Five Types of Market Research to Create a Great Product Let’s look at the different types of market research you might choose to conduct. There’s more to come in part 2, so stay tuned.
Interviews allow you to have a face-to-face conversation so that it flows naturally and you pay attention to the interviewee’s body language.
Your interviewees can answer questions about themselves to help you craft your buyer personas. These buyer personas describe your ideal customer’s age, family size, budget, job title, challenges faced at work, and similar aspects of their lifestyle.
Having this buyer persona on hand can shape your entire marketing strategy, from the features you add to your product to the content you publish on your website.
A focus group is a market research method that gathers 6 to 10 people in a room to provide feedback on a product, service, concept, or marketing campaign.
A trained moderator leads a 30- to 90-minute discussion within the group. He has a list of 10 to 12 questions that he will share with the group during their time together.
Participants are recruited based on their purchase history, demographics, psychographics, or behavior and typically do not know each other.
The main goal is to listen to everyone and encourage the exchange of many different opinions and ideas.
Brand awareness research
Brand awareness is the number of people who know a particular brand, company or product.
This research tells you what your target audience knows and recognizes about your brand, what associations your audience members make when they think about your business, and what they think it’s about.
Understanding your brand’s position in the market helps when trying to build a presence, develop marketing initiatives, and increase sales.
Competitive analyzes are valuable because they give you a deep understanding of the competition in your market and industry.
You can learn what is working well in your industry, what your target audience is already looking for in terms of products like yours, which of your competitors you should work to keep up with and surpass, and how you can clearly differentiate yourself from the competition. .
For example, a competitive analysis of grocery delivery services could give you an idea that some people want to order groceries at night.
Customer satisfaction and loyalty research
The more loyal your customer is, the more likely they are to stay with you for a long time and generate profits for the business.
Researching customer satisfaction and loyalty gives you insight into how you can keep current customers coming back for more business and what will motivate them to do so (e.g., loyalty programs, rewards, great customer service).
This research will help you discover the most effective ways to promote pleasure among your clients.