5 Basic Methods of Market Research

Sep 17, 2013

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When researching your target market for your business, simplicity and efficiency is essential for most researchers. Each method has several data results and costs to perform the service will determine which method fits your business.

Here are five basic market researching methods that are applicable in almost any work field.

1. Surveys

Online surveys get unreliable data and response rates because of the control you have of the respondents. On the flipside, it is easy to perform, inexpensive to collect evidence and receive customer preferences and opinions. Mail surveys, telephone and in-person surveys are also performed to gather data and reach a broader audience. Telephones surveys yield response rates of 50 to 60 percent. Mail surveys generate 3 percent to 15 percent of response rates. Coming in at 90 percent response rate is in-person surveys but wields a high cost of about $100 per interview.

2. Focus groups

A moderator is used for this method to ask set questions or topics to lead a discussion in the focus group. Set in a neutral location with videotaping equipment and a one-way observation room, the study lasts one to two hours with at least three groups to get balanced results.

3. Personal interviews

In-depth interviews are done for subjective data, which lasts for about an hour and is usually recorded. Through these interviews, valuable insights are sought into customer attitudes and perception which relays to uncover issues to product releases or service development.

4. Observation

How a consumer uses or buys a product can be seen when you observe in store cameras or observe in store traffic.

5. Field trials

Placing and testing a new product under selling conditions can assist in product modifications, price adjustments and package improvements.

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