Market research is one of the most important elements to developing your marketing campaign. It is the systematic gathering, recording and analysis of data from your market relating to products and services. You might have a fantastic product that you think people will love, but you need to completely understand your market inside and out in order to know WHO to sell to and HOW to sell it.
There are so many different tactics when it comes to market research. Usually, the more research you do, the better. You don’t want to over look anything that could give you insight into your customer. Overall, there are two types:
- Qualitative – deals with descriptions, observations, colors, emotions, opinions, qualities. It cannot be measured.
- Quantitative – deals with numbers, levels, times, speeds. It can be measured.
Both types of research are critical, one not being more important than the other. If you only partook in qualitative research, you might know a lot about the emotions of your customers, but you’d be lacking in other important areas.
Some good examples of Qualitative Research:
- Interviews. One-on-one, great for in-depth probing on opinions or beliefs.
- Focus Groups. Interactive group discussions led my a moderator.
- Observational Research. You unknowingly observe consumer behavior. Example: watching people in a grocery story. Sounds kind of creepy, but you can gather some interesting, unbiased data.
Some good examples of Quantitative Research:
- Surveys. Survey questions need to have measurable answers.
- Demographics, such as age, sex, and household income.