you know that more than 85% of customers trust brands that share similar values and principles?
Marketing your product or service to those who will champion your brand not only increases loyalty but generates far more brand awareness. Market research is critical to find the best target customer base for your company.
There are multiple different market research methods to consider. Continue reading to learn more.
What Is Market Research?
Market research is a process in which companies/brands engage with potential customers to:
- test new products or services
- to discuss potential product/service ideas
- Determine strengths and weaknesses with new products or services
Market research can be conducted through focus groups, interviews, and surveys, among others. Brands spend millions every year on market research and for good reason!
Strategy and finance consulting services can help you and your team determine what the most effective marketing research methods for your project are.
1. Focus Groups
Focus groups present an opportunity to hear what potential customers think of a company’s new offering in their own words. They are able to speak in detail, rather than select pre-chosen options (ex. survey). Furthermore, focus groups are socially based and encourage a conversation flow.
As your participants discuss, you can observe their different motivations and opinions. It is beneficial to have a diverse group of individuals in your focus group so you can hear a variety of perspectives. Such a variety can give further insight into consumer buyer behavior.
2. Surveys
When surveys are written in a meaningful and thoughtful way, they can offer great consumer insights. Surveys provide a convenient way for potential customers to voice their opinions on new products or services.
To a company’s benefit, you have great control over survey creation and can write personalized surveys for participants. Surveys can result in invaluable data if the process is done correctly.
Surveys are also a way to get up-to-date data quickly. It is helpful to incentivize individuals to take your survey. Examples of incentives include monetary compensation, gift cards, and discount codes.
3. One-On-One Interviews
Focus groups offer a social setting to discuss new products and services, while one-on-one interviews present an opportunity to hear potential customers’ opinions in a more intimate way. This can be beneficial for a number of reasons including but not limited to:
- Participants are more comfortable offering thoughts and opinions without the fear of judgment
- Participants have more time to share their opinions without interruption
Interviews give insight into the motivations, thoughts, and behavior of potential target customers in a personalized way. One of the key benefits of interviews is that participants have the freedom to share their opinions in their own words and in as much detail as they would like.
Market Research Methods and Much More
Market research methods are just one of the many business topics we highlight. Additional topics include powerful survey tools for gaining insights and automation solutions to bring to your warehouse. For more informative and entertaining content, please check out more of our blog today.
