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5 Market Research Methods That Are Widely Accepted Globally

  • By admin
  • July 7, 2021
  • 46 Views

Despite many ways to perform Market Research, most Top Market Research Company in United States use a selection of five common research methods for different industries and businesses.

Type of your business, the type of result your business needs, the budget you have set for the research generally determine which techniques you choose for your business.

Surveys:

Through a straightforward survey questionnaire and detailed analysis of a sample group, a business can recognize the target market. The more significant a survey sample is, the more reliable the results are. Surveys can be of 4 different types.

In-person Surveys: They are one-on-one interviews conducted in high-traffic locations. This is highly beneficial as you can share product samples, advertise them and gather immediate feedback.

Telephonic Surveys: These types of surveys have response rates of 50% to 60%. The telemarketing processes have gained tremendous popularity in the past decade and so. Finding the right talents who can convince people to cooperate in phone surveys can be difficult.

Mail Surveys: Mail surveys are another efficient way to reach a broad audience. They only generate response rates of near about 15% as it completely depends on the people.

Online Surveys: They are an excellent way to get a high number of interviews from a wide range of people belonging to different countries relatively quickly. An online survey is a simple and quite popular way to collect anecdotal evidence and gather customer opinions and preferences and consists of a variety of open and closed questions.

Focus Groups: The Top Market Research Company in United States focus groups are organized as a moderator where scripted series of questions or topics are created to lead a discussion among a group of targeted people. Focus groups usually last one to two hours, and it takes a minimum of three groups to get balanced results.

Also Read: 5 Irrefutable Benefits of Efficient Knowledge Process Outsourcing to India

Personal Interviews: Personal interviews generally include unstructured, open-ended questions. These interviews usually last for about an hour and are typically recorded. Personal interviews provide more productive data than surveys.

Field Trials: Placing a new product or offering a new service in selected stores to test customer response under real-life selling conditions can help you adjust prices, make product modifications, or improve packaging. It is quite an efficient method for small business owners who should try to establish rapport with local store owners and online shopping sites who can help them test their products.

Observation: Observing consumers in action by videotaping them in stores, at work, on the streets, or at home, you can observe their buying patterns or the way they use a product. This method gives a more accurate picture to the business owners to understand customers’ use habits and shopping patterns.

There are different research processes that are involved to make an informed decision, such as primary research method, secondary market research, qualitative research, quantitative research, syndicate research, and so on.

If you are planning to do market research before a new product or service launch, talk to our experts.

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