You know that "market research" is essential before launching a new product or service, or to understand industry trends and competitiveness. However, when tasked with this work, the market can seem vast and overwhelming, making it hard to know where to start.
To help with this, we’ve compiled everything you need to know about market research! From its basic concept to the process and timing, you’ll get a comprehensive understanding all in one go. This is part two of the series, diving into the types of market research and how to design a bullet proof market research.
Types of Market Research
🟣Primary Research
Primary research involves directly collecting data from the target market or customer segment through qualitative methods like 1:1 interviews and focus groups, and quantitative methods like customer surveys and opinion polls.
Customer Surveys and Polls: Conducted both online and offline, these are quick and easy ways to gain insights into potential customers, converting their needs and emotions into quantitative and qualitative data.
Focus Groups: Involves gathering participants to discuss their opinions on a product, service, or idea. Unlike surveys or interviews, participants discuss among themselves, often used to develop new products or evaluate marketing strategies.
1:1 Interviews: Conducted in-person, over the phone, or via video calls to collect feedback directly from potential customers. Though resource-intensive, they provide in-depth insights into customer thoughts.
🟣Secondary Research
Secondary research involves analyzing data collected by other credible institutions like government agencies, associations, and media outlets. It includes industry trend reports, government publications, academic research, and market research reports.
Government Publications: Data from government departments, statistical agencies, or policy research institutes, offering reliable information with larger sample sizes, though sometimes delayed in publication.
Academic Publications: Papers, reports, and research results from universities and research institutions, providing in-depth data on specific topics. Consider the perspective of the publishing entity and cross-check with other sources.
Market Reports: Reports from market research or consulting firms, offering high-quality, timely data for business decisions, often available for a fee. Verify the quality and reliability of the information.
🟣Other Market Research Methods
Beyond primary and secondary research, online keyword research tools like Google Trends’ ‘Google Keyword Planner’ collect quantitative data for Google ads or SEO. For those focusing on marketing or advertising on Naver, Korea’s largest portal site, ‘Naver Data Lab’ provides popular search terms and industry-specific regional statistics.
Market Research Design
Step 1. Define Your Objectives
Before starting, set clear objectives for what you want to know and what you plan to investigate. Determine whether you aim to understand market needs before launching a new product or assess customer satisfaction with an existing product.
Step 2. Define the problems and your plan.
Design the research plan, defining the scope and resources needed. Choose the methods and set the schedule.
Step 3. Collect Data
Collect actual data using primary or secondary methods or other research techniques.
Step 4. Data Organization and Analysis
Organize collected data for easy analysis. Use text mining and visualization for qualitative data, and quantify quantitative data statistically.
Step 5. Draw Insights
Interpret data to find answers to initial objectives, identifying key patterns or trends aligned with the goals.
Step 6. Share and Report
Share insights with the team or organization to aid decision-making. Prepare a report summarizing objectives, methods, findings, and insights, using visualization tools to effectively present the data.
By understanding and utilizing market research, you can take steps closer to your customers, creating customer-centric products and healthier businesses. Use this guide to enhance your connection with customers!
