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The 8 types of market research: definitions, uses and examples.

13 min read What are the different types of market research that can help you stay ahead of the curve with your marketing strategy? Understand how to use each type, and what the advantages and disadvantages are.

Market research (also called marketing research) is the action or activity of gathering information about market needs and preferences. This helps companies understand their target market — how the audience feels and behaves.

There are 8 types of market research, each with their own methods and tools:

• Primary research
• Secondary research
• Qualitative research
• Quantitative research
• Branding research
• Customer research
• Competitor research
• Product research

Let’s start our list by exploring primary and secondary research first.

Free eBook: The new era of market research is about intelligence

1. Primary research

Primary research is research that you collect yourself but going directly to the target market through a range of methods. Because it is data you create, you own the data set.

Two types of results — exploratory information (determines the nature of a problem that hasn’t yet been clearly defined) and conclusive information (carried out to solve a problem that exploratory research identified) — from participants are collected as raw data and then analyzed to gather insights from trends and comparisons.

This method is good for getting the views of a lot of people at one time, especially when time is short, but it comes with its own management issues. The interviewer must prepare a way to gather answers and record these, while engaging in conversation with many people.

Participants may be affected by the group setting, either from acquiescence bias (the desire to say yes to please the interviewer), dominance bias (stronger participants can alter the results from less dominant participants) or researcher bias (where the research leads or impacts the participant responses indirectly).

This provides a structured setting where the interviewer can listen to what’s being said and investigate further into an answer. The interviewer can also pick up on non-verbal cues from body language can help the interview understand where to deep-dive and broaden their understanding.

However, some of the same biases (acquiescence and researcher) still exit in this format. The method is time consuming to do the interviews and collect the data afterwards.

A survey is an excellent method for carrying out primary research as participants do need to be physically present with the interviewer to carry it out. The survey can be completed anywhere there is an internet connection, meaning there is flexibility for the participants to use different devices and for interviewers to contact participants in different geographical time-zones.Preparation is key, however, as the researchers must segment the market and create a list of participants to send the survey to. Hiring a panel or using existing marketing lists can help with this.

2. Secondary research

Secondary research is the use of data that has previously been collected, analysed and published (and therefore you do not own this data). An example of this for market research is:

Most information is freely available, so there are less costs associated with this kind of secondary research over primary research methods.

Secondary research can often be the preparation for primary research activities, providing a knowledge base. The information gathered may not provide the specific information to explain the results, which is where primary market research would be used to enhance understanding.

There is also a logistics planning need for a recording solution that can handle large datasets, since manual management of the volumes of information can be tricky.

Both primary and secondary research have its advantages and disadvantages, as we’ve seen, but they are best used when paired together. Combined, the data can give you the confidence to act knowing that any hypothesis you have is backed up.

Learn more about primary vs secondary research methods

The next market research types can be defined as qualitative and quantitative research types:

3. Qualitative research

Qualitative market research is the collection of primary or secondary data that is non-numerical in nature, and therefore hard to measure.

Researchers collect this market research type because it can add more depth to the data.

This kind of market research is used to summarise and infer, rather than pin-points an exact truth held by a target market. For example, qualitative market research can be done to find out a new target market’s reaction to a new product to translate the reaction into a clear explanation for the company.

4. Quantitative research

Quantitative research is the collection of primary or secondary data that is numerical in nature, and so can be collected more easily.

Researchers collect this market research type because it can provide historical benchmarking, based on facts and figures evidence.

There are a number of ways to collect this data — polls, surveys, desk research, web statistics, financial records — which can be exploratory in nature without a lot of depth at this stage.

Quantitative market research can create the foundation of knowledge needed by researchers to investigate hypotheses further through qualitative market research.

The next four variations of market research are specific to topics areas, that bring about specific information.:

5. Branding research

Branding market research assists a company to create, manage and maintain the company brand. This can relate to the tone, branding, images, values or identity of the company.

Research can be carried out through interviews, focus groups or surveys. For example, brand awareness surveys will ask your participants whether the brand is known to them and whether it is something they would be interested in buying.

Additional areas for brand research is also around brand loyalty, brand perception , brand positioning , brand value and brand identity .

The aim of research will be to understand how to know if:

• Your brand is performing in relation to other competitors
• There are areas to improve your brand activities
• There are positives to showcase to enhance your brand’s image

6. Customer research

Customer market research looks at the key influences on your target customers and how your company can make changes to encourage sales.

The aim of this research is to know your customer inside out, and continuously learn about how they interact with the company. Some themes covered by this include:

• Customer satisfaction – Exploring what keeps customers happy, as higher customer satisfaction is more likely to lead to increased customer retention.
• Customer loyalty – This looks at what experiences have happened to lead to greater customer loyalty across the customer lifecycle.
• Customer segmentation research – Discovering who the customers are, what their behaviour and preferences are and their shared characteristics.

Relevant desk research may look at historical purchase records, customer journey mapping , customer segmentation, demographics and persona templates.

Primary research, such as NPS and customer satisfaction surveys , or customer satisfaction interviews at the end of customer support calls, can also give more details.

7. Competitor research

Competitor market research is about knowing who your competition is and understanding their strengths and weaknesses, in comparison to your organization. It can also be about your competitive offering in the market, or how to approach a new market.

The aim of this research is to find ways to make your organization stand out and future planning through horizon scanning and listening to customer preferences.

For example, for competitive analysis, researchers would create a SWOT for your business and your competitors, to see how your business compares.

Primary research could interview customers about their buying preferences, while secondary sources would look at competitor’s market dominance, sales, structure and so on. With this thorough analysis, you can understand where you can change to be more competitive, and look for ideas that make you stand out.

8. Product research

Product market research is a key way to make sure your products and services are fit for launching in the market, and are performing as well as they can.

The aim of this research is to see how your product is perceived by customers, if they are providing value and working correctly. Ideas can also be formed about upgrades and future product development.

There are a number of avenues within product research:

• Product branding – Does the product brand and design attract customers in the intended way?
• Product feature testing – this can happen at various stages of development with target markets (in early development, between versions, before product launch, etc.) to check if there are positive reaction to new or improved features
• Product design thinking – what solutions would solve your customers’ current or future problems?
• Product marketing – Do the marketing messages help your product’s memorability and saleability, or can they be improved?

Primary research methods have a clear advantage in this kind of market research: Surveys can ask for rankings on the popularity or usefulness of features or conduct conjoint analysis, while in-person observation interviews (where the participant can handle a product) can be particularly useful in seeing what customers do with the product in real time.

How to use market research types in your company

In a good marketing strategy, it’s preferable to have a mixture of data across:

• Qualitative and quantitative research
• Primary and secondary research
• Your specific topic area or area of focus

With these three components, you can make sure your market strategy gives you a complete picture of your market’s operational data and experience data , — what your market does and why .

Economical experience data (O data)

This type of experience data is quantitative in nature (including operations, featuring sales data, finance data and HR data ). As it can be quantified into numerical values, it can be measured over and over, providing datasets.

There is the opportunity to use a data-driven approach to understanding the results and making predictions based on historical trends.

This sort of data can be measured more easily than emotions and feelings. But it can only tell you about past activities and what happened. It can’t tell you what will happen in the future and why things will happen — this is where X data comes in.

Emotional experience data (X data)

This type of experience data seeks to find reasons to explain emotional decisions and how brands ‘sit’ in people’s minds. In this way, this data is qualitative in nature.

Companies that have X data have a ‘mental advantage’ over other companies,  as they are able to understand the perceptions of the customer, their needs and values.

When you have tangible insights on the audience’s needs, you can then take steps to meet those needs and solve problems. This mitigates the risk of an experience gap – which is what your audience expects you deliver versus what you actually deliver.

Related resources

Mixed methods research 17 min read, market intelligence 10 min read, marketing insights 11 min read, ethnographic research 11 min read, qualitative vs quantitative research 13 min read, qualitative research questions 11 min read, qualitative research design 11 min read, request demo.

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What Is Market Research?

• How It Works
• Primary vs. Secondary
• How to Conduct Research

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Market research examines consumer behavior and trends in the economy to help a business develop and fine-tune its business idea and strategy. It helps a business understand its target market by gathering and analyzing data.

Market research is the process of evaluating the viability of a new service or product through research conducted directly with potential customers. It allows a company to define its target market and get opinions and other feedback from consumers about their interest in a product or service.

Research may be conducted in-house or by a third party that specializes in market research. It can be done through surveys and focus groups, among other ways. Test subjects are usually compensated with product samples or a small stipend for their time.

Key Takeaways

• Companies conduct market research before introducing new products to determine their appeal to potential customers.
• Tools include focus groups, telephone interviews, and questionnaires.
• The results of market research inform the final design of the product and determine how it will be positioned in the marketplace.
• Market research usually combines primary information, gathered directly from consumers, and secondary information, which is data available from external sources.

Market Research

How market research works.

Market research is used to determine the viability of a new product or service. The results may be used to revise the product design and fine-tune the strategy for introducing it to the public. This can include information gathered for the purpose of determining market segmentation . It also informs product differentiation , which is used to tailor advertising.

A business engages in various tasks to complete the market research process. It gathers information based on the market sector being targeted by the product. This information is then analyzed and relevant data points are interpreted to draw conclusions about how the product may be optimally designed and marketed to the market segment for which it is intended.

It is a critical component in the research and development (R&D) phase of a new product or service introduction. Market research can be conducted in many different ways, including surveys, product testing, interviews, and focus groups.

Market research is a critical tool that companies use to understand what consumers want, develop products that those consumers will use, and maintain a competitive advantage over other companies in their industry.

