Market research in any company helps you to solve problems and reduces the risk of making poor decisions. However, there are many ways to perform market research, and each business chooses the one it wants to use. In addition to that, the type of data you require for your company determines the type of method to be used during market research. Below are the tested methods employed by most companies during their market research.
Surveys for Market Research
This is a method where the researchers use surveys to gather information. The surveys are by use of questionnaires where you can analyze a sample group that would represent your target group. However, the larger the sample, the more reliable the results would be more accurate. There are four main types of surveys that most companies carry out. They include: – telephone surveys, online surveys, in-person surveys, and lastly mail surveys. In-person studies are one on one conversation that is conducted in high traffic locations like shopping malls. With this, they allow you to present packaging, advertisements, a sample of the products, and they gather the customer’s feedback immediately. Telephone surveys are ones that are done through the phone, and with this, the response rate is usually 50% to 60%. Thirdly, the mail survey gathers information through the mails. However, this brings a lower response, and it is always efficient for smaller companies compared to larger ones. Lastly is the online survey; with this, you can get unreliable and unpredictable answers because as a person, you do not have control of the pool of respondents. Choosing companies such as sourci will give you the opportunity to great results as they ensure that they do proper research in the market.
Observation
You can observe consumers by video tapping them in stores, at work, at home where you can observe how they use the products. With this, you get an accurate picture of the usage of the product by the consumers. However, with this, you might get a correct result as you are on the ground by yourself. Also, as you take videos, do not forget to take photos that would be evidence of consumers currently using the products, and if not try and find out the main reasons.
Focus Group Discussion
In any focus group, the researcher uses a series of topics and questions to lead a discussion among a group of people. Such sessions take place at neutral locations with the video tapping equipment on for future references. The discussion lasts for two to three hours with everyone available participating.
Personal Interviews
Just like the focus group, individual interviews include both open-ended and unstructured questions. These interviews last for about an hour, and the person conducting them usually records the whole process. However, their results are not statistically reliable. The use of the focus group and personal interviews method is an excellent way to see the customers’ attitude once a new product is being launched in the market.
Companies would always progress when they have the latest data on their consumers. However, this data can only be obtained through the use of thorough research by the company. However, companies such as sourci, can perform accurate analysis and deliver to their clients the best results.
