How can you tell whether a product will be successful? You perform extensive marketing research. There are several methodologies and approaches to market research available, so understanding your alternatives is a good place to start.
What Are the Two Main Market Research Methods?
There are several ways of doing market research, but they are divided into two categories: questioning and observation.
- questioning:- Any circumstance in which you ask someone questions regarding your product or service is considered a questioning approach. Surveys, interviews, and focus groups are examples of such methods.
- observation:- Observing, on the other hand, is seeing a customer use or possibly buy your goods. Both observational research and field experiments would fall under this category.
Both inquiring and observation strategies can provide you with significant information about your product and how it will be accepted once it reaches the stores. Of course, they are just broad classifications. To learn how to do questioning or observe market research, let’s look at the most common sorts of marketing research approaches.
Marketing Research Methods of Various Types
Market research is an important component of any go-to-market strategy, and selecting the correct research approach will help you to get the information you need to safeguard your bottom line.
It’s no wonder that surveys are the most extensively utilized market research approach. They are inexpensive and let you collect data from a large number of individuals in a short period. You may also tailor surveys to almost any stage of your product’s development cycle, such as gathering input on a broad idea or concept, reviewing your final product, analyzing your packaging, evaluating your marketing campaigns, pricing, and so on.
If you employ sophisticated AI surveys, you will get even more out of your surveys. AI automatically refines your survey questions, leverages subject replies to guide future questions, and distills the data into meaningful information.
Interviews with Individuals
Conducting one-on-one interviews with customers in your target group is another form of questioning market research strategy. These interviews are not as focused as a survey. The interviewer begins by asking a few questions, but the main focus of the interview should be an open-ended discussion about the product and the consumer’s feelings about it.
Interviews may provide more detailed information than most surveys. They are, however, time-consuming and expensive, and compiling the information gleaned from all of your interviews into useable conclusions may be tough.
Because it is an open-ended conversation, a focus group is akin to an interview. The distinction is that the discussion occurs among a group of customers, with a moderator only sometimes stepping in to lead the discourse toward a certain subject.
While a focus group might be more efficient than an interview since you’re “interviewing” many individuals at once, it also offers an unusual twist. Members of a group are likely to influence each other’s perspectives, which may bias your findings. However, it might also be a reflection of market peer pressure.
Observation studies are somewhat distinct from “questioning” methods of market research. You offer a customer access to your product or service and study their responses and how they utilize it in this form of research. This may be beneficial, but it is only applicable later in the development cycle, once you have at least a prototype of your product.
A field trial is a sort of market research that is often performed as final testing before the product’s formal launch. Field trials include making your product or service accessible in limited, targeted markets to evaluate how it works. You may also experiment with other solutions, such as two kinds of packing, to discover which works better.
Making the Most of Several Market Research Techniques
Surveys and interviews are common approaches for market research, but both have limits. An AI survey, on the other hand, may provide the best of both worlds if you know where to look.
AI surveys utilize open-ended survey questions rather than simply multiple-choice ones, and they can quantify those open replies. In certain ways, these surveys may “move with the flow” by leveraging prior consumer survey replies to influence future consumer surveys. They may, for example, extract the most popular replies to certain queries and ask the customer if they agree or disagree.
An AI survey can take all of these open-ended comments and condense them into real, actionable facts to direct your go-to-market strategy after the survey. You get the convenience, cost-effectiveness, and quantifiable data of a survey combined with the in-depth and open-ended insights of an interview.
Beginning the Market Research Process
Market research is an important strategy to safeguard your bottom line during the vital gamble that is a new product launch, and knowing your alternatives may help you pick the best research techniques for your purposes. Learn more about our technology or request a demo now to get started with a sophisticated but simple AI survey.