Understanding your market and customers is vital in being able to offer them meaningful and relevant messages about your product.
Broadly you can categorise research into two areas:
- Market research
- Customer research
Market research allows you to understand the opportunities that are available for your business. This may include such outputs as:
- Market size
- Competitor activity
- Pricing strategies
- Market maturity
This is all about getting to know the people who buy your product more intimately. Customer research can include anything from:
- Product understanding
- Price elasticity
- Purchase lifecycles
- Decision making
- Points of influence
The techniques that you can use to conduct this are either qualitative or quantitative.
Qualitative research will give you a broad understanding of what the market or your customers think of your product or service. The way you gather data for this kind of research is through:
- Focus groups
- Online panels
Quantitative on the other hand allows you to collect and analyze more binary data in the form of:
- Yes/No questions
- Scoring from 1 to 10
- Net Promoter Score
- Customer Satisfaction Score
Often qualitative research is used to provide the basis to build theories over smaller groups of individuals which can then be tested with larger quantitative surveys. Read more about the importance of research and data in our blog.
If you would like to know more about how to research to inform your marketing, then get in touch with us today.