The Most Effective Market Research Methods
There are many effective market research methods that have the role to improve business owners’ activity and help them become more productive. Therefore, if you are an entrepreneur who searches for solutions to reduce loss and increase profit, we advise you to consider conducting a study that will show you what measures to take in order to achieve your goal. Furthermore, based on the results of the study, you will be able to find out what costumers expect from your company, and what changes need to be done.
Types of market research methods
Research based on questioning:
- Qualitative market research has the role to offer results for exploratory purposes, and it is used on a small number of respondents. Since it can not be generalized to the entire population, statistical significance is not determined.
- Quantitative market research is a method that is used to test a certain presumption, and to draw conclusions. Furthermore, it uses sampling methods which include maximum difference preference grading, choice modelling and covariance analysis, and it involves a large number of subjects.
Research based on observations:
- Experimental market research methods imply creating an artificial environment in which the researcher has to control false factors and manipulate one of the variables to discover how sales are influenced.
- Ethnographic studies allow the researcher to observe social stereotypes in their natural environment. Observations can be made at one time, or they can take place over several periods of time.
Marketing research techniques:
- Audience research is a technique which has the objective to identify who is interested in radio and TV advertising, and who prefers online and social media ads.
- Product research is based on product tests, and it has the goal to determine the best features of a product, but also its problematical characteristics.
- Brand analysis is used to find out the reasons for devoted clients or for consumers’ lack of loyalty.
- Psychological profiling is a strategy that has the goal to create profiles of costumers based on their lifestyle, temperament, gender, age, income and other variables. Furthermore, based on the personality types that are created, consumption patterns are made to detect how to increase sales volume.
- Scanner research uses scans of transactions to help the researcher find out the success of coupons, and to establish connections between products and services.
- Consumer satisfaction research aims to discover if clients are happy with the services and the products that they were offered. Since a great costumer service is the key to a successful business, the entrepreneur has to can train and motivate his employees based on the information that he receives. After all an word-of-mouth advertising is the secret to a large number of costumers.