Proper methods deployed for conducting market research help get a more accurate report. An accurate report is primarily based on inferences drawn from the data analysis. Empirical Data generated using proper research methodology and tools tend to be more realistic in terms of meaningful market data collection.
Techniques and tools used for data collection will be based on a lot of parameters and desired results. For huge data to be collected from across diverse geographical locations, populations belonging to a range of demographics or varied socio-economic strata will employ techniques for multiple data collection. The selection of appropriate Market Research Methods cannot be overemphasized enough!
Some of the Market Research Methods are discussed here in brief. However, it must be appreciated that each of these research methods has its inherent strengths and limitations.
Market Research Strategies need to be drawn up and appropriate research methods selected for a meaningful market study.
Market Research Methods used in general:
Qualitative Market Research:
Qualitative market research means an assessment or examination of consumer behavior with a focus on philosophies and patterns instead of figures. New information is gathered, enabling researchers to analyze various subjects and issues intensively.
- In-depth interviews- One of the biggest and most potent market research strategies that can be employed is in-person interviews. These are highly effective from a qualitative research perspective. They are in-person interviews that are done over the phone or physically throughout multiple locations. They are done by specialist experts in a particular domain who can readily understand, code, and assess responses that are open-ended accurately and seamlessly by following client standards impeccably. Some of the other benefits of this method include appointment-based interviews, tapping direct decision-makers, handling surveys of almost any size/scope, and more.
- Focus Group Discussions- Another one of the most effective market research strategies and tactics is Focus Group Discussions. They are semi-structured and predetermined research interviews that are conducted by trained moderators. They ask questions of a broader nature which will generate more responses while building newer opportunities for more discussions amongst all the participants. This helps in analyzing and understanding various aspects of a deeper nature than what you can get from any market research study or survey.
- Online Bulletin Boards- These are excellent market research strategies and tactics, offering a highly innovative and creative way to gather market research information and responses along with invaluable insights. This method involves getting a community of people together virtually to generate the production of data via interactive sessions and discussion with skilled moderators conducting the entire procedure.
- In-Home Usage Testing- This method works for products in various categories. They are popular methods of conducting market research at almost all stages of the product testing and development cycle. People can test consumer goods and offer their feedback after using the items at home. This helps companies tweak and polish items before launching them officially for mainstream consumers. They can fix errors, make major improvements and iron out other issues as a result.
Quantitative Market Research-
Quantitative market research is the systematic analysis of consumer behavior through the collection of data that is quantifiable and also through computational, mathematical, and statistical techniques. Information is gathered from prospective and current customers via surveys, polls, questionnaires, and other methods.
- Intercept Interview- This is another innovative strategy that can be employed. One of the most potent market research strategies for interviews on the site or location with consumers and visitors enables techniques to approach them directly in these zones (like shopping malls, supermarkets, or grocery stores for example) and encourages them to provide their responses. Interviewers are trained and placed at strategic points within or in proximity to the business that is backing the research activity in question. They choose points for exit and entry and then have a short screening procedure to see whether the respondent is eligible for this research activity or not. If he or she is eligible, then a complete survey is done at the location itself.
- Surveys- Various kinds of surveys are done as a part of quantitative research. Surveys ask various questions to respondents and they can use the online poll format or paper questionnaire type as well. Surveys help in quantifying consumer preferences for analysis and further decision-making.
- Telephone Interviews- Another quantitative research method involves telephonic interviews of respondents in various target groups and segments. This helps in similarly garnering information as other surveys. The difference here is that it does not aim at in-depth conversations and only requires answers to a set of targeted questions.