Primary Market Research vs. Secondary Market Research

Market research usually consists of a combination of:

• Primary research, gathered by the company or by an outside company that it hires
• Secondary research, which draws on external sources of data

Primary Market Research

Primary research generally falls into two categories: exploratory and specific research.

• Exploratory research is less structured and functions via open-ended questions. The questions may be posed in a focus group setting, telephone interviews, or questionnaires. It results in questions or issues that the company needs to address about a product that it has under development.
• Specific research delves more deeply into the problems or issues identified in exploratory research.

Secondary Market Research

All market research is informed by the findings of other researchers about the needs and wants of consumers. Today, much of this research can be found online.

Secondary research can include population information from government census data , trade association research reports , polling results, and research from other businesses operating in the same market sector.

History of Market Research

Formal market research began in Germany during the 1920s. In the United States, it soon took off with the advent of the Golden Age of Radio.

Companies that created advertisements for this new entertainment medium began to look at the demographics of the audiences who listened to each of the radio plays, music programs, and comedy skits that were presented.

They had once tried to reach the widest possible audience by placing their messages on billboards or in the most popular magazines. With radio programming, they had the chance to target rural or urban consumers, teenagers or families, and judge the results by the sales numbers that followed.

Types of Market Research

Face-to-face interviews.

From their earliest days, market research companies would interview people on the street about the newspapers and magazines that they read regularly and ask whether they recalled any of the ads or brands that were published in them. Data collected from these interviews were compared to the circulation of the publication to determine the effectiveness of those ads.

Market research and surveys were adapted from these early techniques.

To get a strong understanding of your market, it’s essential to understand demand, market size, economic indicators, location, market saturation, and pricing.

Focus Groups

A focus group is a small number of representative consumers chosen to try a product or watch an advertisement.

Afterward, the group is asked for feedback on their perceptions of the product, the company’s brand, or competing products. The company then takes that information and makes decisions about what to do with the product or service, whether that's releasing it, making changes, or abandoning it altogether.

Phone Research

The man-on-the-street interview technique soon gave way to the telephone interview. A telephone interviewer could collect information in a more efficient and cost-effective fashion.

Telephone research was a preferred tactic of market researchers for many years. It has become much more difficult in recent years as landline phone service dwindles and is replaced by less accessible mobile phones.

Survey Research

As an alternative to focus groups, surveys represent a cost-effective way to determine consumer attitudes without having to interview anyone in person. Consumers are sent surveys in the mail, usually with a coupon or voucher to incentivize participation. These surveys help determine how consumers feel about the product, brand, and price point.

Online Market Research

With people spending more time online, market research activities have shifted online as well. Data collection still uses a survey-style form. But instead of companies actively seeking participants by finding them on the street or cold calling them on the phone, people can choose to sign up, take surveys, and offer opinions when they have time.

This makes the process far less intrusive and less rushed, since people can participate on their own time and of their own volition.

How to Conduct Market Research

The first step to effective market research is to determine the goals of the study. Each study should seek to answer a clear, well-defined problem. For example, a company might seek to identify consumer preferences, brand recognition, or the comparative effectiveness of different types of ad campaigns.

After that, the next step is to determine who will be included in the research. Market research is an expensive process, and a company cannot waste resources collecting unnecessary data. The firm should decide in advance which types of consumers will be included in the research, and how the data will be collected. They should also account for the probability of statistical errors or sampling bias .

The next step is to collect the data and analyze the results. If the two previous steps have been completed accurately, this should be straightforward. The researchers will collect the results of their study, keeping track of the ages, gender, and other relevant data of each respondent. This is then analyzed in a marketing report that explains the results of their research.

The last step is for company executives to use their market research to make business decisions. Depending on the results of their research, they may choose to target a different group of consumers, or they may change their price point or some product features.

The results of these changes may eventually be measured in further market research, and the process will begin all over again.

Benefits of Market Research

Market research is essential for developing brand loyalty and customer satisfaction. Since it is unlikely for a product to appeal equally to every consumer, a strong market research program can help identify the key demographics and market segments that are most likely to use a given product.

Market research is also important for developing a company’s advertising efforts. For example, if a company’s market research determines that its consumers are more likely to use Facebook than X (formerly Twitter), it can then target its advertisements to one platform instead of another. Or, if they determine that their target market is value-sensitive rather than price-sensitive, they can work on improving the product rather than reducing their prices.

Market research only works when subjects are honest and open to participating.

Example of Market Research

Many companies use market research to test new products or get information from consumers about what kinds of products or services they need and don’t currently have.

For example, a company that’s considering starting a business might conduct market research to test the viability of its product or service. If the market research confirms consumer interest, the business can proceed confidently with its business plan . If not, the company can use the results of the market research to make adjustments to the product to bring it in line with customer desires.

What Are the Main Types of Market Research?

The main types of market research are primary research and secondary research. Primary research includes focus groups, polls, and surveys. Secondary research includes academic articles, infographics, and white papers.

Qualitative research gives insights into how customers feel and think. Quantitative research uses data and statistics such as website views, social media engagement, and subscriber numbers.

What Is Online Market Research?

Online market research uses the same strategies and techniques as traditional primary and secondary market research, but it is conducted on the Internet. Potential customers may be asked to participate in a survey or give feedback on a product. The responses may help the researchers create a profile of the likely customer for a new product.

What Are Paid Market Research Surveys?

Paid market research involves rewarding individuals who agree to participate in a study. They may be offered a small payment for their time or a discount coupon in return for filling out a questionnaire or participating in a focus group.

What Is a Market Study?

A market study is an analysis of consumer demand for a product or service. It looks at all of the factors that influence demand for a product or service. These include the product’s price, location, competition, and substitutes as well as general economic factors that could influence the new product’s adoption, for better or worse.

Market research is a key component of a company’s research and development (R&D) stage. It helps companies understand in advance the viability of a new product that they have in development and to see how it might perform in the real world.

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8 Types of Market Research Studies and How To Use Them

A look at the different types of market research methods and studies brands can tap into for specific insights required to steer a business toward success.

Jan 29, 2024

quantilope is the Consumer Intelligence Platform for all end-to-end research needs

A market research study is a study that brands create to understand their target audience from a variety of angles (who they are, what they do, how they act, and other behaviors relevant to their business decisions). With a variety of market research study types available, the trick is knowing which type will deliver the right kind of information.

In this blog, we look at 8 different types of market research studies and how they can tap into the specific insights needed to steer a business toward success.

Table of contents: 

• Brand research studies
• Consumer insights research
• Customer satisfaction research 
• Product/service research
• Competitor research
• Segmentation research
• Advertising research
• Usability testing

Consumer research studies with quantilope

1. brand research studies .

A brand image can be a company’s greatest asset, so it’s crucial that businesses know how their brand or portfolio of brands is performing from a consumer point of view. This includes:

Brand awareness and recall:

Whether consumers know your brand exists, and whether they remember it (spontaneously)

Brand image:

How consumers perceive your brand and your brand's overall reputation 

Brand positioning:

Your brand's values, personality, and where it sits within the competitive set

Brand performance:

How your brand is selling/performing in the market, and its projected future sales

Brand trust:

Whether your brand is viewed as reliable and if consumers trust it

Brand loyalty:

Whether customers stick with your brand or move on to a competitor instead

All of these brand topics can be researched using a mixture of qualitative and quantitative research, and oftentimes it would be advantageous to combine them. Aspects like brand awareness and brand loyalty are best understood via quantitative methods as solid percentages can be attached to awareness and loyalty amongst different customer segments or demographics (e.g. by life stage, location, gender). The more nuanced aspects of brand image and positioning can really be brought to life through qualitative research ; hearing from consumers in their own words can clearly explain how they feel, what their body image says about the brand, and other sentiment analyses. Depending on a brand's needs, qualitative research might be used to prompt ideas for a later quantitative study, supplement insights from a previously-run quantitative study, or, used on its own. 

Brands can track these metrics over a period of time using a brand health tracking approach - an equally incremented capture of consumer data to see how consumer perceptions around a brand change over time. Back to table of contents

2. Consumer insights research   

Consumer insights are all about putting together a comprehensive picture of who your target market is: their demographics, their lifestyles, their likes and dislikes, what’s important to them, their values, needs, and behaviors. It can be thought of as a ‘scene-setting’ exercise, so that brands can build consumer profiles that help guide their marketing or product development strategies.  Brands might also want to run consumer insights research with regard to a certain area of its business: branding, social media activity, or product usage, for example.

Sales data can act as a starting point for consumer insights research, which brings useful knowledge around demographics. Knowing who buys your brand will determine which types of people to recruit for future market research studies. For example, if you know your customer base is made up mainly of women, you might set a sample quota that is 80% female and 20% male. Like brand research studies, consumer insights research is beneficial both quantitatively and qualitatively. Quantitative research will provide insights in the form of numerical data while qualitative research (focus groups, interviews and observations) are useful for exploring consumers' values, needs, and behaviors in further context.  Back to table of contents  

3. Customer satisfaction research  

Satisfaction research investigates which areas of a brand or product are performing well and which could do with improvement. In most cases, quantitative research is used since businesses need the reliability of larger numbers to show how satisfied customers are. Survey questions ask respondents to score the brand/product/service on a variety of metrics (e.g. usability, reliability, value for money, design, taste, etc.) and computer-based analysis tools are used to calculate satisfaction according to those scores. NPS (Net Promoter Score) is a common methodology used for this research purpose.   NPS measures how likely a consumer is to recommend a product or brand to someone they know, which gives a good indication of the value they attach to it . Back to table of contents

4. Product/service research  

Product or service research forms a core part of market research in many businesses. For existing products, ensuring they remain relevant and achieve sales targets means making changes to them when appropriate. Product development research involves capturing consumer feedback on a product to identify what’s working well or where the pain points are, which feeds into ideas for improving the offer. New product research involves presenting respondents with a concept or product mock-up/prototype and gathering feedback, while new service research means exploring the potential of a brand's service that hasn't existed before. As with many studies, qual and quant both play their part here, with qual nailing down the issues that exist and quant putting numbers against them. Back to table of contents

5. Competitor research 

Regardless of the business you’re in, knowing what/who you’re up against in your category is essential. Understanding your competitors’ strengths and weaknesses means your brand can capitalize on gaps in the market and create an option for consumers that meets their needs. This is an area where existing sales and performance data on a variety of brands can be used effectively and cheaply, as this information is generally freely available (i.e. secondary data). But primary research (new research carried out to explore the issue at hand) also has its place, with focus groups hammering out the pros and cons of various brands, and quantitative market research rating brands on relevant metrics. Once findings are in, a SWOT analysis (strengths, weaknesses, opportunities, and threats) can be created to identify what a brand should continue doing and where it should improve.

