Market Research Companies Techniques
“If you keep doing what you have always done, you will keep getting what you have always got.” ̴ William Glasser
It may not sound too threatening for you because you have always been successful, right???
Wrong… That’s what you think!
We live in an era of realignment – continuously doing what you have always done means you are falling behind, and you will probably fade into darkness soon. Remember, Kodak? They were the pioneer of photography for decades. But their old school approach turned the thriving company into floundered business.
The same goes for market research companies. If you are applying obsolete research methods, doing conventional surveys, and talking to the same old people – unfortunately, there is bad news for you… you’re already behind.
But don’t worry, we will get you ahead of the curve.
In this blog, we’ll spell out some investigation techniques that market research companies UK should adopt to make the most out of it.
So, keep reading…
Wait! What are market research companies?
Companies that gather information while helping businesses better understand the target market are market research firms. Businesses utilize the information they gather to come up with better products, craft an effective marketing strategy, and improve customer experience. Above all, such companies help businesses attract quality leads while improving conversion rates.
Well, shifting through all the noises to extract the relevant information on a specific market or audience is pretty tough. But…
Take it easy! There are many ways to conduct market research, and if you want your firm to be counted among the best market research companies – don’t limit yourself to just one method.
You must be wondering about common and dependable market research methods… be at ease. We have jotted down some methods.
5 Most Common Market Research Approaches
Although we have mentioned the qualitative methods that are often used but the technique you should choose depends upon your business type as well. For instance, an eCommerce business has different goals than SaaS. Hence, you must mix and match methods to get the information you are looking for.
1. Surveys: The Extensively Used
You must have heard about the survey technique? No?
It is a form of qualitative research having a short series of closed or open-ended questions. You can easily deliver them through email or an on-screen questionnaire. With the help of a straightforward and concise questionnaire, the companies can easily analyze the sample group representing the target market.
Surprised? Calm yourself down… there is a lot more to come.
Market research companies opt for different options while doing surveys, including in-person surveys, telephone surveys, online surveys, and mail surveys. Thinking about why surveys are so popular???
The answer is pretty simple – it is relatively less expensive and convenient than other methods. Most market research companies UK gather a lot of customer preferences and opinions in no time. The information companies collect with the help of survey are easy to analyze – and that’s a plus.
Just grab a template online and share it with the target audience in a flash…
2. Focus Groups: It Is Dangerous
Be careful! The data might get skewed.
For this technique, you have to carefully select the company’s target market to come up with accurate results. In the focus group moderator uses scripted series of topics or questions to lead the discussion surrounding the customer experience, marketing message, and product. Not to mention, market research companies hire trained moderators to take charge.
Usually, the session takes place at a neutral location with videotaping equipment and a room with mirrors. If you are new in the market research industry, starting off with this technique is not a good idea… Although it is a simple concept but it is hard to put into practice.
Compared to the survey, this market research method can go off on tangents that companies wouldn’t have predicted.
3. Interviews: An Intuitive Approach
It gets tricky sometimes…
You know it! Interviews are one-on-one conversations with the target market, and no other technique can beat the level of insights that face-to-face interviews provide. Plus, you get non-verbal cues as it is a more personal market research method.
It is not about sitting with the respondents; if you think it is difficult to conduct a meeting or interview in person, you can opt for video conferencing as well. Regardless of how you conduct interviews, it can bring numerous benefits for the company to introduce a new product in the market.
What makes this technique insightful? Sit back and think…
The interview technique enables the interviewer to go beyond basic responses while investigating deeper. Besides, by communicating with targeted customers directly, the market research companies get an insightful thread that can help make plenty of “Ahaa!” moments for the organization.
4. Observation: The Most Influential
Have you ever observed someone in a controlled or natural environment?
You would notice the subject behaves naturally in such an environment while revealing their true selves. This is what market research companies UK do to gather information for new products or offerings. Under this technique, the subject is not under much pressure – hence they act normally and put forward their opinions freely.
During the observation session, a company’s representative takes notes and observes ideal users’ behavior engaging with the company’s product or maybe a similar product from the competitor – Eventually gaining more granular insights for better growth.
By the way, you wouldn’t know that observation is a great alternative and good option to focus group… now you ruminate what makes this technique powerful???
5. Competitive Analysis: Ahead of the Pack
Alright! This technique is highly strategic…
It is a specific research method in which the market research companies analyze the competitor’s move and product in depth. It isn’t easy to evaluate how your company or brand stacks up to the rivals.
The competitive analysis describes the market segment, brand, product, and service. However, the analysis could be from a product perspective, including offers, pricing, and SWOT. Moreover, marketing is another perspective that includes SEO structure, nature of the content, social media presence, and PR coverage.
Just imagine you are not aware of the competitor’s offering. How would you bring up something worth spending?
Over to You…
* Randomly selecting a research method will take your business nowhere.
Without thorough research about industry and consumer behavior, it is difficult for any business to comprehend whether they’re heading in the right direction or not. And when it comes to market research, the company must identify what business challenges they are trying to address. Keeping that in mind, the firm should decide which technique would be a perfect it.
Remember, business needs to obtain specific industry data before introducing any product or service in the market (tip-off: market research methods helps in identifying USPs to make the mark).
Anyways, if you are looking for market researchers, Bizplanss has an exceptional team on board. Make your play!