Market Research Types

When it comes to businesses, market research is a must. So many companies believe if they do a little bit of research in the beginning, they don’t need to think of it ever again. However, people change, products change, and sales can change. All those changes mean the information you gathered years ago may no longer be relevant for your business. This is why you must stay up to date with all the different market research types. Knowing the best market research techniques, and learning about market research examples, will keep your business moving forward, while others stall.

Market Research

In the case you are in one of these market research jobs, there are two main ways to conduct market research. You have primary market research and secondary market research. When you conduct primary market research, you are going directly to the source. Focusing on your target audience will allow you to collect qualitative and quantitative data. You can then utilize this information to determine if your products or services are still relevant to your target audience.

Secondary market research is a little trickier, because it has you relying on data that was collected by the media or other organizations. While this information is usually accurate, that is not always the case. You may even find yourself utilizing outdated information, simply because you are not aware that more recent information exists.

The best market researchers will gather their information from multiple sources, so there is less chance of an error. No matter how you do your market research, you cannot deny the most common options include:

Market Research Types

There are many types of market research that you can use for your business. However, we will be focusing on the most common ones today.

Brand Research

Brand research is only one of the market research examples, but it is one of the most important ones. Most consumers are brand loyal, so you must understand why it is so important to have your branding just right! A little brand research can give you important information, so you know whether or not you are headed in the right direction with your brand.

Your brand should consist of characteristics, pictures and images, and narratives. There are many errors you can make while creating your brand, so it is best to take your time and rely on your market research.

There are actually seven types of market research when you are referring to your brand. Market research examples of them include:

• Quizzes
• Surveys
• Interviews
• Focus Groups

Market Research Types

There are many types of market research that you can use for your business. However, we will be focusing on the most common ones today.

Brand Research

Brand research is only one of the market research examples, but it is one of the most important ones. Most consumers are brand loyal, so you must understand why it is so important to have your branding just right! A little brand research can give you important information, so you know whether or not you are headed in the right direction with your brand.

Your brand should consist of characteristics, pictures and images, and narratives. There are many errors you can make while creating your brand, so it is best to take your time and rely on your market research.

There are actually seven types of market research when you are referring to your brand. Market research examples of them include:

• Brand Awareness – Does your audience know about your brand?
• Brand Loyalty – Can you retain your customers?
• Brand Perception – How do consumers see your brand?
• Brand Value – Do you know how much your brand is worth?
• Brand Presentation – Is your brand in a prominent place on the market?
• Brand Positioning – Is there a way you can differentiate from all the other brands like yours?
• Brand Advocacy – Would your customers recommend your brand to other consumers?

Customer Satisfaction

Sometimes, all you need to do to determine if your customers love your product or service is to ask them! Sending out short surveys to your current customers can relay information you can then use to make your products and services better.

One of the market research examples for customer satisfaction is to ask them questions that include:

• What do you like about ____?
• What do you dislike about _____?
• What would you improve about ____?
• What new products or services would you like to see in the future?

Customer Segmentation

Performing customer segmentation market research can allow you to achieve your dream of selling more of your product or service to fewer people. Instead of focusing on your entire audience for every product or service, simply focus on those within your audience that are interested in that specific item.

Market research examples within customer segmentation include segmentation on:

• Demographic
• Geographic
• Behavioral
• Psychographic

The one utilized the most in market research is demographic segmentation.

Competitive Analysis

You always need to be aware of what your competitors are doing, especially if you always want to be one step ahead of them. When you perform this type of market research, you are looking at the strengths and weaknesses of your competitors. This will allow you to see where there are opportunities and where you may find a barrier or two.

There are so many competitive analysis market research examples you can use for this process. Most companies begin with using tools like SEMrush. You can use the information you find to plan your next marketing campaign or even create a future product.

You will obviously need to know your competitors in order to perform this type of market research. As you are finding your competitors, write down their company information, products, market information, strengths and weaknesses, and their advantage over you. All this information will be helpful in the future.

Pricing Research

One of the most important market research types is pricing research. You could have the most amazing product or service in the world, but if it is not priced right, you won’t be successful. A prime market research example for pricing includes asking your customers to choose amongst a few different products in a survey. Each product can have different features and price points. This will allow you to determine what features your customers want the most, while also sharing how much they are willing to pay for those features.

It is imperative you do pricing research correctly. If you price an item too high, no one will buy it. If you price it too low, people will buy it, but you will be losing out on profits. And once you enter the market with one price, it is very difficult to change it to a lower or higher price successfully.

These are the most common market research types you will see being completed by businesses around the world. We shared a few market research examples with you, but there are many others that can be beneficial for your business. You must use the market research methods that make the most sense for your business, because that is the only way you will gather the information you need to keep moving your business forward.

Check out our other post on consumer research.

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