The key to success in any business is understanding your customer base. Developing a marketing strategy becomes difficult if you do not know your customers’ needs. In this case, intelligent market analysis comes to the rescue, which will help you figure out how best to present your business to potential customers. In the article, we will tell you why and how to analyze the market and how can market research services help you choose the right strategy.
Qualitative Research Services
Qualitative is the most wanted market research for startups. It helps identify consumer behavior motives (sometimes hidden), attitudes, and expectations when choosing products. The information obtained allows you to propose reasonable hypotheses regarding consumer behavior characteristics in the market, causal relationships, and procedural characteristics of this behavior.
What Are Qualitative Research Methods?
- Focus groups and Peer groups.
- Expert interviews.
- Observations.
- Analysis of secondary data.
- Testing advertising and evaluating the effectiveness of an advertising campaign.
What Are the Tasks Solved Based on Qualitative Research?
- Studying the opinions of consumers when improving existing products and developing new ones, as well as increasing the effectiveness of an advertising company.
- Study of the image of companies and brands.
- Analysis of product packaging, logos, and advertising slogans.
- Evaluation of the quality of service in retail outlets and networks.
- Studying the opinions of industry experts.
Quantitative Research Services
Quantitative research – market research service which aims to obtain quantitative information in the form of a large amount of data to measure the characteristics of the behavior of the target audience of consumers to test hypotheses.
What Are the Methods of Quantitative Research?
- F2F surveys.
- Questionnaires.
- Mail survey.
- Experiment.
- Telephone survey of legal entities.
- Online survey.
What Are the Tasks Solved with the Help of Quantitative Research?
- Evaluation of potential and actual market volume.
- Evaluation of the market distribution between the leading competitors.
- Assessment of the level of sales of goods or services.
- Determining consumers’ attitudes to the product, recognition of the product, and brand.
- Determining the optimal price of a product or service.
- Evaluation of the effectiveness of the advertising campaign and other communication channels.
Secondary Research Services
Any market analysis must begin with studying existing secondary information about it. Perhaps research companies and government statistics have already collected information to answer the questions of your analysis plan. If this is the case, you will significantly save time and budget for research.
So be active and spend an hour searching for secondary market information online. This type of market research for startups may include government publications, industry reports, and academic journals.
Online Research Services
In particular, thanks to the possibility of Internet questioning of the target audience, it has become possible for market research services to solve these problems much faster and more efficiently. The Internet opens up opportunities to study the market without geographical restrictions. You can use online surveys, social media monitoring, and web analytics.
How to Choose the Right Type of Market Research Service for Your Business
A clear answer to this question will help you refrain from processing redundant and unnecessary information. With the help of a professional market research expert like Waveup, you can correctly draw up a market analysis plan, choose the most effective market research method, and use the right tools for market analysis, thereby reducing the cost of searching and processing information.
Surveys, focus groups, in-depth interviews, field research or experiments, and observations. The choice of research method depends on the budget and time resources.
- Make a brief market analysis plan. The analysis plan should be brief, as it only serves as a systematizer of the process. But it is necessary not to waste time on useless information analysis in analyzing the market, product, or service.
- Be realistic and include only indicators you can obtain and process in your market analysis.
When insufficient data, call for expert judgment and competent market research service advice. After all, your business’s success depends on the reliability of the data.