Back to table of contents

One of the best ways to understand competitors is to use a multi-implicit association test: 

6. Segmentation research

Market segmentation takes a target market and divides it up into groups that share similar traits, preferences, attitudes, needs, and behaviors. It is a useful way to understand that a target market isn’t one homogenous mass of people, but that it includes different groups who operate in different ways. This is powerful knowledge to have when developing marketing messages, as sub-groups will respond in different ways to advertising and other communications. Segmentation is primarily done through quantitative means to size the groups and quantify the prominence of traits, though segments can always be further explored through qualitative research as well. Back to table of contents

7. Advertising research

Any business should care about whether or not its advertising is resonating with consumers in terms of message, style, and tone. Testing a selection of possible campaign routes (with an A/B test for example) helps advertising teams make the right decisions about which one to run with. Brands can test all sorts of elements in an A/B test such as advertising channel, ad format, color scheme, font size, logo placement , and so on. As with other types of research, qual research can help in gauging initial reactions to ad executions amongst a small audience, as well as refining them once quantitative research has taken place (or, vice versa). Quantitative research delivers scores on different aspects of the advertising, thereby showing which are working well, which are irrelevant, and which require improvement. Back to table of contents

8. Usability testing

Usability testing asks respondents to use a product or service and report on how well it performs. This could be anything from a car, to a website, to a pack of cleaning wipes. Qualitative research excels here at revealing the pertinent issues that might not have been uncovered if the research had gone straight into a quantitative approach (i.e. a consumer explaining that the scent of a cleaning wipe reminded them of a negative experience and that's why they rated it poorly). Ethnographical research is a form of qualitative research that sheds light on how products or services are actually used, so that design teams can work on the technicalities a product. Quantitative research (whether done before, after, or apart from qualitative research) can quantifies how many consumers report good/bad usability of a product, and for what reasons.  Back to table of contents

quantilope can help with all aspects of your research and marketing strategy. Its online qual and quant tools deliver high-quality research for all eight of the research study types outlined above and many more.

quantilope’s online survey platform makes quantitative research simple to set up, analyze, and present. With just a few clicks, you can create a questionnaire to be sent to target customers in a fraction of the time it takes with traditional research vendors. When results come in, quantilope’s automated advanced research methods take the data and model it in a way that makes the findings actionable for your business. Analysis tools like MaxDiff will identify which features of a brand or product are most important in the purchase decision, or which parts of an advertising message are most motivating. Key Driver Analysis will reveal which attributes are most likely to end in a positive outcome (customer satisfaction, loyalty, or purchase, for example.) Meanwhile, quantilope’s dedicated segmentation tool will map your target market and identify the defining characteristics and needs of each. These are just a few of quantilope’s advanced analysis methods - each created to solve specific business issues.

In addition to our quantitative offer, quantilope’s inColor video research tool takes a qualitative approach to research. Respondents post videos of themselves answering specific research questions, talking generally about a research topic, or even using a product or service. Brands can put together a sample as large or small as they wish, then use the videos to create showreels for their stakeholders that illustrate consumer views on the topics covered.

If you’d like to chat more about what quantilope's end-to-end Consumer Intelligence Platform can do for your business, get in touch below: 

Request a demo!

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The 8 types of market research and how to use them

There are eight types of marketing research you can try to stay ahead of the competition. Learn more about marketing research methods and how to use them.

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“If you keep doing what you’ve always done, you’ll keep getting what you’ve always got.”

Doesn’t sound too threatening if you’ve always been successful, right?

Continuing to do what you’ve always done means you’ll fall behind—and probably fade to darkness—to where all the forgotten brands go.

Take Kodak. They were a major player in photography for decades—remember? When digital photography boomed, Kodak kept doing what they always did. Their business floundered and people forgot about them. Well, everyone apart from Pitbull.

Now, look at Fujifilm, one of Kodak’s biggest competitors. They did the opposite and looked for ways to apply their expertise in film to the technology of the new millennium instead. Their company is still going strong.

The same goes for research. If you’re doing the same old types of market research, speaking to the same old people, and doing the same old tired surveys—you’re already behind.

How do you decide what kind of market research you need to do? It all comes down to what you need to know and what your business goals are.

In this article, we’ll explain the various types of market research you can use to solve issues and challenges in your business. We’ll throw you a freebie, too, and provide some market research tips about when to use each strategy.

Let’s get you ahead of the curve.

1. Brand research

Brand research helps with creating and managing a company’s brand, or identity. A company’s brand is the images, narratives, and characteristics people associate with it.

When to use it

Brand research can be used at every stage in a business’s lifecycle, from creation to new product launches and re-branding. There are at least seven types of brand research:

Brand advocacy: How many of your customers are willing to recommend your brand?

Brand awareness : Does your target market know who you are and consider you a serious option?

Brand loyalty: Are you retaining customers?

Brand penetration: What is the proportion of your target market using your brand?

Brand perception : What do people think of as your company’s identity or differentiating qualities?

Brand positioning: What is the best way to differentiate your brand from others in the consumer’s mind and articulate it in a way that resonates?

Brand value: How much are people willing to pay for an experience with your brand over another?

How to do it

A researcher will use several types of market research methods to assess your and your competitors’ strengths and weaknesses. Generally, they will conduct competitor research, both qualitative and quantitative, to get a picture of the overall marketplace. Focus groups and interviews can be used to learn about their emotions and associations with certain brands.

Market research surveys are useful to determine features and benefits that differentiate you from competitors . These are then translated into emotionally compelling consumer language.

2. Campaign effectiveness

This type of market research is designed to evaluate whether your advertising messages are reaching the right people and delivering the desired results. Successful campaign effectiveness research can help you sell more and reduce customer acquisition costs.

It’s estimated people see up to 5,000 advertising messages each day. That means attention is a scarce resource, so campaign effectiveness research should be used when you need to spend your advertising dollars effectively.

Campaign effectiveness research depends on which stage of the campaign you use it in (ideally, it’s all of them!). Quantitative research can be conducted to provide a picture of how your target market views advertising and address weaknesses in the advertising campaign.

3. Competitive analysis

Competitive analysis allows you to assess your competitors’ strengths and weaknesses in the marketplace, providing you with fuel to drive a competitive advantage.

No business exists in a vacuum—competitive analysis is an integral part of any business and market plan. Whether you’re just getting started, moving into a new market, or doing a health check of your business, a competitive analysis will be invaluable.

A researcher will typically choose a few of your main competitors and analyze things like their marketing strategy, customer perceptions, revenue or sales volume, and so on.

Secondary sources such as articles, references, and advertising are excellent sources of competitive information; however, primary research, such as mystery shopping and focus groups, can offer valuable information on customer service and current consumer opinions.

4. Consumer insights

Consumer insights research does more than tell you about who your customers are and what they do. It reveals why customers behave in certain ways and helps you leverage that to meet your business goals.

Knowing your customers deeply is integral to creating a strategic marketing plan. This type of market research can help you anticipate consumer needs, spark innovation, personalize your marketing, solve business challenges, and more.

Consumer insights research should be specific to your business—it’s about getting to know your target audience and customers. Various market research methods can be used, such as interviews, ethnography, survey research, social monitoring, and customer journey research.

Here are some of the characteristics you should understand through consumer insights research:

Purchase habits

Interests, hobbies, passions

Personal and professional information

How they consume media and advertising

5. Customer satisfaction research

Customer satisfaction research is a type of market research that measures customers’ experiences with products or services, specifically looking at how those meet, exceed, or fail to live up to their expectations.

Customer satisfaction is a strong indicator of customer retention and overall business performance. Successful customer satisfaction research should help you understand what your customers like, dislike, and feel needs improvement. You can use this type of market research to look at the quality and design of products, speed and timeliness of delivery, staff and service reliability, knowledge, and friendliness, market price, and value for money.

There are several ways to measure customer satisfaction, most commonly using surveys. An NPS or Voice of the Customer Survey can help you measure customer loyalty. Customer Effort Scoring measures how satisfied people are with customer service or problem resolution. CSAT is any survey that measures customer satisfaction , typically measured using Likert scale surveys . They can be conducted at different points in the customer experience, allowing deeper insight into that moment.

6. Customer segmentation research

Customer segmentation studies aim to divide markets or customers into smaller groups or personas with similar characteristics to enable targeted marketing. By understanding how people in each category behave, you can understand how each influences revenue.

Customer segmentation research is best used if you’re ready to give customers individualized experiences. Not every customer in your target market is the same. The more you understand each specific persona, the easier it is to focus on delivering personalized marketing, build loyal relations, price products effectively, and forecast how new products and services will perform in each segment.

