Market Research Techniques for Better Decision Making
In market research, quality information is critical as it affects the decision making. And the techniques used for data collection determines the quality of information obtained. A research should be conducted with the business objectives in mind, so as determine the best methods to use.
Learning Consumer Needs through Quantitative and Qualitative Methods
Qualitative market research is most commonly used method by top market research companies who seek information on: what consumers are doing, what they think, what they feel about a product and the motivation behind these actions. It seeks to acquire the non-quantifiable information and isolate a particular trend from the data collected.
An in-depth understanding and knowledge is required on the part of the data collector due to the non-numerical approach to fact finding. It therefore gives the business a deeper insight into consumer behavior and from this information, the business can address or conform to the customer expectations.
In Quantitative method, data is collected as figures, charts, and demographics and can address issues such as:
- How many people like the current look of a product?
- How many support the new shape or quantity of a product?
- How strongly consumers agree to product performance?
The data is analyzed and the business can make better decisions.
Challenges of Data Collection in Research
Complications arising during data collection can be numerous. Qualified and experienced researchers should be involved in primary research as well to ensure these obstacles do not interfere with the results of the research. They may include geographical coverage, poor response, rates, time and even the cost. Research organizations are usually better equipped to handle these challenges due to the specialized nature of the business.
Gathering Data through Social Media
Social media websites like Facebook, Twitter, LinkedIn, Google+, and Pinterest are a great source to gather information. One of the biggest advantages of social media is their ability to gather data in real time. With this data, focused advertisements can be made targeting this audience.
Technology Aided Market Research
The internet has opened up avenues for research and data collection. Computer aided personal interviews allow interviewer gather information without having to go to the respondents. It is applicable in marketing through email and online questionnaires. The main requirement is access to a computer, and internet connection. It can reach a vast audience since there are no geographical coverage barriers.
Assessing Market Response to Advertising
This is done to determine the ability of the advert to cause increased sales of a product. It is important for the business to know whether the advert was understood and whether it drives consumers to know more about the product. Message research can also be qualitative or quantitative. Some of the parameters that are tested include;
- Recognition and recall of the message,
- Measure of psychological responsiveness
- Level of persuasion
- Level of sales response