Types of Market Research

In simple terms, market research tells you the mind of your number one stakeholders, your customers. This includes knowing what your customers want( and what they don’t want), how your products or services meet their needs, product evaluation, brand perception, etc. Without market research, your organization or business will have no direction and be clueless on how to make the right products, carry out competitive analysis, and highlight areas for improvement. That being said, firms or businesses need to know when and how to conduct market research.

In this article, we will delve deeper into some types of market research.

Brand research.

Your brand makes your business unique and stands out from a sea of competitors. How your brand performs and how it is perceived by your customers and other stakeholders (like non-customers, employees, and competitors) is very crucial to the success of your organization- evidently, brand perception correlates with sales volume.

Brand research should be done at different stages of a business’s lifecycle. It could be done before the launch of a product, at regular intervals, or after significant events. Some types of brand research test for criteria such as brand loyalty, brand perception, brand penetration, brand positioning, etc. Interviews, focus groups, and brand diagnostic surveys in the USA are some of the most common methods for evaluating your brand’s performance and health.

Competitive analysis.

The market is as competitive as any other combative sport. Just like in sports, knowing your opponent’s or competitor’s weakness allows you to win the game. The competitive analysis informs you of your position in the market and your competitor’s strengths and weaknesses. The benefits of competitive analysis seem obvious to any business or organization that doesn’t have a monopoly in the market. The analysis involves understanding your competitors’ marketing strategy, brand perception, sales volume, etc.

Campaign effectiveness.

One of the most asked questions by customers and stakeholders alike is how effective our marketing campaigns are. Campaign effectiveness aims to answer that question and provide insight into customer psychology. Campaign effectiveness determines if your advertising campaign reaches the right people (your target audience) and if you are getting the desired results. Here in the USA, brand advertising surveys and online analytical tools are some of the effective ways to measure campaign effectiveness.

Customer insight research.

Customer insight is a type of research that focuses on your customers. As the name suggests, it gives your firm deeper insight into customer preference and behavior. Some of the parameters you can obtain from customer insight include customer purchase habits, interests, hobbies, personal information, and their preferred media for consuming content or advertising. Some methods for conducting customer insight research include interviews, surveys, social monitoring, ethnography, etc.

Customer satisfaction research.

This type of research is similar to customer insight research but deals with the user experience during or after a customer consumes a product or uses a service. In simpler terms, this research type measures customer satisfaction. Customer satisfaction research is typically measured using Likert scale surveys.

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