By Conducting market research is not an easy task. Top Market research companies aim to extract precise information from the plethora of available data to back the businesses hiring them, for which they use several methods. Prominent global market research companies are now adopting fresh & innovative methods rather than relying on traditional methods such as focus groups or surveys to carry on market research and get optimum results.
Market research involves the gathering & interpreting of crucial data associated with a business’s growth, such as ongoing trends in the market, competitive landscape, requirement & demand of products, and the consumer base that needs to be targeted. For conducting market research, marketers resort to methods like focus groups, surveys, interviews, observation, experiments, social media listening, field trials, competitive analysis, etc.
Primary & Secondary Market Research
Before discussing the methods of conducting market research, it is important to know that market research can be distinctively segregated into two broad categories namely primary & secondary market research, under which comes all the different methods of conducting the research. Good market research firms know how and when to use both primary & secondary methods based on the requirements of the businesses.
- Primary market research refers to market research that one gathers by themselves to know the wants and needs of consumers regarding any product or service. Primary market research includes methods such as surveys and interviews with the target consumers.
- Secondary market research on the other hand refers to market research when the businesses or market research companies resort to third-party sources, already published or gathered data, or to existing sources, such as articles, surveys, interviews, etc., to know the market. It usually does not involve collecting new data on a first-hand basis.
Let Us Now Look at the Various Methods 0f Conducting Market Research
Interviews
An interview is one of the most common methods when it comes to conducting market research. It involves open-ended questions where an interviewer directly asks questions to a respondent and is more on a personal side. The interview enables the interviewer to get more detailed and precise information and has the scope for communications and clarifications. One of the major disadvantages associated with the interview is it is expensive and prolonged.
Focus groups
Focus group is a simple procedure of conducting market research which involves bringing a group of people into a room and asking them to provide reviews and feedback regarding a certain product or service. Focus groups help in gaining perceptions of different individuals, they can be employees, customers, or stakeholders. Focus groups are sometimes difficult to put into practice but it is regarded as one of the most effective methods in market research to collect qualitative data.
Surveys
A survey involves both close-ended and open-ended questions given to respondents via phone, email, digitally, or in-person where the participants are required to answer the questions so that the market research companies can gain their perspectives. Surveys are highly versatile as they include a wide range of questions and are one of the most economical market research methods to gather large amounts of data.
Social Media Listening
Social media has become an innate part of our lives where people express their views, feedback, and criticisms without any obstruction which is why many best market research companies, especially online market research companies choose the research method of social media listening. Social listening refers to the monitoring of your business’s or brand’s social media channels for customer response & mentions of your company or your competitor’s brand. Moreover, top market research companies such as MarkNtel Advisors are opting for social media listening since it contains a massive amount of unfiltered information and feedback from consumers.
MarkNtel Advisors is one of the top research companies in India which offers widespread information and strategic reports across various industries. The company boasts of a generous client base not only in India but across the world and has conducted research in almost a hundred countries.
Concluding Note
Market research is a complex procedure and one needs to stick to the right method to get optimum results. Market research firms are constantly coming up with innovative market research methods to ease the process and extract maximum information. With the increasing inclination of the businesses and organizations to adopt market research companies, it is anticipated that several new methods might come up in the coming years.
