6 Types of Market Research and How to Use Them
Using a random market research type isn’t going to help much. Even if you work with the best professional, choosing the wrong method of analysis won’t bring even satisfactory results. So, before starting your research, get familiar with the intricacies marketing hides.
In this article, you can learn about the 6 types every specialist has to know about. They can help you predict customer behavior and find out how much they are willing to pay for your product or service. Nothing should be launched or released without prior study. Knowledge is power!
Keep in mind that by “types” we mean not how you gather data but how you process it.
1. Product Analysis
One of the most important things is to understand how exactly your product or service helps people. What benefits do they get from it? How does it meet their requirements and needs? Such research should be done several times over the product sales.
Before the launch, it will help you see what modifications may make the draft version better. After the launch, you’ll see the reality of the product’s use. Its next version can become much better and bring much more revenue if the analysis is done correctly.
Proper research includes:
- The value compared to similar products from competitors;
- Potential threats to the popularity;
- A list of possible improvements;
- The behavior of your target audience (how well they perceive change, how willing they are to provide feedback, etc.);
- Creating a clear marketing message to improve the product’s chances of success.
2. Research of Prices
Before establishing your pricelist, communicate with your target audience. A simple survey where people can choose between product versions with different features and prices mentioned will do the job. You’ll get benefits like:
- Knowing what features your TA values the most in products and services;
- Finding out their buying abilities so that you know what is your limit;
- Create a better offer than your competitors.
It’s very easy to analyze the prices similar companies have. Just visit their websites, read reviews, or even contact support teams to get the data. If possible, you can make the price for your product a bit lower. If not, you can leverage your special features to create a better marketing offer.
3. Your Company’s Outreach and Awareness Research
From surveys to the backlink profile, you should do research of your brand’s reach every once in a while. With customer feedback, you can:
- Find out if your brand is easily memorized;
- If potential customers think your company is reliable;
- If they would recommend to your friends and family;
- Whether your brand identity (which is the “child” of your marketing team) is working and bringing results;
- What people think about your brand and products.
You’ll also create a client profile, adapt your target audience research, and improve the next launch.
Then, make sure you keep an eye on your backlink profile. It’s the volume and quality of the links to your website on other sources.
They have to be relevant, posted on credible sources, and not broken. This isn’t an easy task, so you may want to turn to professionals. After a backlinking campaign, consider creating another survey to see if it was successful.
4. Research of Customer Satisfaction
Researching customer satisfaction will bring you valuable insight and many loyal clients. Not every satisfied buyer will become loyal to your brand, so the goal is farther than just converting a lead. Here’s what goals you’ll achieve with this type of market research:
- Finding out the major factors that influence people’s decisions;
- Knowing whether your product or service meets the needs of customers;
- Seeing errors and mistakes as soon as you launch the product;
- Seeing the changing needs of your target audience and being able to adapt to them ASAP.
As a result, you can improve customer retention by much. And if you find it difficult to engage people in surveys, there’s a better way now. We all see that social media marketing doesn’t stop growing. In the last 10 years, we’ve seen a dramatic shift in the use of SNS to promote products and services and get customer feedback.
Whatever you want to buy, you look for the company online, preferably on their social media. Make sure you’re present there and frequently updating. It’s a space where you can talk to your customers honestly and freely, getting loads of feedback.
5. Advertising Research
The world of advertising has changed forever when quarantine was established. More possibilities to gain clients online bring challenges. But they also bring tech prowess you can use to make an easy data collection and analysis.
Gather customer feedback to your ads. It can be a simple “Useful/Not Useful” button or a more detailed survey.
If you have many customers, the process will be time and effort-consuming. Automating the process with modern technologies will help you focus on the core business. Data collection and analysis can be done using software that searches by keywords, for example.
After analyzing feedback on your latest ad campaign, you’ll be able to modify the new one and get much better results.
6. Market Segmentation
You have to understand that not every person reacts the same to your ads, products, and services. Even within your target audience, different groups of people require various approaches.
If you have a B2B company, it’s the same for firms you might be collaborating with in the future. Determining these groups of people will help you choose a proper approach to everyone, offering an almost one-on-one experience. The more special a potential customer feels when finding out about your business, the more your chances are to gain a loyal client.
One standard marketing campaign won’t communicate with every lead in a way they will like and engage with. But with the use of market segmentation as a part of your research will help you broaden the TA and get more leads.
Without this approach, you won’t be able to hit sharp, aiming your ads on the most effective prospects. You may get some clients with a standard campaign, but the losses will be noticeable.
Make Sure You Choose a Proper Market Research Type
It doesn’t have to be one method of market research. Creating a complex of ways that work best for your business is the key to successful campaigns. And you only can have a suitable marketing message and advertisements having data about your leads and the needs of the niche.
Never underestimate knowledge. Invest in collaborations with marketing agencies, link-building services, etc. Outsource a team of experienced marketers or hire your own specialists that will bring the company to a new level. Marketing isn’t only about sales and making people buy from you. It’s communication, feedback, deep analysis, advanced technology for process automatization, and much more.
Combine all of that into your next campaign, and you’ll be surprised with the changes.