Types of Market Research

Market research is a key element of strategy formation for absolutely any brand. Its result depends on selected tools, methodologies and metrics used. It is usually summarized in a report and used to help business owners make more thought-out decisions about company strategy, activities and potential client base. The goal of market study is to improve service quality.

There are different types of market research conducted by marketing specialists. What are they?

Analysts have dozens of various metrics that are used for determining:

– brand awareness;

– market position;

– target audience;

– company strengths and weaknesses;

– clients’ base loyalty and stability;

– consumer’s brand attitude;

– audience satisfaction;

– customer insights.

Experts differ two main types of market research: qualitative and quantitative

Qualitative research is the process of analyzing several factors that influence the popularity of products. It includes an in-depth interview with consumers, expert opinions and focus groups. A special survey is used for this type. There are several types of surveys for market investigation. Such method does not require significant financial investments and it reveals consumer’s motives, pain points, insights.

It allows you to record not only the information provided by respondents but also their attitude towards the subject, their behavior, thinking mechanisms.

Quantitative research is used to analyze primary and superficial information. Quantitative methods get figures and prove hypotheses formed on a qualitative research basis. They help to form the correct brand strategy and are also used when you need accurate statistics.

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We recommend to implement market research methods comprehensively. It makes the process of business organization more effective and functioning. The key to the success of such study is an adequate analysis of situation with the provision of possible solutions to problems. Many companies use it to test new products or obtain information from consumers about what products or services they need and what they do not currently need.

It is important to note that market study provides an opportunity for correct management decisions, and its results lead to an understanding of consumer preferences, objective picture of competitors’ actions, and open the way to the formation of sales chains and increase sales volumes.