In today’s competitive market, it is essential to conduct market research to know about customer preferences, expectations and buying behaviour. It helps businesses make informed decisions and design their marketing strategies accordingly. There are different types of market research methods, including quantitative research, qualitative research, exploratory research, descriptive research and causal research. Each type of research provides valuable insights into the market and helps businesses stay ahead of the competition.
Types of Research:Â
Quantitative Research
Quantitative research involves statistical analysis to collect data. It can be both primary and secondary. It is a figured-based research method that focuses on data and numbers, providing evidence-based insights into aspects like the number of subscribers, page reviews and social media followers on social media platforms. By gathering this information, businesses can formulate their market strategy and determine the budget for marketing and more. Â
Qualitative Research
Data collected in qualitative research are not measurable. It can also include both primary and secondary data. The major focus of primary data is to understand the customer’s thought process and ask open-ended questions such as ‘Why did you buy this product?’, ‘Why do you think this product is better?’, ‘Which feature do you like the most?’ and more.Â
The primary Data can be collected through:
- Polls
- Interviews
- Surveys
- Observations of customer behaviour
Benefits of Qualitative Research:Â
- Product launches
- Goal customer feedback
- Understanding customer expectations such as price, quality, and competition
Exploratory Research
This type of research is conducted to gather facts and opinions of customers, highlighting the main points of the situation. Exploratory research uses qualitative methods such as expert interviews, and focus groups as well as secondary research material such as books, reports, journals and more.
Descriptive Research
Descriptive research is quantitative, using a standard format to collect information with close-ended questions. This type of research is done through:
- Surveys
- Questionnaires
- Experiments
Note: Descriptive research is conducted only when there’s a need for consumer information demographics and to evaluate product material potentials, such as gathering opinions from groups and monitoring actions.Â
Casual Research
Casual research helps businesses to establish cause-and-effect relationships between two variables, enabling better decision-making. By analysing the relationship between different variables, casual research allows businesses to identify factors contributing to success or failure. The insights gained from this research can help businesses optimise their strategies, products, and services for maximum impact. Whether it’s testing the effectiveness of a new marketing campaign or analysing the impact of a new product feature, causal research is an essential tool for businesses aiming to stay ahead of the competition.
Conclusion:Â
Market research plays a crucial role in the success of any business. It helps businesses identify their target audience, understand customer preferences, and design their marketing strategies accordingly. By conducting market research, businesses can stay ahead of their competitors and make informed decisions about their products and services. Therefore, it is essential to choose the right type of research method that suits your business needs and helps you achieve your goals.
