What Are The Different Types Of Market Research
Market research is a very valuable thing in the marketing world. Many brands and businesses make the mistake of skipping the tedious work of market research because it most probably is the most boring part of the marketing and brand world.
However, it is also the most valuable and insightful part as well. Doing market research has great implications for the business’s success. Without market research, we are probably lost on how we can strategically improve the brand’s products or how we can improve the customer journey and experience.
Market research provides insights that are invaluable and irreparable to the brand. While doing market research can get expensive and time consuming, it is a worthwhile investment for a brand. What are some of the different ways we can do market research and meet the objectives of marketing and branding in Malaysia?
Administering questionnaires and surveys is a qualitative form of research that is also perhaps the most cheapest and affordable format of research we can do. Nevertheless, the amount of insights we can derive from the data we obtain from surveys is incredibly crucial.
We can administer to a large group and gain a broader perspective on the brand’s products and image. This helps solidify and personalize many of the marketing campaigns and even helps the research and development of products in the future.
Customer observation is one of the cleverest and smartest ways of obtaining unbiased information. You are able to witness the customer’s experience with the brand and products first hand in the very natural setting.
The information you obtain from these observations is so much more impactful compared to the information that is written out and said out loud by other people because those answers are filtered and constructed while observing the customer gives a better understanding of the customer’s experience with your brand.
Interviews are also a wonderful way of doing market research. This is also another qualitative form of market research that has great powers in making a difference in our marketing and branding strategies. Interviews facilitate a one-on-one conversation that helps us gain deeper insights into the customer’s journey with your brand. You can answer a wide array of questions to your customer whether it is their favorite website to stream movies or their daily routine. Based on their answers, the analysis we do can prove to have more benefits in the long run. It is also important to remain as curious as possible during the interviews.
The whole interview is about understanding how your customer feels about your brand and how they perceive you as one. The more you engage in a casual interactive conversation with them that is focused entirely on their interests, the more we learn.
Market research’s value cannot be overstated enough in various contexts. It is important to follow up on the data you obtain with extensive analysis and driving valuable insights from the analysis. These analyses must be done with the important objective of the market research in mind so that we can get valuable solutions rather than useless information.