Before we dive deep into the different types of market research, we should first understand what it means.
In order to determine how viable, successful, or profitable your market is, you need to gather information from people who are part of your target audience. This is what is defined as market research. Understanding your audience can be difficult, especially if you’re reaching out to people you’ve never spoken to before. Market research lets you reach out to potential customers with a message that resonates with them.
Basically, to appeal to your buyer naturally, you have to truly understand what they want.
Having understood what market research is all about, lets now talk about the different types of market research:
1. Observation-Based Research
Watching an actual user or customer use your existing product or service can help you identify areas for improvement. This what is referred to as observation based research.
By basing research interviews on observational data, observation-based researchers can learn more about consumers without relying on inaccurate or misleading self-reported data. It is also particularly useful when researchers are trying to better understand a specific product or industry, and when consumers are not easily reachable through surveys.
Face-to-face interviews are great for getting a real sense of someone’s personality. Although face-to-face interviews give you a full picture of your candidate, virtual ones enable more candidates to be interviewed at once.
In a way, both allow you connect more with the person you’re talking to. A natural flow or conversation with a person’s body language is hard to get over the phone.
3. Pricing Research
Pricing research helps you find the right price for your product or service so that you maximize both your profit and the number of sales.
Additionally, as a seller, you know what your customers want to pay and a reasonable price for you to ask for.
4. Campaign Research
Campaign research involves analyzing how effective your online marketing has been so far, compared to the cost involved. Research is part of a paid advertising campaign. It includes a look at past campaigns and their effectiveness.
Every niche has its own set of ideas that resonate more than others. In order to continually grow your audience, you have to figure out which ideas in your niche work best and continue to promote them while making adjustments based on what’s working and what’s not.
5. Brand Awareness based Research
Brand awareness research is one of many ways to check how your brand’s visibility, recall, or fame is doing. It gives you insight into the associations your audience members make when they think about your business and what they believe you’re all about.
While product exposure and brand exposure are very different, the two often work together to create a strong recognition for your brand.
6. Competitive Analysis Research
Competitive analyses give you a good understanding of the competition in your market and industry. You can learn about what’s doing well in your industry.
It also helps you to see how your products compare to those of your competitors. Consequently, you can find out what makes your product or service unique.
7. Buyer Personality Research
When you complete buyer persona research, you become well-informed about your target audience, and that gives you an edge.
This kind of research also shows you why customers want your product or service, what they need from your business and brand, and more.
8. Focus Persons Based Research
Focus groups can give you data about how an average consumer will respond to your product.
You can get a lot out of demos and other forms of feedback, but if you want something specific, you will need to take the initiative and ask. The information might be difficult to come by otherwise.
Listed above are the different types of market research. If you conduct market research, it will likely provide you with insight into consumer behavior.
I did a study of my past customers and found ways to improve my interactions with them. If you think you know your buyers well, there’s a good chance that the study will uncover new channels and tips to help improve your interactions.
Reach out to Ness Marketing to improve your marketing strategy in the year 2021.