Market researchers use four characteristics to segment customers.

Demographics: demographic information such as age, gender, family status, education, household income, occupation and so on

Geography: where people live, from cities and countries to whether they are city dwellers or suburbanites

Psychographics: socioeconomic status, class, lifestyle, personality traits, generation, interests, hobbies, etc.

Behavior: brand affinity, consumption and shopping habits, spending, etc.

A researcher will identify your current customers and collect data about them through various market research methods, such as surveys, database research, website analytics, interviews, and focus groups. The aim is to gather as much information as possible.

7. Product development

Market research for product development involves using customer knowledge to inform the entire process of creating or improving a product, service, or app and bringing it to market.

Innovation is hard work. A quick Google will tell you that 80–95% of new products fail every year. Conducting market research for product and app development helps minimize the risk of a new product or change going bust as it enters the market. There are three stages where you can use market research:

Conception: The moment you’re thinking about adding something new, market research can find market opportunities and provide insights into customer challenges or their jobs-to-be-done, so you can find a way to fill the gap.

Formation: Once you have an idea, market researchers can help you turn it into a concept that can be tested. You can learn more about strategizing pricing, testing advertising and packaging, value proposition, and so on.

Introduction: Market research can help you gauge attitudes toward the product once it’s in the market and adapt your messaging as it rolls out.

Keep making the product better or find opportunities to introduce it to new markets.

Product development research will utilize different market research methods, depending on the goal of the research. A researcher could present focus groups with product concepts and listen to their opinions, conduct interviews to learn more about their pain points, or perform user testing to see how they interact with an app or website.

8. Usability testing

Usability testing is concerned with understanding how customers use your products in real time. It can involve physical products, like a new blender, or digital products like a website or app.

Usability testing is helpful when you need to detect problems or bugs in early prototypes or beta versions before launching them. It typically costs far less to test a product or service beforehand than to pull a flawed product off the shelves or lose sales because of poor functionality.

There are several types of usability tests, which vary based on whether you’re testing a physical or digital product.

Journey testing involves observing the customer experience on an app or website and monitoring how they perform. This type of study can be done online

Eye tracking studies monitor where people’s eyes are drawn. Generally, they are conducted on websites and apps, but can also be done in stores to analyze where people look while shopping

Learn ability studies quantify the learning curve over time to see which problems people encounter after repeating the same task

Click tracking follows users’ activity on websites to evaluate the linking structure of a website

Checklist testing involves giving users tasks to perform and recording or asking them to review their experience

Combining types of market research with Typeform

When it comes to market research, you need to ask yourself what business challenge or question you’re trying to address. Then, select the appropriate methods and tools, such as market research automation , to simplify your process.From there, the world of useful data and actionable insights will open to you.

About the author

We're Typeform - a team on a mission to transform data collection by bringing you refreshingly different forms.

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Types of market research: Methods and examples

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Here at GWI we publish a steady stream of blogs, reports, and other resources that dig deep into specific market research topics.

But what about the folks who’d appreciate a more general overview of market research that explains the big picture? Don’t they deserve some love too?

Of course they do. That’s why we’ve created this overview guide focusing on types of market research and examples. With so many market research companies to choose from, having a solid general understanding of how this sector works is essential for any brand or business that wants to pick the right market research partner.

So with that in mind, let’s start at the very beginning and get clear on…

Market research definition

At the risk of stating the slightly obvious, market research is the gathering and analyzing of data on consumers, competitors, distributors, and markets. As such it’s not quite the same as consumer research , but there’s significant overlap.

Market research matters because it can help you take the guesswork out of getting through to audiences. By studying consumers and gathering information on their likes, dislikes, and so on, brands can make evidence-based decisions instead of relying on instinct or experience. 

What is market research?

Market research is the organized gathering of information about target markets and consumers’ needs and preferences. It’s an important component of business strategy and a major factor in maintaining competitiveness.

If a business wants to know – really know – what sort of products or services consumers want to buy, along with where, when, and how those products and services should be marketed, it just makes sense to ask the prospective audience. 

Without the certainty that market research brings, a business is basically hoping for the best. And while we salute their optimism, that’s not exactly a reliable strategy for success.

What are the types of market research?

Primary research .

Primary research is a type of market research you either conduct yourself or hire someone to do on your behalf.

A classic example of primary research involves going directly to a source – typically customers or prospective customers in your target market – to ask questions and gather information about a product or service. Interviewing methods include in-person, online surveys, phone calls, and focus groups.

The big advantage of primary research is that it’s directly focused on your objectives, so the outcome will be conclusive, detailed insights – particularly into customer views – making it the gold standard.

The disadvantages are it can be time-consuming and potentially costly, plus there’s a risk of survey bias creeping in, in the sense that research samples may not be representative of the wider group.

Secondary research 

Primary market research means you collect the data your business needs, whereas the types of market research known as secondary market research use information that’s already been gathered for other purposes but can still be valuable. Examples include published market studies, white papers, analyst reports, customer emails, and customer surveys/feedback.

For many small businesses with limited budgets, secondary market research is their first choice because it’s easier to acquire and far more affordable than primary research.

Secondary research can still answer specific business questions, but with limitations. The data collected from that audience may not match your targeted audience exactly, resulting in skewed outcomes. 

A big benefit of secondary market research is helping lay the groundwork and get you ready to carry out primary market research by making sure you’re focused on what matters most.

Qualitative research

Qualitative research is one of the two fundamental types of market research. Qualitative research is about people and their opinions. Typically conducted by asking questions either one-on-one or in groups, qualitative research can help you define problems and learn about customers’ opinions, values, and beliefs.

Classic examples of qualitative research are long-answer questions like “Why do you think this product is better than competitive products? Why do you think it’s not?”, or “How would you improve this new service to make it more appealing?”

Because qualitative research generally involves smaller sample sizes than its close cousin quantitative research, it gives you an anecdotal overview of your subject, rather than highly detailed information that can help predict future performance.

Qualitative research is particularly useful if you’re developing a new product, service, website or ad campaign and want to get some feedback before you commit a large budget to it.

Quantitative research

If qualitative research is all about opinions, quantitative research is all about numbers, using math to uncover insights about your audience. 

Typical quantitative research questions are things like, “What’s the market size for this product?” or “How long are visitors staying on this website?”. Clearly the answers to both will be numerical.

Quantitative research usually involves questionnaires. Respondents are asked to complete the survey, which marketers use to understand consumer needs, and create strategies and marketing plans.

Importantly, because quantitative research is math-based, it’s statistically valid, which means you’re in a good position to use it to predict the future direction of your business.

Consumer research 

As its name implies, consumer research gathers information about consumers’ lifestyles, behaviors, needs and preferences, usually in relation to a particular product or service. It can include both quantitative and qualitative studies.

Examples of consumer research in action include finding ways to improve consumer perception of a product, or creating buyer personas and market segments, which help you successfully market your product to different types of customers.

Understanding consumer trends , driven by consumer research, helps businesses understand customer psychology and create detailed purchasing behavior profiles. The result helps brands improve their products and services by making them more customer-centric, increasing customer satisfaction, and boosting bottom line in the process.

Product research 

Product research gives a new product (or indeed service, we don’t judge) its best chance of success, or helps an existing product improve or increase market share.

It’s common sense: by finding out what consumers want and adjusting your offering accordingly, you gain a competitive edge. It can be the difference between a product being a roaring success or an abject failure.

Examples of product research include finding ways to develop goods with a higher value, or identifying exactly where innovation effort should be focused. 

Product research goes hand-in-hand with other strands of market research, helping you make informed decisions about what consumers want, and what you can offer them.

Brand research  

Brand research is the process of gathering feedback from your current, prospective, and even past customers to understand how your brand is perceived by the market.

It covers things like brand awareness, brand perceptions, customer advocacy, advertising effectiveness, purchase channels, audience profiling, and whether or not the brand is a top consideration for consumers.

The result helps take the guesswork out of your messaging and brand strategy. Like all types of market research, it gives marketing leaders the data they need to make better choices based on fact rather than opinion or intuition.

Market research methods 

So far we’ve reviewed various different types of market research, now let’s look at market research methods, in other words the practical ways you can uncover those all-important insights.

Consumer research platform 

A consumer research platform like GWI is a smart way to find on-demand market research insights in seconds.

In a world of fluid markets and changing attitudes, a detailed understanding of your consumers, developed using the right research platform, enables you to stop guessing and start knowing.

As well as providing certainty, consumer research platforms massively accelerate speed to insight. Got a question? Just jump on your consumer research platform and find the answer – job done.

The ability to mine data for answers like this is empowering – suddenly you’re in the driving seat with a world of possibilities ahead of you. Compared to the most obvious alternative – commissioning third party research that could take weeks to arrive – the right consumer research platform is basically a magic wand.

Admittedly we’re biased, but GWI delivers all this and more.

And the downside of using a consumer research platform? Well, no data set, however fresh or thorough, can answer every question. If you need really niche insights then your best bet is custom market research , where you can ask any question you like, tailored to your exact needs.

Face-to-face interviews 

Despite the rise in popularity of online surveys , face-to-face survey interviewing – using mobile devices or even the classic paper survey – is still a popular data collection method.

In terms of advantages, face-to-face interviews help with accurate screening, in the sense the interviewee can’t easily give misleading answers about, say, their age. The interviewer can also make a note of emotions and non-verbal cues. 

On the other hand, face-to-face interviews can be costly, while the quality of data you get back often depends on the ability of the interviewer. Also, the size of the sample is limited to the size of your interviewing staff, the area in which the interviews are conducted, and the number of qualified respondents within that area.

