Market Research: Key Types and How to Do

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A market research be quantitative ou qualitative and serves primarily to reduce the degree of uncertainty about a problem or objective. It consists of the collection and observation of data, treatment and interpretation for later presentation.

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In this article we will talk about Market Research:
What is a market research?
Quantitative and qualitative research
Types of Market Research
Tabulating survey data

What is a Market Research?

Let's launch this new, innovative product and it will be a success!

I admire anyone who has that kind of certainty, but she's completely unreal. None of us has the ability to predict the future. So what can we do in the face of so much uncertainty about our next moves? Reduce risk. Simple and true. Business Research are excellent methods for guiding decisions.

The Market Research Process

Many people tend to think that market research is about application of questionnaires e data analysis. This is just one type of search that can be done. Research is every process that starts with defining a problem, goes through the data collect information, and culminates in interpretations and action plans.

market research process

Objectives of a Market Research

Market research has different objectives, but all of them are linked to uncertainties:

  • Will a new product or service work?
  • Is an existing product or service pleasing?
  • How is the quality of care?
  • Would you be public for a certain action?
  • Who will you vote for president for?

The motivation and goals of a survey are virtually endless. Everything a company wants to get more information to make better decisions can enter as a research process. And not necessarily the audience needs to be made up of customers. There is a lot of research that can be done with internal customers, that is, company employees.

Care when applying a search

Some companies end up addicted to market research. It sounds like a joke, but that's a serious problem. Surveys are useful, but not every decision-making needs a market research to happen. Stopping a simple process to run a search before taking the next step ends up bureaucratizing and generating more burdens than bonuses.

From the moment that the research is indeed necessary, some care must be taken so that a costly job is not thrown away:

1) Wrong problem = bad search: before you begin, consider whether you are acting on the right goal. Is it really a problem that is bothering you or is it a mere consequence of something greater?

2) Wrong Method = Bad Search: we will talk about the types of research in the next section of the article, but it is important to know right now that there are several methods and each one best applies to different goals. Using the wrong method can disable 100% a search.

3) Wrong people = bad search: imagine that you want to do a market research on releasing a new absorbent and do a unisex search. You will, of course, find untrusted answers. This example was extreme, but at several levels, picking the wrong audience can lead to poor results.

4) Wrong questions = bad search: a survey will only give you answers to what you ask of questions. Or, in the case of more open surveys, it will depend on the roadmap to follow. That is, strive to ask the right questions. One tip is to always make a pre-test: apply the questionnaires a few times and go review before running the full survey.

In short, what we are trying to say here is:

Spend more time preparing a search than doing it!

O research planning - problem assessment, method choice, audience choice (recruitment), and script creation - is as important as or more important than the execution itself.

Quantitative and Qualitative Research

Before diving into the world of market research, you need to know the main types of research: quantitative research and qualitative research. We'll talk a little about them below.

Quantitative Research

Quantitative surveys are the most common in the market. They seek to show numerically the amount of incidences of characteristics or behaviors within the selected sample.

They may be made by the application of online questionnaires, face-to-face or telephone interviews. In this type of research, the questions should be asked very clearly and objectively. Usually one turns to questions of yes or no and multiple choices, leaving nothing open.

quantitative survey 2010 census

There are several interesting online tools for creating online questionnaires. Some examples are: SurveyMonkey, GoogleForms, GetFeedback, among others.

In a quantitative survey, the desired result must have a degree of statistical confidence. Therefore, another point that should be sample size. That is, how many people should be interviewed. Nowadays, it is easy to find online sample size calculators to help you in this mission.

Qualitative Research

Qualitative research is quite different, but for some questions, it may be even more relevant than quantitative. In these surveys, understand the motivations for certain behaviors and insights deeper, often unexpected about certain actions or opinions.

In this case, the questionnaire is replaced by a semi-structured script. The interviewer follows the script strictly, but is free to deepen more or less certain points, depending on the purpose of the research. Because of this, many qualitative surveys end up being similar to conversations or interviews.

Qualitative research often brings more complete insight into the facts. However, they lack statistical significance. Before setting up action plans on top of what has been discovered, it is necessary to understand whether that opinion is general or exclusive to that interviewee.

Types of Market Research

Market Segmentation Survey

Targeting research seeks to find groups of similar characteristics within a population to find different groups of buyers. A quantitative targeting search can help you find market segments. Qualitative research can help us better understand who the personas behind the segments.

Satisfaction survey

This type of research seeks to understand the degree of customer satisfaction, in relation to a product or service rendered, or of employees in relation to the company. The latter is also known as organizational climate survey. It can also be done quantitatively when the company wants to understand the general opinion. Or qualitative, when the company wants to better understand the opinions and seek joint insights on improvements.

survey Research

Survey Research

Opinion research differs somewhat from the satisfaction survey because it does not require respondents to have used the product or service. Usually it seeks to understand public opinion about a particular fact or action.

Focus Groups

Focus group or focus group is a type of qualitative research widely used in marketing. Especially before the launch of products and services. It consists of bringing together people in the same environment to collect joint or individual impressions about a product or service.

focus group

Customer Hidden

Hidden client is another qualitative research technique that consists of the researcher entering into the role of client. He uses the services of the company he searches, without even realizing that he is evaluating them. Then it raises the main points to develop in the experience of use and passes to the company.

mystery shopper

Polls

Polls are fast searches, usually with one question only, that became famous along with the growth of the internet. They are essentially quantitative and look for quick opinions on various factors.

Tabulating survey data

A tab of a search is the organization of the data before attempting to interpret or present them. It consists of counting the responses and generating charts to put in the results presentation. In a quantitative on-site survey, the tabulation work is more "manual", since the questionnaires must be registered one by one in a spreadsheet or system.

tabulation of market research data

The more closed and objective the questions, the easier the tabulation. The more open, the more complicated the work becomes, as well as qualitative research. To facilitate the tabulation of qualitative research data, it is important to mark the insights that are being sought by the company.

tabulation of market research data

For example, if a product is being evaluated, the researcher can first note the categories being evaluated and map which were cited during each interview:

  • 5 from 10 interviewed cited that design may be better
  • 3 10 respondents complained about the price
  • 2 10 interviewed spoke poorly of the deadline

Another common way of displaying responses to open or qualitative research is through a cloud of terms:

Market Research: Key Types and How to Make 1

Finally, for deeper interviews, there are several companies that ask for authorization to record the research sessions. It becomes easier to share the insights later.

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