A Quick Guide to 4 Market Research Methods

In this video, I will show you the top 4 market research methods and strategies. In today’s highly competitive business world, companies must understand consumers and properly target future customers. Therefore, knowing how to conduct proper market research is one of the most important steps to succeed in today's ultra-competitive market.

Additionally, this video will teach you about the pros and cons for each of the 4 market research methods. By watching this video, you will learn how to create better online surveys that will guarantee higher response rates. Moreover, we will compare online surveys and interviews to give you a better understanding of the necessary steps to conduct more accurate marketing research.

💡 TOPICS IN THIS VIDEO 💡
• market research methods and strategies
• how to conduct market research
• online surveys
• conducting interviews

🔎 HASHTAGS 🔎
#marketresearchstrategies
#howtoconductmarketresearch
#onlinesurveys
#conductinginterviews

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Think BIG for Business

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⏱TimeStamps⏱
0:00 - Introduction
0:16 - Online Surveys for Market Research
1:17 - Interviews for Market Research
1:50 - Focus Groups for Market Research
2:42 - Observation for Market Research

Transcript
When a start-up company wants to understand how consumers feel about their product or service, they conduct market research.

There are four methods for conducting market research.

1) Online Surveys
These are inexpensive, easy to conduct, and data collection can be done quickly. Market researchers can use Google Forms or sites like Survey Monkey to collect and analyze the results.

For online surveys, remember to follow these points:
• Include an introduction that explains the purpose of the survey. This gives participants a reason why they should participate.
• Next, start with the more difficult questions at the beginning of the survey. However, don’t make the first question very difficult.
• Lastly, try to keep the length of the survey under 10 minutes. Participants will lose interest if the survey is long and your response rate will likely decrease.

2) Interviews
These are one-on-one conversations with members of your target market. Having a face-to-face interview helps us understand consumers and observe non-verbal cues. By watching their body language or facial reactions, we can learn how participants feel. If an in-person meeting cannot be arranged, video conferencing is a very good second choice.

3) Focus Groups
Focus groups involve a selected group of people, usually under 10 people, who fit a company’s target market. A trained leader holds a conversation surrounding the product, user experience, and/or marketing message to gain a deeper understanding of the target consumers.

While focus groups can provide companies with an immediate consumer reaction to a product or service, there are some problems with conducting focus group research. For starters, they are more expensive to conduct, and participants often follow the lead of the focus group moderator. This means participants do not have an opportunity to express their true opinions.

4) Observation
During a customer observation session, a researcher watches a consumer engage with their product or a similar product from a competitor. This approach is less expensive than focus groups. Also, researchers can see people interact with your product in a natural setting without influencing each other. This gives market researchers valuable insight into consumer behavior. However, it is very important for the observer to avoid personal bias while conducting this kind of market research.

Which research method would you choose for your product or service?