Seven main market research types businesses should consider to support their business success and strategies are discussed. Overall, research helps to better understand and make more informed decisions about several areas. For example, product development, pricing strategies, marketing campaigns, and other critical business initiatives.
What are some types of market research and why is market research done?
Potential Offerings
Research can obtain vital information on a company’s potential product or service concept to understand different target market:
- preferences,
- opinions, and
- some buying behaviours.
So instead of spending more money, time and effort on development and going to market spend some time considering this type of market research to support your business success.
Employee Feedback
Equally, employee perceptions, attitudes, and experiences related to their work and the organisation provide valuable insights. This type of market research also supporting business success is often called “employee engagement research” or “employee satisfaction research.”
Customer Preferences
Surely, data about customers’ preferences can help guide many decisions for successful results and increased revenue in business. For example, what do your clients and customers both want and expect from a product or service? And how do
they make purchasing decisions?
Behaviours
By conducting market research, you can gather information about your audiences supporting shorter-term and longer term business success. Depending on your target market, the behaviour of respondents here can mean, in the broader
sense, more than purchase behaviour.
Customer Experience market research type
Market research on customer experience can provide valued insights into how customers perceive your brand. Also, insights based on their interactions relating to your products or services can in effect pinpoint any issues with interactions with your organisation.
Opinion
Market research on opinions involves gathering data particularly on your target audience’s beliefs, attitudes, and perceptions.
Follow Up as a market research type
Additionally, follow-up research may be worthwhile to assess the effectiveness of your follow-up processes and procedures. It is also an opportunity to identify any issues, particularly with higher complex transactions. This type of research helps identify areas for improvement and changes to enhance the customer experience and increase customer satisfaction.
Market research types to support business success
First, determine when to conduct market research and how to do market research or market research methods before commencing a project. To sum up, some ways to conduct research include:
-
- Online Surveys
- One-to-one Interviews
- Focus Groups
- User testing
- Social Media Monitoring
- Competitor Research
- Online Analytics
- Research panel
Conducting market research and analysis helps inform business and marketing decisions for direction and to make changes that enhance the customer experience and employee experience to increase loyalty and retention.
Get in touch to discuss market research for your organisation with FWD Focus.
