Brainbox

7 Essential Market Research Techniques

7 Essential Market Research Techniques

The world we live in is full of information. We are so saturated with information that, sometimes, analyzing what is relevant to collect the most important insights, and using them to improve our business model, is not easy at all.

That is why we have to rely on market research techniques and not only on the most traditional techniques, such as the survey, but on the most modern tools, such as the data or "insights" that social networks provide us.

Before looking at the subject of techniques in more detail, it is important to establish the differences between primary market research and secondary market research. The first is about the research that we carry out on our own. The second is research done by other people, for example university studies or financial reports. 

That you take into account that it is good to maintain a balance between primary and secondary research to reach reliable and objective conclusions. Now, what are the 7 research techniques that we recommend for your business today? We invite you to discover them…

 

1. The Survey

 The good thing about the survey is that it can be given in many formats and modalities. You can survey in person, by phone, by email, or through an online form, and the questions in a survey can be closed or open.

If you choose to put together a closed-ended survey, we recommend exploring the variety of formats available. There are dichotomy questions (which offer two possible answers, for example "yes" or "no"), multiple options, checkbox questions, assessment scale questions and demographic questions, which are perfect for collecting gender information, age, occupation, etc.

 

We recommend you: 

– Survey tools in email marketing platforms.

– Instagram polls.

– Specialized blog forums.

– Google Forms so you can make your own quiz questions.

 

We have seen good polls and polls that are not so good. A good survey is armed with clear and concise questions, which do not guide or influence the respondent. They lead to true answers to draw authentic conclusions. And if you don't want to write your survey from scratch, there are a variety of tools that can help.

 

2. Social Media Listening

One of the newest techniques of our time is Social Media Listening. On social networks, people tend to express themselves freely. They share their experiences, tastes, opinions and thoughts. It is the style of interaction and behavior generated by social networks that makes them a very useful source of market research. 

Another plus point is that people spend a lot of time online. As a result, there is little waiting time between doing the research and receiving the data. For any business, it is gold to receive market information that is authentic and instant. We have to take advantage of social networks.

Needless to say, this research technique is as varied as it is valuable. You can use networks to better understand the consumer, identify their interests, track mentions of your brand, or analyze specific posts that are relevant to the focus of your research.

 

We recommend you:

– Instagram polls.

– Convert your Instagram account to a business account, so you can see the insights.

– Engage in conversations with your audience.

– Follow the competition and pay attention to their conversations.

 

3. The Interview

When talking about an interview, it refers to when the interviewer speaks directly with the respondent. Now, this does not mean that those two are in the same physical place. Nowadays, interviews can be done in person, through a video call, by phone or even through an email. 

Although the form of the interview is not that important, open questions work much better than closed questions. They deliver more information and are more faithful to the real thoughts and opinions of the other. 

In any case, the interview provides more qualitative and not so quantitative information. It can be expensive or difficult to square and at the time of giving the interview, it may require a lot of time. It is a consideration factor to take into account, especially since it takes a long time to do it. 

 

We recommend you:

– Find influential voices in your industry.

– Participate in Lives of digital platforms.

– Select podcast related to your business.

– Feedback from your customers: Contact people who have left you reviews, who have bought from you more than once, etc.

 

4. Teamwork remotely: you are not alone

If you like to be like a fly on the wall, implementing the observation technique will be a pleasure. It is about consumer observation and it is a 100% qualitative research technique. The user may be in a natural or controlled environment and during the designated time, the observer is only taking notes. The analysis of what he sees is something that is done afterwards.    

The good thing about this technique is that the consumer does not feel any pressure. You don't have to answer any questions, you don't have to fill out any forms. In general, this means that it tends to behave in a very natural way, revealing very useful information to the observer. 

If you have a store, this style of market research is something easy to implement and that you can do on a regular basis: one day a week, every day in a week, a whole month, whenever there is a change in stock or new product or a promoted discount, etc etc. The options are endless. 

The only thing is that it is a technique that takes time. It is a slow, relaxed, leisurely technique. It requires patience and an observer who is always attentive. 

 

We recommend you:

– Dedicate time to visit the points of sale where products of your category are distributed.

– Buy or experience the product of your competitors.

– Try to identify the profile of your consumer and their consumption habits.

 

5. Competitive Analysis

Competitive analysis is a highly strategic form of market research. It's about analyzing your competitors. You always have to know what they are doing around you. Staying inside a bubble, without looking outside, is the best way to lose potential clients to another.

But, to implement this technique effectively, you have to have a very well defined product, service, or brand that you want to analyze and compare. From there, decisions are made about the aspects to be analyzed, for example digital marketing content, SEO, the presence of the brand in public relations, the activity in social networks, the offers or the price structure, to name a few. odds. 

When you begin to review all the information you find, it is very useful to categorize your conclusions into four areas: strengths, weaknesses, opportunities and threats. 

 

We recommend you:

– Follow your competitors on Social Media.

– Read the reviews left by your consumers.

– Keep track of your products, your pricing and communication strategy. 

 

6. The Public Domain of Data

The Internet is an unbeatable place when it comes to information. If you have few resources and little money to invest in market research, you can rely on public data from studies already done and available to everyone online. 

The only thing you have to keep in mind when you decide to search for data and/or information on the Internet is that not all sources are reliable. You have to verify the source of the data and do some research on the origin of what you find, before you believe everything you read and make decisions about your business.

The Pew Research Center, for example, is quite reliable. It is a matter of searching and investigating a little before proceeding. 

 

We recommend you:

–GoogleTrends

– Statista.com

– Government data sources.

– Official websites of the cities.

– There are many bloggers who have interesting content to download, for sale or free.

 

7. Sales Data Analysis

The last research technique we want to highlight today is the analysis of sales data. Quite simply, if you take the time to look at the top-selling products or services, you can reveal a complete picture that gives you valuable insights into the market as a whole. 

It allows you to understand your customers a little more, their tastes, their buying habits, and how their behavior changes over time. The only thing you have to keep in mind here is that the analysis of sales data only gives you information about current customers. It doesn't give you a view on potential customers, for example.

If you need help or more information on how to launch a market research, to promote the success of your business, do not hesitate to contact us. We are here to help you. 

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