Social listening 

Social listening is a powerful solution for brands who want to keep an ear to the ground, gathering unfiltered thoughts and opinions from consumers who are posting on social media. 

Many social listening tools store data for up to a couple of years, great for trend analysis that needs to compare current and past conversations.

Social listening isn’t limited to text. Images, videos, and emojis often help us better understand what consumers are thinking, saying, and doing better than more traditional research methods. 

Perhaps the biggest downside is there are no guarantees with social listening, and you never know what you will (or won’t) find. It can also be tricky to gauge sentiment accurately if the language used is open to misinterpretation, for example if a social media user describes something as “sick”.

There’s also a potential problem around what people say vs. what they actually do. Tweeting about the gym is a good deal easier than actually going. The wider problem – and this may shock you – is that not every single thing people write on social media is necessarily true, which means social listening can easily deliver unreliable results.

Public domain data 

Public domain data comes from think tanks and government statistics or research centers like the UK’s National Office for Statistics or the United States Census Bureau and the National Institute of Statistical Sciences. Other sources are things like research journals, news media, and academic material.

Its advantages for market research are it’s cheap (or even free), quick to access, and easily available. Public domain datasets can be huge, so potentially very rich.

On the flip side, the data can be out of date, it certainly isn’t exclusive to you, and the collection methodology can leave much to be desired. But used carefully, public domain data can be a useful source of secondary market research.

Telephone interviews 

You know the drill – you get a call from a researcher who asks you questions about a particular topic and wants to hear your opinions. Some even pay or offer other rewards for your time.

Telephone surveys are great for reaching niche groups of consumers within a specific geographic area or connected to a particular brand, or who aren’t very active in online channels. They’re not well-suited for gathering data from broad population groups, simply because of the time and labor involved.

How to use market research 

Data isn’t an end in itself; instead it’s a springboard to make other stuff happen. So once you’ve drawn conclusions from your research, it’s time to think of what you’ll actually do based on your findings.

While it’s impossible for us to give a definitive list (every use case is different), here are some suggestions to get you started.

Leverage it . Think about ways to expand the use – and value – of research data and insights, for example by using research to support business goals and functions, like sales, market share or product design.

Integrate it . Expand the value of your research data by integrating it with other data sources, internal and external. Integrating data like this can broaden your perspective and help you draw deeper insights for more confident decision-making.

Justify it . Enlist colleagues from areas that’ll benefit from the insights that research provides – that could be product management, product development, customer service, marketing, sales or many others – and build a business case for using research.

How to choose the right type of market research 

Broadly speaking, choosing the right research method depends on knowing the type of data you need to collect. To dig into ideas and opinions, choose qualitative; to do some testing, it’s quantitative you want.

There are also a bunch of practical considerations, not least cost. If a particular approach sounds great but costs the earth then clearly it’s not ideal for any brand on a budget.

Then there’s how you intend to use the actual research, your level of expertise with research data, whether you need access to historical data or just a snapshot of today, and so on.

The point is, different methods suit different situations. When choosing, you’ll want to consider what you want to achieve, what data you’ll need, the pros and cons of each method, the costs of conducting the research, and the cost of analyzing the results. 

Market research examples

Independent agency Bright/Shift used GWI consumer insights to shape a high-impact go-to-market strategy for their sustainable furniture client, generating £41K in revenue in the first month. Here’s how they made the magic happen .

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Home Market Research

Types of Market Research: 10 Effective Methods

Either if you’re a company or market researcher, one of the most important things to understand is the different types of market research that are available to you. Each type has its strengths, weaknesses, and unique applications. It’s essential to know which one to use for your research needs. In this post, we’ll break down the most common types of market research and explain when to use each.

LEARN ABOUT: Behavioral Research

What are the Types of Market Research?

When it comes to market research, there are many different types to choose from, each with its strengths, weaknesses, and unique applications. The key is understanding the different types and knowing when to use them to get the most valuable insights for your research goals. Remember, the more you know about the different types of market research, the better equipped you’ll be to make informed business decisions.

LEARN ABOUT: Market research vs marketing research

Companies can use surveys as a type of market research to gather valuable information about their customers, their market, and their competition. Here are a few ways that a business owner can use surveys for market research:

• Customer satisfaction : Surveys can gauge how satisfied customers are with a business’s products or services and identify areas where improvements can be made.
• Market segmentation : Surveys can gather information about a business’s target market, including demographics, behaviors, and preferences. This information can be used to segment the market and tailor products or services to specific groups of customers.
• Product development : Surveys can gather information about customers’ needs and preferences, which can inform the development of new products or services.
• Competitor analysis : Surveys can gather information about competitors, including their products, prices, and marketing strategies. This information can be used to inform a business’s own strategic decisions.
• Brand awareness : Surveys can measure customers’ understanding of a business’s brand and how well the market perceives it.
• Advertising : Surveys can gather information about a business’s advertising campaigns’ effectiveness and identify improvement opportunities.
• Employee satisfaction : Surveys can be used to measure the satisfaction of a business’s employees and identify ways to improve employee morale and productivity.

LEARN ABOUT:  Market Evaluation

2. Exploratory Research

Exploratory research is like going on a treasure hunt, but instead of looking for gold and jewels, you’re searching for valuable insights and information. It’s a way to dive deeper into a topic, uncover new angles, and better understand the subject.

Think of it like a choose-your-own-adventure book, where every turn leads to a new discovery. You might uncover a new market research trend , a gap in the market, or a customer pain point you never knew existed. You never know what you’re going to find, but that’s the fun of it!

Exploratory research is all about asking open-ended questions and taking a flexible approach. It’s not about finding one specific answer but rather gathering as much information as possible. It can include methods such as focus groups, interviews, and literature reviews.

LEARN ABOUT:   Research Process Steps

3. Qualitative Research

This type of research is all about understanding people’s experiences and perspectives. It’s often conducted through interviews, focus groups, or observational studies. The data is then analyzed to identify themes and patterns. Qualitative research is significant for understanding things like consumer attitudes and motivations, and it’s often used to explore new marketing ideas and gain a deeper understanding of a topic.

It is the investigator of the research world, diving deep into the human experience to uncover people’s motivations, perceptions, and attitudes. It’s not just about collecting data but understanding its meaning and the “why” behind the “what.”

4. Quantitative Research

Quantitative research is excellent for understanding consumer behavior and market trends, and it’s often used to test hypotheses and make predictions. This type of research is all about numbers and statistics. It involves collecting data from a large sample of people through surveys, polls, or experiments. The data is then analyzed to identify patterns and trends.

5. Observational Research

This type of research is all about watching and recording what people do. It’s often conducted through ethnography, field studies, or participant observation. Observational research is excellent for understanding consumer behavior and social dynamics, and it’s often used to gain a deeper understanding of a particular group or population.

6. Primary Research

Primary research is a type of research where the researcher collects data themselves rather than using pre-existing sources. It’s a way for the researcher to gather original, firsthand information on a specific topic. This can be done through surveys, interviews, focus groups, and experiments.

This is an example of primary research . For instance, if a company wants to know what its customers think of their new product, it might survey to gather this information. The information collected through this survey is original and managed by the company itself rather than being sourced from elsewhere.

7. Secondary Research

Secondary research is a type of research that involves gathering information that has already been published by someone else. It’s a way to gather information by looking at sources that have already been created, such as market reports, industry publications, and online resources.

For example, suppose you’re a business owner and want to know more about your competitors. In that case, you could use secondary research to find market reports and industry publications that have already been written about your industry. This information can be used to understand the competitive landscape, identify trends, and inform your business strategies.

8. Experimental Research

This type of research is all about testing cause-and-effect relationships. It’s often conducted through experiments, where variables are manipulated to see how they affect the outcome. Experimental research is excellent for understanding consumer preferences and product performance, and it’s often used to test hypotheses and make predictions.

9. Ethnographic Research

This type of market research is a type of qualitative research that involves observing and studying people in their natural settings. It’s a way to understand a culture, community, or group of people and how they interact with a product or service.

Ethnographic research is a valuable tool for businesses because it provides a rich and detailed understanding of the customer experience. It allows the company to see the product or service in the context of the customer’s everyday life and gain insights that may not be apparent through other types of research.

LEARN ABOUT: 5 Ways Market Research

10. Product Testing

Product testing is a type of research that involves evaluating a product or service by using it in a controlled environment. It’s a way to gather information about the product’s performance, usability, and overall customer satisfaction.

For example, you might conduct product testing if you’re a business owner and want to know how customers will react to your new product. You would give the product to a group of testers and ask them to use it sometime, then gather feedback about their experience. This information can be used to identify any issues or improvements that need to be made before the product is released to the market.

Why do Business Owners need to Know the Types of Market Research?

Market research is a way for businesses to gather information about their target market, customers, and industry. It helps companies to make informed decisions about product development, marketing strategies, and overall business direction. There are several types of market research, each with itn purpouse and methods, which any business owner needs to know.

• Making informed decisions: Knowing the different types of market research allows businesses to choose the right kind of research for their specific needs. This can help them make more informed decisions about their products, services, or overall business strategy.
• Identifying opportunities: Market research can help businesses identify new opportunities, such as untapped markets or unmet customer needs. This can help them stay ahead of the competition and grow their business.
• Understanding customers: Market research can help companies understand their customers better. They can learn about their customers’ attitudes, behaviors, and needs by conducting research. This can help them tailor their products and services to meet those needs better.
• Monitoring the market: Market research can also help businesses monitor their market and stay informed about industry trends. This can help them anticipate changes and make strategic adjustments.
• Identifying potential problems: Market research can also help identify potential problems or challenges before they occur. For example, by conducting research, they may discover that a new competitor is about to enter the market or that a change in consumer behavior is affecting their sales. This can help them take proactive measures to address these issues.

