Market research is the process of gathering information about a target business market. Through market research, businesses are able to plan better depending on market analysis. There are various ways of conducting market research and with the growth of technology, this has been made even easier.
Common research methods
There are different ways of carrying out market research. A business can adapt more than one method of research and data collection from customers. There are common methods of research that you can consider.
Carrying out surveys in social media monitoring is the most common method of market research. This method entails asking customers a number of closed- or open – ended questions. These questions may be accessed by customers through different ways. However, online questionnaires have becomes most common.
According to recent reports, online questionnaires are easier to conduct in social media monitoring. This makes them popular since technology has made it possible for many people to access online platforms. With online questionnaires, you are able to collect more data because you can reach more people faster. Additionally, questions in an online questionnaire are normally straight forward. This is because there is no physical contact to engage with the person and so you ask the direct question for a direct answer.
- Conducting interviews
Interviews are an insightful way of conducting market research and social media monitoring. This is because it involves direct engagement with the person that is being interviewed. A face to face interview gives more insight, from the responses given to the non-verbal cues of the person. There are also live video interviews that are insightful. Video interviews do not involve physical contact with customers. They, however, allow adequate interaction compared to questionnaires.
Whichever method of interview used, the interview helps in doing good research. You are able to understand what customers really prefer. Interviewing customers helps your business to understand the market better. Interviewing customers also comes in handy as a form of marketing. This is because customers get a sense of belonging and feel appreciated when approached for reviews. Such kind of feeling makes a customer want to be associated with your business and brand much more.
- Focus groups
Using focus groups, you can conduct good social media monitoring and market research. However, this method of research is not recommended for start ups or small businesses. This is because the method is expensive and not easy to carry out effectively.
The method involves bringing together a team of people who represent the company’s target market. The group is then engaged in a conversation by a trained facilitator. The conversation revolves around the company’s services, products and user experience. From the given conversation, the company then gets its market review.
This method is, however, tricky to carry out as the team may be influenced. It is also prone to numerous errors unlike other methods. The moderator may also have influence on the responses, especially through the way he presents the ideas to the team.
- Market observation
Observation is among the most effective methods of market research. This method entails observing customers as they purchase goods or services and as they engage with the particular product. The observer also keenly observes how customers engage with competitors’ products.
The method is a smart way of carrying out research and it is very cost effective. This gives the observer a direct view of the market as it is, on behalf of the company. Results from observation are not reported or altered in any way. This makes the findings clear and not corrupted. The only issue that this method may have is that the observer does not engage with the customers.
Methods used to conduct market research differ depending on individual businesses.