Basics and Methods of Market Research that will Help You Elevate Your Business

Today's consumers have a lot of power. They can research your product or service and make purchase decisions entirely on their own. With this in mind, have you adapted your marketing strategy to complement the way today's consumers research and shop?

To do just that, you must have a deep understanding of who your buyers are, your specific market, and what influences the purchase decisions and behavior of your target audience members.

 

Primary Research

Primary research is the pursuit of first-hand information about your market and the customers within your market. It's useful when segmenting your market and establishing your buyer personas. Primary market research tends to fall into one of two buckets: exploratory and specific research.

 

Secondary Research

Secondary research is all the data and public records you have at your disposal to draw conclusions from (e.g. trend reports, market statistics, industry content, and sales data you already have on your business). Secondary research is particularly useful for analyzing your competitors.

 

Types of market research

 

Interviews

Interviews allow for face-to-face discussions (in-person and virtual) so you can allow for a natural flow or conversation and watch your interviewee's body language while doing so.

Focus Groups

Focus groups provide you with a handful of carefully-selected people that you can have test out your product, watch a demo, provide feedback, and/or answer specific questions.


Product/ Service Use Research

Product or service use research offers insight into how and why your audience uses your product or service, and specific features of that item. This type of market research also gives you an idea of the product or service's usability for your target audience. 

Observation-Based Research

This type of research allows you to sit back and watch the ways in which your target audience members go about using your product or service, what works well in terms of UX, what roadblocks they hit, and which aspects of it could be easier for them to use and apply.

Buyer Persona Research

It gives you a realistic look at who makes up your target audience, what their challenges are, why they want your product or service, what they need from your business and brand, and more. 

 

Market Segmentation Research

Market segmentation research allows you to categorize your target audience into different groups (or segments) based on specific and defining characteristics — this way, you can determine effective ways to meet their needs, understand their pain points and expectations, learn about their goals, and more. 

Pricing Research

Pricing research gives you an idea of what similar products or services in your market sell for, what your target audience expects to pay — and is willing to pay — for whatever it is you sell, and what's a fair price for you to list your product or service at.

Competitive Analysis Research

Competitive analyses are valuable because they give you a deep understanding of the competition in your market and industry. You can learn about what's doing well in your industry, what your target audience is already going for in terms of products like yours, which of your competitors should you work to keep up with and surpass, and how you can clearly separate yourself from the competition.

Customer Satisfaction and Loyalty Research

Customer satisfaction and loyalty research give you a look into how you can get current customers to return for more business and what will motivate them to do so (e.g. loyalty programs, rewards, remarkable customer service). This research will help you discover the most-effective ways to promote delight among your customers.

Brand Awareness Research

Brand awareness research tells you about what your target audience knows about and recognizes from your brand. It tells you about the associations your audience members make when they think about your business and what they believe you're all about.  


Campaign Research

Campaign research entails looking into your past campaigns and analyzing their success among your target audience and current customers. It requires experimentation and then a deep dive into what reached and resonated with your audience so you can keep those elements in mind for your future campaigns and hone in on the aspects of what you do.

 

Source: Forbes and HubSpot

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