Overall, by understanding the different types of market research and how to use them, we can gain valuable insights that can help us make more informed decisions, identify new opportunities, and grow businesses. It’s essential to stay on top of the research trends and industry changes to ensure the company runs smoothly and profitably.

LEARN ABOUT:  Market research industry

Learning about customers, markets, and competition is essential. We’ve covered the types of market research that we can use to gather valuable information. Whether you’re looking to gauge customer satisfaction, segment your market, or conduct competitor analysis, various research methods are available to help you make informed decisions for your business.

LEARN ABOUT: 12 Best Tools for Researchers

But if you’re looking for a powerful survey tool to help you conduct all types of market research, look no further than QuestionPro. With QuestionPro, you’ll have access to a wide range of features to help you create, distribute, and analyze surveys and gather insights that can inform your business strategies. So don’t hesitate. Subscribe to QuestionPro today and start conducting market research like a pro!

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What is Market Research? Types, Tools, Examples

Appinio Research · 13.12.2022 · 32min read

Are you ready to unlock the secrets to success in today's competitive business landscape? Understanding your market is critical to thriving in an ever-changing environment. But where do you start? Market research holds the answers. It's not just about gathering data; it's about gaining invaluable insights into your customers, competitors, and industry trends. Whether you're a seasoned entrepreneur or just starting out, mastering the art of market research is essential for making informed decisions that drive growth and profitability. In this guide, we'll demystify the world of market research, breaking down complex concepts into easy-to-understand insights and practical strategies. From defining market research to implementing actionable insights, we'll cover everything you need to know to take your business to the next level.

What is Market Research?

Market research is the systematic process of gathering, analyzing, and interpreting information about a market, its consumers, and its competitors. It involves collecting both quantitative and qualitative data to gain insights into consumer behavior, market trends, and competitive landscapes. Market research serves as a foundation for strategic decision-making in business, helping organizations understand their target audience , identify opportunities, and mitigate risks.

Importance of Market Research

• Understanding  Customer  Needs : Market research helps businesses gain insights into their target customers' needs, preferences, and expectations. By understanding what drives consumer behavior,  businesses  can develop products and services that effectively meet customer demands.
• Identifying Market Trends : Market research enables businesses to stay abreast of emerging trends and shifts in consumer behavior. By monitoring market trends,  businesses  can adapt their strategies accordingly and capitalize on new opportunities.
• Assessing Competitive Landscape : Market research provides insights into competitors' strategies, strengths, and weaknesses. By understanding the competitive landscape, businesses can identify gaps in the market and differentiate themselves effectively.
• Mitigating Risks : Market research helps  businesses  assess the feasibility and viability of new products, services, or business ventures. They can minimize risks and avoid costly mistakes by conducting market research before making strategic decisions.
• Optimizing Marketing Strategies : Market research informs the development and optimization of marketing strategies, enabling businesses to target the right audience with the right message through the proper channels. By understanding consumer preferences and behaviors, they can tailor their marketing efforts for maximum impact.

Objectives of Market Research

• Understanding Consumer Behavior : Market research aims to understand  the  motivations, preferences, and behaviors  of target consumers .  By gaining insights into consumer behavior, businesses can tailor their products, services, and marketing strategies to meet  customer  needs effectively.
• Identifying Market Opportunities : Market research helps  businesses  identify untapped market segments, niche markets, and unmet needs. By identifying market opportunities, they can develop new products or services that address market gaps and drive growth.
• Assessing Market Potential : Market research enables businesses to evaluate the size, growth potential, and attractiveness of target markets. By understanding market potential, they can prioritize resource allocation and focus their efforts on markets with the most significant opportunities for success.
• Evaluating Competitor Strategies : Market research provides insights into competitors' strategies, offerings, and market positioning. By analyzing competitor data, businesses can identify areas of competitive advantage and develop strategies to differentiate themselves.
• Informing Decision-Making : Market research  serves as  a basis for strategic decision-making across all business areas.  By providing data-driven insights and actionable recommendations,  market research helps businesses make informed decisions that drive growth and profitability.

Understanding Market Research

Scope of Market Research

The scope of market research extends far beyond simply understanding consumer preferences. It encompasses various aspects of market dynamics, including:

• Consumer Behavior : Understanding  the  motivations, needs, and preferences  of target consumers .
• Market Trends : Identifying emerging trends, shifts in consumer behavior, and changes in market demand.
• Competitive Analysis : Assessing competitor strategies, market positioning, and strengths and weaknesses.
• Industry Insights : Gathering information about industry trends, regulatory changes, and technological advancements.
• Market Segmentation : Identifying distinct market segments based on demographics, psychographics, and behavior.

By comprehensively exploring these aspects, businesses can  gain a holistic understanding of  their market environment and make strategic decisions accordingly.

Types of Market Research

Market research can be broadly categorized into two main types: qualitative  research and quantitative research .

Qualitative Research

Qualitative research focuses on exploring underlying motivations, attitudes, and perceptions through non-numerical data. Common methods include:

• Focus Groups : Small group discussions led by a moderator to gather insights into consumer opinions and attitudes.
• In-depth Interviews : One-on-one interviews  conducted  to delve deeper into individual experiences and perspectives.
• Observation : Direct observation of consumer behavior in real-world or simulated environments.

Qualitative research provides rich, nuanced insights that help businesses understand the "why" behind consumer actions and preferences.

Quantitative Research

Quantitative research involves collecting and analyzing numerical data to quantify market trends, consumer behavior, and business performance. Key methods include:

• Surveys : Structured questionnaires administered to a sample of respondents to gather quantitative data.
• Experiments : Controlled studies designed to test hypotheses and measure the impact of variables on consumer behavior.
• Secondary Data Analysis :  Utilizing existing data sources, such as market reports and databases , to analyze  trends and patterns .

Quantitative research provides statistically valid insights that enable businesses to make data-driven decisions and measure the effectiveness of marketing strategies.

Market Research Components

The success of market research initiatives hinges on several key components:

• Clear Objectives : Defining research objectives that align with business goals and provide actionable insights.
• Methodological Rigor : Selecting appropriate research methods and ensuring the validity and reliability of data collection.
• Data Analysis : Applying rigorous analysis techniques to derive meaningful insights from collected data.
• Insightful Interpretation : Interpreting research findings in the context of broader market dynamics and business implications.
• Actionable Recommendations : Providing actionable recommendations that guide strategic decision-making and drive business growth.

How to Set Market Research Objectives?

Before embarking on any market research initiative, establishing clear objectives is essential to guide the entire process.  By setting  research objectives , you can ensure  that your efforts are focused, relevant, and aligned with your business goals and target audience.

1. Identify Business Goals

The first step in setting research objectives is identifying your overarching business goals. What are you trying to achieve with your market research? Are you looking to launch a new product, enter a new market, or improve customer satisfaction ?  By clearly  defining your business goals , you  can tailor your research efforts to address specific challenges and opportunities.

Suppose your goal is to increase market share in a particular demographic segment. Your research objectives may then focus on understanding the preferences and purchasing behavior of that target audience.

2. Define Research Questions

Once you've identified your business goals, the next step is to define research questions that will help you achieve those goals. Research questions should be specific, measurable, and relevant to your objectives. They should guide your data collection efforts and provide a framework for analysis.

For instance, if your business goal is to improve brand perception among millennials, your research questions may include:

• What factors influence millennials' brand preferences?
• How do millennials perceive our brand compared to competitors?
• What channels do millennials use to engage with brands?

3. Establish Market Research KPIs

In addition to defining research questions, it's essential to establish key performance indicators (KPIs) that will measure the success of your market research efforts. KPIs should be aligned with your business goals and reflect the outcomes you aim to achieve.

For example, if your goal is to increase customer satisfaction, KPIs may include metrics such as Net Promoter Score (NPS) , customer retention rate, and customer lifetime value. These KPIs provide quantifiable measures of success that can inform strategic decision-making.

4. Align Objectives with Target Audience

Finally, it is crucial to ensure that your research objectives align with  those of your target audience .  Understanding their needs, preferences, and behaviors is essential for conducting meaningful research and deriving actionable insights.

For example, if your target audience consists of young professionals, your research objectives may focus on understanding their lifestyle choices, media consumption habits, and purchasing behavior.  You  can gather relevant data that drives business growth and customer satisfaction  by aligning your goals with your target audience .

By following these steps to set clear and actionable research objectives, you can maximize the effectiveness of your market research efforts and achieve tangible results that contribute to your business success.

Market Research Tools

Market research tools are essential resources that facilitate data collection,  data analysis, and data  interpretation to gain insights into consumer behavior, market trends, and competitive landscapes.  These tools come in various forms, ranging from survey platforms to analytics software , each  designed to streamline and enhance the market research process. Here's a closer look at what market research tools are, what they do, and their benefits.

What Are Market Research Tools?

Market research tools encompass a wide range of software, platforms, and applications specifically designed to assist businesses in gathering and analyzing data related to their target market, customers, and competitors. These tools offer functionalities such as survey creation, data visualization, sentiment analysis , competitor monitoring, and trend forecasting, among others. By leveraging these tools, businesses can gain valuable insights that inform strategic decision-making and drive business growth.

What Do Market Research Tools Do?

Market research tools serve multiple purposes throughout the market research process. They enable businesses to:

• Collect Data : Market research tools facilitate the gathering of data through surveys, questionnaires, social media monitoring, web scraping, and other methods.
• Analyze Data : Once data is collected, these tools provide analytical capabilities to process and interpret the data, uncovering actionable insights and trends.
• Visualize Insights : Many market research tools offer data visualization features, allowing users to create charts, graphs, and dashboards to present insights in a clear and visually appealing manner.
• Monitor Competitors : Some tools enable businesses to track and analyze competitor activities, pricing strategies, product launches, and customer sentiment, providing valuable competitive intelligence.
• Forecast Trends : Advanced market research tools leverage data analytics and machine learning algorithms to forecast market trends, consumer behavior patterns, and emerging opportunities, helping businesses stay ahead of the curve.

