Market Research is defined as the action or activity of gathering information about consumers’ needs and preferences.
There are different types of market research according to the channels used to collect the information.
The channels for collecting the information
- Face to face
Regardless of the channel used (focus group, interviews, surveys, on-line questionnaires, CATI surveys, mystery shopping), it is important to select the proper Market Research team with the adequate facilities.
Market Research through Postal Survey:
It is important to select a partner that provides you with mailing support (to store and send your surveys), has a business’ address, receives the answers and process the surveys. If the data is inputted on a manual basis, a team with knowledge of database management would be an asset.
Market Research On-line surveys:
Key elements to consider are: is your current database up to date (clean your database before using it to increase ROI), knowledge of on-line survey software (i.e. survey monkey), the creation of personalised e-mails including your company logo, collect, process and analyse the data.
Market Research: Phone surveys / Phone interviews/ Phone mystery shopping:
A Market Research’s company with an internal call centre improves successful rates: employees are familiar with similar market research projects and software required to perform the survey. Training is reduced and set up can be done in hours. Furthermore, it is not required to outsource the “field research” to a third party guaranteeing data protection.
Face to face market research:
This can be performed in one or various locations (i.e. interviewed house/workplace, street or external location, market research agency office). Hence it is paramount to have a workforce near to the location where the research will take place. You should select a Market research agency with meeting room agreements in place or a national workforce available if it is required for your project.
Market research projects can be classified by other criteria
Other criteria can be used to classify Market Research Projects. For example:
The objectives of the project
Type of information to be collected
- Customer Satisfaction Survey
- Competitor Research
- Employee Performance (Mystery Shopping)
- Buyer Experience
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