How to carry out market research? Five basic methods
Market research aligns profitability with your aesthetics business plan. Therefore launching your desired business venture without gaining an insight on its workability and potentiality might leave all your efforts in vein. To know desirability of your product in the market you need to perform an exhaustive market research. Five basic methods to go about the process are:
- Conducting surveys:
Surveys range from one-to-one conversation to online questionnaires which also includes telephonic and mail surveys. The choice of means largely depends upon the availability of resources. In-person surveys are the best possible source if you are seeking for an immediate and appropriate response. But then, the method is extremely time and cost consuming. Countries passing through the phase of development, like India, have lot of emerging businesses that are in a need for apt market research to assure the feasibility of their product. Market research services in India and similar developing countries carry a view that stress upon using questionnaire send through mail or online and also telephonic surveys, as these are relatively less costly ways obtain feedback. But before you circulate questionnaire make sure that they are concise and understandable.
- Focus groups:
Focus group is more like an interactive group formed while taking up qualitative research. In this group people interact with each other and the moderator to share their honest opinion about a product or a service. Motive of the moderator is to bring people together in a discussion. Moderator initiates and guides the discussion throughout with view to garner required feedback. Single discussion goes on for not more than two hours and at least three such rounds take place.
- Personal interviews:
Like focus groups, personal interviews are also a form of qualitative research. Though personal interviews and focus group cover only a small segment of population, but render great understanding of customer behavior, their needs and issues related to new products.
- Observational research:
This research process covers the analysis of actual consumer behavior which might contradict the reported behavior. By going through the video tapes at the stores, you can accurately judge what a consumer is actually buying and examine clearly the most recent shopping pattern.
- Field trials:
Field trial relates testing the product under real life shopping conditions. The new product is placed in a store at to evaluate customer response towards the product, according to which product specifications are modified including prices and packaging. The method is best applicable for small business owners, who should try and establish a healthy bond with local store owners and websites to test their product.