Benefits of Market Research Tools

Market research tools offer several benefits to businesses of all sizes and industries, including:

• Time and Cost Savings : Market research tools save businesses valuable time and resources compared to traditional research methods by automating data collection, analysis, and reporting processes.
• Data Accuracy and Reliability : These tools ensure data accuracy and reliability by standardizing data collection methods , reducing human error, and providing robust analytical capabilities.
• Actionable Insights : Market research tools generate actionable insights that inform strategic decision-making, product development, marketing campaigns, and overall business strategy.
• Competitive Advantage : By monitoring competitors and identifying market trends, businesses gain a competitive advantage and adapt quickly to changing market conditions.
• Improved Customer Understanding : Market research tools enable businesses to gain a deeper understanding of their target audience, including their needs, preferences, behaviors, and pain points, leading to more effective customer engagement and retention strategies.

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Primary Research Methods

Primary research methods are fundamental tools  used by businesses and researchers  to gather firsthand data directly from the source.  Unlike secondary research, which relies on existing data, primary research involves collecting new information tailored to specific research objectives. These methods allow for a deeper understanding of target audiences, market dynamics, and consumer preferences through direct interaction and observation.

Surveys are one of the most widely used primary research methods for gathering quantitative data from a sample of respondents. Surveys typically consist  of a series of structured close-ended questions as well as open-ended questions administered through various mediums, such as online platforms, phone interviews, or paper forms.

Interviews involve direct one-on-one or group interactions with respondents to gather in-depth qualitative insights. Depending on the level of flexibility in questioning, interviews can be structured, semi-structured, or unstructured.

Focus Groups

Focus groups involve facilitated discussions with  a  small  group of  participants to gather qualitative insights on a specific topic or issue.  Focus groups are  particularly useful  for exploring complex topics and understanding group dynamics and consensus.

Observation

Observation involves systematically watching and recording behaviors, interactions, and events in natural or controlled settings. Observation can be overt or covert and is often used to gather qualitative data on behaviors that may be difficult to capture through other methods.

How to Conduct Secondary Research?

Secondary research is a foundational step in the market research  process , providing valuable insights from existing sources.

What is Secondary Research?

Secondary research involves collecting and analyzing existing data and information from various sources. Unlike primary research, which  involves gathering original data through surveys or experiments, secondary research relies on data that others have already collected. The purpose of secondary research is to leverage existing knowledge to inform decision-making and gain insights into market trends, consumer behavior, and industry dynamics.

Sources of secondary data  include government agencies, industry associations, research organizations, companies, market research firms, academic institutions, online databases, and media sources.  By accessing these diverse sources, businesses can leverage existing knowledge to inform their strategies and decision-making processes effectively.

Techniques for Gathering Secondary Data

Several techniques can be employed to gather secondary data, including:

• Literature Review : Conducting a comprehensive review of existing literature and research studies relevant to the topic of interest.
• Data Mining : Using advanced data analytics techniques to extract valuable insights from large datasets and databases.
• Content Analysis : Analyzing textual data from  sources such as  news articles, social media posts, and online reviews to identify patterns and trends.
• Document Analysis : Examining reports, whitepapers, and other documents to extract relevant information and insights.

Evaluating the Credibility of Secondary Sources

When utilizing secondary sources, it's essential  to critically evaluate their credibility and reliability . Several factors should be considered when assessing the credibility of secondary sources, including:

• Authoritativeness : Assessing the reputation and expertise of the source or organization that produced the data.
• Accuracy :  Verifying  the accuracy of the data and  ensuring  that it is based on sound research methods and rigorous analysis.
• Currency : Checking the timeliness of the data to ensure that it reflects current market conditions and trends.
• Objectivity : Evaluating whether the source has any biases or conflicts of interest that may impact the reliability of the data.

By carefully evaluating the credibility of secondary sources, businesses can ensure that the information they rely on is accurate, relevant, and trustworthy.

By leveraging secondary research, businesses can access a wealth of information that informs strategic decision-making, drives innovation, and facilitates business growth.

Market Research Use Cases

Market research is a crucial tool for businesses to understand their target audience, competitors, and market dynamics. By employing various research methods, companies can gain valuable insights into consumer behavior, preferences, and trends. Here are some of the most common use cases of market research.

Market Segmentation

Market segmentation involves dividing a heterogeneous market into smaller, more manageable segments based on shared characteristics such as demographics, psychographics, or behavior.

By segmenting the market, businesses can tailor their marketing strategies and offerings to better meet the needs and preferences of specific customer groups . For example, a clothing retailer might segment its market based on age groups to create targeted advertising campaigns and product assortments for different demographics.

Target Group Analysis

Target group analysis focuses on identifying and understanding specific market segments most likely to be interested in a company's products or services. This analysis involves researching the characteristics, behaviors, and preferences of potential customers within these segments.

By understanding their target groups, businesses can develop more effective marketing strategies and allocate resources more efficiently. For instance, a software company might conduct target group analysis to identify industries or businesses  most in need of their product, allowing them to tailor their sales efforts accordingly.

Utility Analysis/Feature Prioritization

Utility analysis,  also known as feature prioritization, helps businesses understand which product features are most important to customers and prioritize development efforts accordingly. This analysis involves gathering customer feedback through surveys, focus groups, or interviews to determine which features they value most.

By prioritizing features that offer the highest utility to customers, businesses can enhance customer satisfaction and differentiate their products from competitors. For example, a mobile phone manufacturer might conduct a utility analysis to identify which features—such as camera quality or battery life—are most important to consumers when purchasing a new phone.

MaxDiff Analysis

MaxDiff analysis , short for Maximum Difference Scaling, is a research method used to identify the relative importance of different product features or attributes. In a MaxDiff study, participants are presented with sets of features and asked to indicate which they consider the most and least important.

By analyzing the results, businesses can determine which features impact customer preferences most  and prioritize them in product development efforts. For instance, a fast-food chain might use MaxDiff analysis to identify the most desired menu items or promotional offers among customers.

TURF Analysis

Total Unduplicated Reach & Frequency (TURF) analysis is a method used to optimize product portfolios, marketing strategies, or product variants to maximize reach and frequency among target customers. TURF analysis helps businesses identify the combination of offerings that appeal to the  largest  number of customers while minimizing overlap. For example, a media company might use TURF analysis to determine the  most effective  combination of TV shows or advertising channels to reach their target audience.

Conjoint Analysis

Conjoint analysis is a powerful technique  used  to understand customer preferences and trade-offs when evaluating product features or attributes. In a conjoint study, participants are presented with multiple product profiles that vary in features and  asked to choose their preferred option.

By analyzing these choices, businesses can determine the relative importance of different features and predict how changes in product attributes will impact customer preference and willingness to purchase. For example, a car manufacturer might use conjoint analysis to determine a new model's optimal combination of price, fuel efficiency, and design features.

Kano Analysis

Kano analysis helps businesses understand the factors that drive customer satisfaction and dissatisfaction. This method categorizes product features into three categories:  basic , performance, and delighters.

Basic features are essential and expected by customers, while performance features increase satisfaction linearly. Delighters, on the other hand, provide unexpected satisfaction and can differentiate a product from competitors. By understanding the Kano model, businesses can prioritize features that delight customers and differentiate their offerings in the market.

Driver Analysis

Driver analysis identifies the key factors influencing customer behavior and purchasing decisions. By quantifying the impact of different product features or attributes on customer satisfaction or purchase intent, businesses can prioritize areas for improvement and allocate resources efficiently. For example, a hospitality company might conduct a driver analysis to determine which amenities or services have the greatest  impact on guest satisfaction and loyalty.

Cost/Price Analysis

Price analysis involves studying customer preferences and purchasing behavior around different price points to optimize pricing strategies.  By  quantifying the relative importance of price levels and understanding price sensitivity , businesses can set prices that maximize revenue and profitability .  Price analysis methods include Van Westendorp analysis, Gabor-Granger analysis, and price elasticity modeling.

Gabor-Granger Price Analysis

Gabor-Granger price analysis is a method used to understand customer responses to different pricing strategies. In a Gabor-Granger study, participants are presented with  different price points  and asked about their likelihood of purchasing the product at each price level. By analyzing these responses, businesses can determine price sensitivity and identify the optimal price point that maximizes revenue and profitability.

Van Westendorp Pricing Analysis

Van Westendorp pricing analysis helps businesses understand customer preferences around different price points and determine the optimal pricing strategy for their products or services. This method involves asking customers a series of questions about price acceptability, including the price they would consider too expensive, too cheap, a bargain, and too expensive but still worth considering. By analyzing the responses, businesses can identify the price range that maximizes customer acceptance and willingness to purchase.

Discovering consumer insights has  never  been  easier . With Appinio , you can conduct these market research use cases in minutes, effortlessly gaining valuable insights to fuel your business decisions. From segmenting your market to prioritizing features and analyzing pricing strategies, Appinio streamlines the entire process, allowing you to focus on what truly matters – making data-driven decisions that propel your business forward.

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How to Interpret Market Research Findings?

Once you've collected and analyzed your data, the next step is to interpret the findings to extract actionable insights. Interpreting research findings involves more than just looking at the numbers or qualitative responses—it requires understanding the broader context, identifying patterns, and drawing meaningful conclusions.

