I'm guessing you're here since you're interested in getting the best market research service via phone for your company. In all honesty, you went to the right page.
Several articles would tell you differently about the types of market research conducted and which one is the most suitable for your company. But did you know that the types of market research are classified depending on where it focuses?
In this article, we'll solely focus on types of market research used to analyze collected data. Moreover, we'd be able to discover the best market research service via phone.
Let's get into it!
The Most Common Types of Market Research
The first step in any successful business is to know your customers. Market research is the best way to do this and can help you identify potential opportunities, make more informed decisions, and create a better product or service that will satisfy your clients.
Technically, the eight types of market research that we're going to talk about falls under two main types:
- Primary Market Research, the information from their original sources like the potential customers.
- Secondary Market Research, the information gathered from other sources or publications.
But how would you be able to analyze all the data gathered in market research? Well, that's what we're about to find out.
1. Brand Awareness
The key step used to build, create, and manage one's brand and concept. It is as if you're asking people, 'What's the first thing that comes to your mind when you hear our brand?' or 'How do you recognize our brand?'.
It is highly relevant at any phase of your business, whether you're just starting or have been in the industry for way too long. The main objective is to learn how people view your brand and how this can affect your brand's image.
Most importantly, this type of market research can help you measure the following aspects of your brand:
- Brand Recall: Can people remember your concept or offers when someone mentions your brand?
- Brand Awareness: How well do people think of your brand? Do they think of you as a serious option?
- Brand Identity: How did people discover your brand, and what relevance does it make?
- Brand Image: What are your prospects and existing customers' perception of the goods (or services) you produce and your brand's overall standing?
- Brand Loyalty: Do you have existing loyal customers? What does it take to get one?
- Brand Value: Are there people who're willing to pay just to get your products or services?
- Brand Positioning: How well your rankings are compared to your competitors, or otherwise, in what way can you change the way people think?
2. Campaign Research
As companies across the United Kingdom spend tens of thousands of Pounds Sterling for advertisement, this type of market research would show whether this spending is an effective marketing campaign.
It gives a certain brand an idea if they can reach out to prospects and target audiences to meet the desired outcome. This can also help your brand save time, effort, and money to discontinue ineffective campaigns and improve the effective ones.
Moreover, campaign research entails analyzing your past campaigns and their results. You can either keep it for future reference or make it better.
3. Competitive Analysis
One of the reasons why market research is important to your business' success is it allows you to have a deep understanding of your competitors in the market. What is their current standing in the industry, why do consumers keep coming back at them, their strengths and weaknesses, and what will make you different from most of them?
In short, competitive analysis is a process for evaluating the strengths and weaknesses of your company against others in your industry.
Like your competitor, you have to learn about their techniques and think of how you can stand out!
Trust me, this can motivate you to squeeze those creative juices for your brand.
4. Customer’s Insights
An integral part of any market is the customers, so it's essential to learn more about them by doing this type of market research called customer's insights.
This includes observing their likes and dislikes, learning about their certain behaviour, and discovering their thoughts about your brand.
Doing this will help you build a realistic expectation to your target audience, anticipate their reaction, spark innovation, and resolve conflicts, I mean if there's any.
The goal is simply to learn about your prospect and consumer's perception and how you can use it to improve and produce more effective products and services.
5. Customer’s Satisfaction and Loyalty
The whole experience lies in the customer's satisfaction and loyalty feedback. Now the thing, how well do you think people would react to what you're offering?
Let's say you're running a newly-established cargo company. But it took you so long to deliver a package that was meant to be received a few days back. How do you think your consumers would react? Would you be able to live or exceed their expectations?
And even if you did deliver ahead of time, how confident are you that they will stay loyal and ask for your service several more times? What if you handed out a package that was broken?
These questions point out more relevant scenarios in different types of industry or your market you're in. Determine the factors that would help them get satisfied, avoid bad tendencies, improve services, and propose ideas that can make them stay loyal.
6. Market Segmentation
You don't wanna miss crucial information about your customers. And since you cannot cater to people of all sorts in a short amount of time, nor you can do so without being organized, market segmentation is the way.
If you aren't familiar, Market segmentation is simply the process of dividing target markets into several smaller groups with the same characteristics or preferences. It allows you to understand more about your consumers and act more efficiently and effectively in developing positive results.
7. Product Development and Usability Testing
Did you know that around 80% to 90% of newly-produced products failed every year? Many things are wasted just because companies weren't able to get feedback from their target market.
A simple explanation of how product development works is when you start innovating a certain product and services, letting prospects and consumers about it, or hopefully test it and getting their feedback about it.
Product development helps you either adjust service or improve certain goods to satisfy your consumers. This is one of the types of market research that can help you save a lot of time, money, and effort if done correctly.
8. Pricing Research
Besides learning important factors that we've discussed in market research, it's highly crucial to focus on the price range as well. How much can you offer certain goods or services to your target market?
You can even consider the law of supply and demand in this matter, or, better yet, a conjoint analysis.
Creating a pricing strategy based on its value and people's willingness to purchase it is a must! Failing to recognize the appropriate price would result in people ignoring what you offer and might resort to them going to your competitors.
If you aren’t familiar with applying these market research methods, then you're in for a treat as we’ll make things easier for you at Appointment Setting UK. Simply ask for a free quote, and we’ll help you get in touch with the best market research service companies in the country.