Market research methods - Which one is the one for you?
Now that we know the difference between primary and secondary research, let's look at some different types of market research methods. These can be either qualitative or quantitative. Qualitative methods tend to be more subjective, taking people's opinions into account to form more general feedback results. It is often unstructured and provides an overview of the topic. Quantitative methods are objective and can often be measured and analyzed statistically. This allows for a structure to be in place and for the information to be calculated into results.
The more 'traditional' methods of conducting research are surveys, focus groups, interviews, experiments, and observational research. There are also some new methods developing thanks to our ever-progressive technological efforts. Different methods are useful for different data. Let's take a closer look at these differences.
Market research methods - Qualitative
Focus groups
Focus groups are one of the main methods of gathering market research. With a focus group, you gather a group of people that fit your specific target audience. You then 'moderate' a discussion between the group by asking pointed questions about the product, helping you find out more about your product through the group's open discussions. You can then further develop the product based on this large 'brainstorming' session.
However, focus groups can be difficult to conduct if you don't have experience with them and finding people in your target audience may also be a challenge, depending on how specific your audience is. Technology may help in this case as virtual focus groups are now possible to conduct so that you don't need to be in the same room as your group members, making your accessible range much wider.
Interviews
Interviews are similar to focus groups, but instead of moderating a conversation between a group of people, you are interviewing another person directly. Like focus groups, interviews can help you discover new aspects of your idea that you may not have thought of.
A disadvantage of this method is that interviews can take a lot of time to set up and conduct. It is also possible that you may not be able to interview enough people to get an accurate representation of your audience.
Observation
Observational market research is another qualitative method that can be conducted in a variety of ways using two main approaches. You can either choose to interact with the people you are observing, or you can choose to not interact. This method is particularly useful because it lets you assess actual behaviour as opposed to reported behaviour which may not always be entirely accurate.
A problem with this method is that conducting observational research can often be very complex and can require a lot of resources and time which you may not have to spare.
Market research methods - Quantitative
Surveys
Surveys are probably the most known and popular method of conducting market research. The are quite easy to create and distribute and they can often provide great insights about your idea or product. All it takes is some questions to ask and a delivery method to get them to your market (think online or print feedback cards, web forms, phone surveys, etc.).
The disadvantages of surveys are that it can be difficult to find enough people to answer them in order to get an accurate and reliable response. It can also take a long time to get sufficient responses back, depending on your delivery method, and it may take quite some effort on your part to collect and analyze the responses. If you're also not yet entirely sure of where you want to take your idea or product, it may be difficult to pin down focused questions to ask your audience.
Experiments
Experiments are another quantitative method of conducting market research in which you set up a way to scientifically test your idea or product by creating hypotheses and variables. This type of research can be very complex, but can also be as simple as conducting some A/B testing. In A/B testing you can show different options to an audience to see which they respond to best. This can be done for images such as logos, packaging styles, homepage designs, and more. By testing which option performs better and analyzing the results, you can make informed decisions on further development.
Experiments can also take up a lot of time to set up and your variables must be controlled in order for the experiment to be conducted accurately. It can also be difficult to assess the results you receive, depending on the type of experiment you conduct.
There are many different ways to conduct market research, each with its own advantages and disadvantages. Before you start conducting your research, try to evaluate each method and come up with a plan regarding your goals and which method is best in helping you meet those goals. What types of insights are you looking for? How much time, money, and effort can you afford to dedicate to your research? How can you make the most out of each method and what are the advantages or disadvantages of each? Ask yourself these questions and go with the method(s) that will be most effective and efficient in providing you with the results and insights you need.
Or if you're just looking for a quick answer to a burning question, ask our crowd and save time, effort, and, money!