To interpret your market research findings:

• Contextualize the Data : Consider the broader context in which the data was collected, including market trends, competitive dynamics, and industry developments. Understanding the context helps you interpret the findings accurately and identify potential implications for your business.
• Identify Patterns and Trends : Look for patterns, trends, and relationships in the data that provide insights into consumer behavior, preferences, and market dynamics. Use visualizations such as charts, graphs, and  heatmaps  to identify patterns.
• Compare and Contrast : Compare your findings with previous research, industry benchmarks , or internal data to gain a deeper understanding of your market position and performance. Contrasting your findings with competitors' data can also provide valuable insights.
• Consider Limitations : Acknowledge any limitations or biases in your research methodology that may impact the interpretation of findings. Be transparent about the strengths and weaknesses of your research approach to ensure the validity of your conclusions .
• Seek Diverse Perspectives : Encourage collaboration and discussion among team members or stakeholders to gain diverse perspectives on the findings. Different viewpoints can lead to  richer  interpretations and more robust insights.
• Look for Actionable Insights : Focus on identifying actionable insights that can inform strategic decision-making and drive business growth. Translate your findings into concrete recommendations and initiatives that address key challenges or capitalize on opportunities.

How to Implement Market Research Insights?

Implementing market research insights is where the actual value of your research efforts comes to fruition. It involves translating your findings into actionable strategies and initiatives that drive business growth and competitive advantage.

• Prioritize Key Findings : Identify your research's most critical findings and insights with the  greatest  potential impact on your business objectives. Prioritize these insights to focus your implementation efforts effectively.
• Develop Action Plans : Translate your research findings into concrete action plans and initiatives that address identified opportunities or challenges. Define clear goals, objectives, timelines, and responsibilities for each action plan to ensure accountability and alignment.
• Engage Stakeholders : Involve key stakeholders, including senior leadership, department heads, and frontline employees, in the implementation process. Seek their input and buy-in to ensure alignment and support for your initiatives.
• Allocate Resources : Allocate the necessary resources, including budget, personnel, and technology, to support the implementation of your market research insights. Ensure that resources are allocated effectively to maximize the impact of your initiatives.
• Monitor Progress : Establish metrics and KPIs to track the progress and success of your implementation efforts. Regularly monitor and evaluate performance against these metrics to identify any deviations or areas for improvement.
• Iterate and Adapt : Market dynamics are constantly evolving, so it's essential to iterate and adapt your strategies based on ongoing research and feedback. Continuously reassess your initiatives and make adjustments as needed to stay competitive and responsive to changing market conditions.

By effectively implementing market research insights, you can drive tangible results and create a competitive advantage for your business in today's dynamic marketplace.

Conclusion for Market Research

Market research is the compass that guides your business journey, helping you navigate through uncertainties and make informed decisions. By understanding your customers, competitors, and market trends, you can position your business for success and stay ahead of the curve. Remember, market research isn't a one-time task—it's an ongoing process that evolves with your  business  and the market. So, continue to gather insights, analyze data, and adapt your strategies to meet the ever-changing needs of your target audience.

In today's fast-paced world, the importance of market research cannot be overstated. It's the foundation upon which successful businesses are built, providing the insights needed to drive innovation, optimize marketing efforts, and maximize profitability. By harnessing the power of market research, you can unlock new opportunities, mitigate risks, and achieve sustainable growth.

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Types of Market Research Explained and How to Use Them

6 min. read

Updated May 10, 2024

As a small business, you must understand your market, target customers, and brand. 

This knowledge significantly affects your decision-making, marketing effectiveness, and potential for business growth.

And while the steps to do market research are relatively simple—your research options are far more complex.

Let’s explore the different types of market research and how to apply them to your business.

• 1. Primary research

Primary market research is first-hand information you collect from customers within your market.

For business owners:

Use this method when validating your business idea . Break it down into two result categories — exploratory and specific.

Exploratory is non-quantifiable customer feedback. You’re not looking to measure results but gauge interest or an emotional response.

Now, follow up with very specific questions that can be quantified. Use this to evaluate the value of a product or service, your market direction, and product/market fit. 

Your goal is to come back with numerical (purchases, revenue, estimated sales, etc.) insights to drive and support your decisions.

Research methods:

• 1:1 Interviews
• Focus groups
• Observations

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• 2. Secondary research

Secondary research covers every other piece of data you have available. This includes resources such as:

• Public sources: Typically free and highly accessible information gathered through government-sponsored research projects. 
• Commercial sources: Research studies conducted by private organizations regarding the state of specific markets, industries, or innovations. 
• Internal sources: Data you have collected through everyday business operations.

For business owners: 

Secondary research is a cost-effective way to gather existing information on the industry, market trends, and competitors. It helps you benchmark against industry standards and identify potential market opportunities.

Use this research as a starting point. It can inform the direction of more costly primary research methods. 

• Industry reports
• Market statistics
• Academic publications
• News articles
• In-house data
• 3. Qualitative research

Qualitative research is the collection of information that is not reliant on numbers making it difficult to measure. It adds depth or context to quantitative research by measuring sentiment or collecting responses to open-ended questions.

Qualitative research delves deep into customer psychologies, helping you understand the reasons behind their choices. This can guide product development, branding, and marketing strategies to better resonate with your audience.

• In-depth interviews
• Case studies
• 4. Quantitative research

The collection of numerical data can be easily collected and analyzed. It should be seen as exploratory. Your goal is to uncover evidence or trends that can be explored further through qualitative research. 

Quantitative research provides measurable data that you can then analyze. 

Short-term, it helps you make data-driven decisions, forecast trends, and understand the market size and segmentation. Long-term, it’s your baseline for performance that can be referenced in additional market research efforts. 

• Financial data
• 5. Observational research

Researchers observe and record the actions of participants. This can be done in a formal or informal setting. 

For example, you want to open a coffee shop and need to understand the total foot traffic in a specific area. You could stake out the location and count the number of people that pass by over a set period.

Observational research offers genuine real-time insights into how customers interact with products or services. 

You can identify potential pain points, understand if features meet expectations, and even improve  

• Direct observation
• Participant observation
• Time-lapse videos
• Eye-tracking studies
• 6. Competitive analysis

Research competitors in the market to understand their strategies, strengths, and weaknesses.

A competitive analysis helps position your business. 

You’ll identify your unique selling points, opportunities to improve, and potential threats to your business. 

• SWOT analysis
• Competitor benchmarking
• Mystery shopping
• Online monitoring
• 7. Branding research

This focuses on how a brand is perceived in the market. It relates to your company’s tone, imagery, design, and overall values.

Branding research can help in creating, managing, or maintaining your brand. 

You can research brand awareness, loyalty, perception, value, and positioning. For this research to be effective, you must have a distinct purpose. 

Typically, you’re attempting to gauge overall performance, identify opportunities to enhance your brand or diminish areas that do not reflect it.   

• Brand awareness surveys
• Brand loyalty assessments
• Social listening (brand mentions, interactions, etc.)
• 8. Customer research

This involves gathering insights directly from current or potential customers to understand their needs, preferences, and experiences.

Customer research is pivotal in ensuring your business meets customer needs and expectations. It can guide customer service improvements, enhance loyalty, and increase customer lifetime value.

• Customer satisfaction surveys
• Net Promoter Score (NPS) surveys
• Customer feedback forms
• Customer interviews
• 9. Product research

This focuses on evaluating a product’s performance, acceptance, and potential improvements in the market.

Product research helps refine product features, understand its market fit, and identifying areas for innovation. It ensures that the product meets customer needs and stays competitive.

You can test hypothetical solutions, product features, branding, and marketing collateral. Ideally, you’d test each of these elements in specific phases. And let the results inform the direction of each step.

• Product usage surveys
• Product testing and trials
• Feature preference studies
• Concept testing
• 10. Experimental research

Involves manipulating one variable to determine if it causes a change in another.

Experimental research can help test hypotheses about market behaviors, allowing for optimization of product features, pricing strategies, or marketing campaigns based on actual results.

• Controlled experiments
• Field experiments
• A/B testing
• Lab experiments
• 11. Field trials

Testing products, services, or promotions in a real-world setting before a full-scale launch.

Field trials use a real-world testing ground to gauge the effectiveness of a new product or campaign and make necessary adjustments before a broader rollout.

For physical products, this could be done geographically. Where only a select number of locations receive and sell a given product.

For software or services, you can beta test with a selection of users. Ideally, these are dedicated customers deep in your solution and can provide pointed feedback.

• Product sampling
• Test marketing
• Beta testing
• Store audits
• How to choose the best research method(s) for your business

You’ll end up using several types of market research. You may have even noticed how many of the market research methods overlapped. 

What you start with depends on several factors:

Why you’re doing this research and the desired results will influence your chosen methods. 

For those starting a business, focus on getting market data and direct customer insight. You want a broad understanding of the market you’re entering, your competitors, and where you fit. 

You also need to know your target market. Quantitative data is a great starting point, but you won’t have a clear picture without direct conversation.

Research requires monetary investment. Whether it’s purchasing reports, hiring a research firm, or compensating a tester. You should account for the payroll cost if it’s you or an employee doing the research. 

Research doesn’t have to be expensive. Many online tools offer free or affordable options for surveys and feedback collection. But if you need to go deeper, you’ll likely need to pay more.

Time investment

Research requires time. Time to run, analyze, and report. You need to understand how long a specific method will take and the return you expect.

Remember, it may take time now, but it will ideally save you time (and money) in the future.

• Explore more on marketing research

Choosing how you’ll conduct market research is just part of the process. Check out our curated selection of resources to learn more about: 

• Finding your customer
• Get to know your competitors
• Market research tools

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

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