Market Research Methods and Use

Primary Research: This is collecting new information that has not been previously published. Types of primary research include interviews, surveys and observations.
- Interviews and Surveys: Involve asking individuals about their thoughts, feelings and preferences. They can be done in person, over the phone or online. Make sure to have a representative sample of your target market to ensure your results are reflective of the whole customer base.
- Observations: This involves looking at how people behave in real-world settings, often using a mix of quantitative (e.g., how many customers enter a store) and qualitative (e.g., how do shoppers seem to respond to a product display) methods.
Secondary Research: Involves using already published data. This could be sales receipts, previous market research reports, financial documents, and website analytics.
- Internal Secondary Data: This is data previously collected by the company, such as sales records or customer databases. This is typically quite reliable, but may not provide all the detail needed.
- External Secondary Data: This is data published by outside sources, like government agencies or industry reports. It can be a cost-effective way to acquire broad market trends and competitive insights, but may not be as tailored to your company’s specific needs.
Quantitative vs Qualitative Research: It’s crucial to understand the difference between these two types of data.
- Quantitative data is numerical, statistically valid, and can be used to make predictions.
- Qualitative data is observational, descriptive, and used to gain insights into customer behaviour and motivations.
The choice of Research Method should always be guided by your marketing objectives, your budget and the type of information you need.
Always consider data validity and reliability, making sure your research methods are measuring what they are supposed to and that results can be replicated.
After data collection, data analysis, interpretation and presentation is a vital step. You must be able to draw meaningful conclusions based on the collected data, and present these findings in a way that is useful for your marketing effort.

Taking time to conduct thorough, well-planned market research is crucial for forming a successful marketing strategy. Understanding your customer base, the competitive landscape, and market trends will all give you a strong foundation for a marketing campaign.