Market research has long been an essential component of any successful marketing or advertising strategy. With customers becoming more and more empowered, brands are having to really get to know their markets, developing an understanding of who they are targeting and how best to go about engaging those members of the public. This article looks to define market research, discusses both qualitative and quantitative methodologies, and provides insight into how you can choose the best market research approach for your brand’s marketing and advertising strategy:
What’s market research?
Dictionary.com defines market research as follows:
“[Market research is] the gathering and studying of data relating to consumer preferences, purchasing power, etc., especially prior to introducing a product on the market.”
Market research usually comprises a blend of quantitative and qualitative data, looking at things like usage statistics alongside how customers feel and any improvements they might have in mind.
There are a number of choices in a market researcher’s arsenal, and these are broadly split into two categories:
This involves market research methods that pre-date the age of the Internet. Traditional market research is conducted in-person (e.g.: at a mall or at the respondent’s residence), through the post, and often via telephonic conversations.
With the rapid growth of the Internet came a plethora of capabilities for marketers in general. Digital market research is conducted through email, website landing pages, SMSs and instant messaging apps. Marketers can also video call respondents to facilitate ‘face-to-face’ research.