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Types of Market Research
Market research is the most important factor because this helps you to know the customer and the competitor, ultimately aiding you to grow your business. Let’s understand it better, by breaking down things one by one.
What is market research?
Market research is the process of gathering information about the market within your industry. It’s an analytical study of the market. It may seem a complicated process, but it’s an important step that one should go through for leading their business.
Why is Market Research Important?
Market research plays a vital role before you start a business because knowing where your game is going to start can help you to build and plan your strategy to overcome your competitors.
What are the four Different Types of Market Research?
There are four main types of market research that you’ll likely come across. Each of these can help you extract data and information about your market in different ways and also help you gather experiences about the industry in which you are dealing.
They are primary, secondary, quantitative, and qualitative.
Primary research refers to the first data or information. First data or information is all the data and information you’ve collected on your own with the help of the following way:
Facebook groups, Quora, etc. where people often post their opinion online, one of the perks is that this is all free source of information.
Interviewing different people in the same industry can also give you a lot of information which are the internal factor of the industry and which can’t be found out in some other way.
Well, polls are often taken to know what people want in general, where a group always want something different, and other group chooses to select something different from the former one. The polls make it easy.
This type of market research always takes a lot of time while comparing others because the data in this is primary or raw whereas the data in others are called secondary data.
Secondary research is nothing but secondary data. This data can be old compared to primary data because this data is already available somewhere in the market and most of the time, everyone would have used this data for their research as well.
Secondary data are available on the following platforms:
YouTube, the second-largest platform, where people’s reach is higher and you get a gist of the individual as well as a group’s perception and preferences. There are many different types of video content available for the same topic, most people just rely on this for their research.
There many people in the world who post an article about everything which makes it easy for people to learn and use this article for their research. These articles can be third-party information because sometimes they too rely on other information. An Example could be, Travel blogs.
Before there was no internet, people use to rely on books for information and today, still, there are people who like books. As one of the oldest mediums of information, books always give you a lot of information.
Sometimes this secondary data can be too old so it’s better that you don’t rely on that.
- Qualitative Research
Qualitative research is nothing but a bundle of data that can be formed from primary or secondary data. Primary data such as interviews, polls, focus group information add to some secondary data. You can also ask the question to your target customers like
What made them buy your product/services?
What do we need to improve?
who are our competitors according to you?
what is the best product/services provided by us?
This research helps you to stand in the shoes of the customers and think like them and then know what they want to input in these things into your product and services.
Quantitative research is a collection of a number. Again, this data can be both from primary and secondary data.
Polls from primary data can give you a collection of number which can be used in quantitative research.
As compared to primary data, secondary data gives you a lot of quantitative information.
This research will help you to set a trend for the people where they can invest and understand why they should invest.
So, the conclusion from where you should start research is by completely studying the secondary data then moving along to primary data, next comes the qualitative Research, it can be a comparative study of both primary as well as secondary data. Then you can do quantitative research for better development.
Doing this research regularly can help you with more information and better development.