Market Research.

What are the types of market research?

Primary research refers to obtaining firsthand data directly from customers through either qualitative or quantitative methods. Quantitative methods produce objective numerical big data showing broad trends and patterns and answers the “what” and is representative of your targeted audience’s opinion. Qualitative research is a more directional uses methodologies such as focus groups and interviews to understand the “why”.

Obtaining small data from market research efforts is key to creating actionable strategies to meet company goals and satisfy customers’ needs. Secondary research refers to conclusions drawn from analyzing publicly available records and reports. Results from primary and secondary data is analyzed and compared to draw conclusions and formulate an action plan.

What defines market research?

Companies need to adopt a continuous learning culture to continually meet changing customer needs and requirements. Gathering and analysis of market related data through quantitative and qualitative methods will helps define and understand your primary competitors; provide knowledge of trends within an industry; and identify information about what influences the purchase and behavioural decisions of your customers.

While big data coming out of quantitative measures provides a broad picture of trends, it is small data that presents insights that are accessible, understandable and actionable. Interact RDT methodologies provide our clients with small data benefits out of big data trends and qualitative measures.

How do you do market research?

You call Interact! Seriously, the broader the research the less tangible the results. It is important to make sure that you have well defined objectives and clear goals for what you want to use the research for before undergoing any market research initiatives.

The second step is to define your methodology and approach, and this is going to depend on a number of factors. Once that is selected, the audience from where you need insights needs to be defined, and your sample criteria established. This will differ depending on whether or not you use quantitative methodologies which require statistical relevance and is market representative, or qualitative methodologies which are more directional and provide the business with guidelines.

During the execution phase the insights you get will only be as good as the quality of information received. It is critical during this phase to continually monitor the responses you are getting, conduct quality assurance exercises and back check your responses.

Lastly conduct your analysis and present the outcome of the research. Very often these are just findings but to really create the magic the results need to provide strategic insights, add business value and inspires opportunity. Agile business will then pilot the recommendations or create an action plan to implement the learnings.

What is the purpose of market research?

Market research is really about understanding your customer’s world and your customer personas. Customer needs and expectations change constantly so companies need to have a continuous learning culture whereby they continually adapt their offering based on research findings to successfully meet customer needs. It is about being emotionally agile in your offering in order to accommodate the full human experience.

What are the benefits of market research?

While market research traditionally helps define and understand your direct and indirect competitors, industry trends, and purchase or behavioural influences within your customer personas, Interact RDT’s unique market research approach focuses on the benefits of ideation with consumers to guide product, service, and brand developments that are entrenched in the lives of your customers. As a result, the scope and usage of your offering is increased.

Why is market research important?

The goal of any business is organic and ultimately, financial growth. To achieve this, you need to be able to understand and satisfy your customers’ needs. Even the needs they may not even know they have! The only way to gain this knowledge, and be able to make the right decisions to achieve your goals, is to conduct market research. 

Market research is important because:

It provides you with data about your competitors and existing products that can be used to guide your sales and marketing strategy to target your customers correctly. 

Market research results in better communication. It highlights how and where best to reach your target consumers as well as what language and tone to use to best appeal to your desired audience. 

Market research will also bring to the fore: 

• New marketing opportunities to reach and convert new customers. 
• Customer concerns about which you may otherwise be unaware. 
• Gaps within the market which you can use as opportunities to grow your market share. 

Market research data will Keep you focused on actual opportunities and decrease unproductive efforts. 

Market research will also give you an idea about the impact your decisions will have before you actually make them. This process often saves companies from costly mistakes. So, you can pursue new markets, test new ideas and drive innovation with confidence and efficiency. 

What is the difference between qualitative and quantitative research?

Qualitative and Quantitative refer to different methods of data collection and analysis aimed at answering different types of questions. 

Quantitative research methods involve statistical, mathematical and logical techniques that generate numerical data and hard facts. These methods include experiments, observations recorded numerically, and surveys with closed-ended questions. Quantitative research is often used to test a theory and helps generate generalizable facts.

Qualitative research involves human and social sciences to develop an understanding of how people think and feel through interviews, open-ended surveys, focus groups, and observations that can be described using words rather than numbers. Qualitative research allows you to gather in-depth insights that can be expressed in words and used to understand concepts, thoughts, and experiences. 

At Interact RDT we understand your research objectives and how to tailor the right mix of quantitative and qualitative research together with our framework to bring you the knowledge you need to action decisions to meet your goals.