.svg)
Market research is a crucial process that businesses and organizations undertake to acquire and analyze information about the target market, customers, competitors, and industry trends. The basic objective of market research is to know consumer behavior, preferences, and needs, enabling companies to develop products and services that meet customer demands effectively.
Market research is collecting, analyzing, and interpreting information about a specific market, industry, or target audience. It includes gathering data and information to understand consumer behavior, preferences and needs. Market research is conducted to help businesses and organizations make informed decisions, develop strategies, and identify opportunities.
Primary market research involves collecting original data directly from the target audience. It is conducted to address research objectives and gather information about consumer preferences, and behaviors. Primary research is usually time-consuming and costly, including designing research instruments, recruiting participants, and collecting data.
Whereas secondary market research involves the use of existing data that others have already collected. It involves data from market reports, industry publications and other publicly available. Secondary research utilizes data that has been collected by someone else. The researcher gathers and analyzes data relevant to their research from various sources. This data is pre-existing and not tailored to the researcher’s needs.
Various types of market research are as follows:
The steps to conduct market research are as follows:
Various important factors in marketing research are as follows:
A paid market research survey is a type of survey where participants are compensated for their time and feedback. It is a usual method by companies and market research firms to gather valuable insights from target customers or audience. In a paid market research survey, participants are typically rewarded with cash, gift cards, vouchers, and other incentives as a token of appreciation.
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.
Online market research is conducting market research activities using internet-based platforms. It involves using online methods to gather data, analyze information, and gain insights about a particular market, industry, or target audience. Online market research is highly boosted and widely used due to the widespread availability of internet and convenience.
