A lot of potential companies crashed because of the lack of Market Research and a lot more companies are saved by it. Read this article on Best Market Research Methods & How to Conduct a Lean Market Research.
According to research, around 90% of startups fail. 21% fail in the first year, 30% in the second, 50% in the fifth, and 71% in the 10th year. Most of them wouldn’t have doomed if they would have done their research right. But if the internet brought you here, I assure you, you will be saved.
The Best and most working Market Research Methods include Surveys, Interviews, Focus Groups, Observation, and more. They are super helpful in giving insights for your business. Along with Market Research make sure you know all about Lean Marketing too.
Know all about Market Research methods in just a few seconds and see how can you improve your business.
List of Market Research Methods every Businessperson Must Know in 2021
Why Surveys and Interviews? What is the best way to conduct them? Clear all your doubts and much more. Stay Tuned!
One of the Most Common Market Research Methods
Surveys are widely used all over the world as a quantitative research method. Any business, even if it is a small one right now, cannot go from door to door to ask for critical reviews. Because you want to know specific answers for specific questions over a huge number (even in 100s would be a huge number), Surveys will work the best for you.
You can take surveys over Google Forms and send links to your customers for their responses. A lot of big firms conduct Surveys on daily basis. It is a market research method that is easy to execute as well as will be helpful in your business.
The Most Insightful out of all Market Research Methods
A simple interview with a customer from your target market will help you more than you think. A one-on-one conversation gives you a lot of information to process and thinks about.
A lot is known from verbal as well as non-verbal cues, you can dive deep into the feedback of the customer and ask questions that you probably cannot ask in a survey.
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Even if you cannot have a face-to-face interview, you can always arrange a zoom meeting. Regardless you will be offered some great insights for your business.
3. Focus Groups
The Smartest out of all Market Research Methods
A Focus Group is a group of people who are a part of the potential target market of a company. What basically happens is that a trained moderator makes a conversation about the product and members of the Focus group provide their valuable user experiences and messages.
Why are Focus groups the best of all the Market Research Methods? Firstly, you are not getting the user experience of one person. You are getting feedback from many people, so you are saving your time as well as utilizing it to its best.
Secondly, when a bunch of people talk and discuss a product, they will unknowingly share ways how you can improve it. That’s human behavior. That’s why you should have multiple Focus Groups running.
4. Observation and Analysis
A Must-Do out of all Market Research Methods
Observation is something that should be in your nature if you are a businessperson. Regardless of your target markets, products, services, Observation should be done in all the companies. Let me tell you how.
You can have customer observation sessions. In these sessions, an employee from your company will make notes while they watch a user’s reaction, behavior over the product. You can always keep such a person (for observation), in Focus Groups. It will undoubtedly be much helpful to you.
Along with Observation, Analysis has helped uncountable businesses from unpredictability. When you analyze your statistics, you see what pattern your business is following. After analyzing, you can think about what can you do to better it.
Observation and analysis both go together in user behavior and statistics. You cannot use either of them.
What is Lean Marketing?
Lean Marketing is all about the target market, testing products, and improving user experience quickly and efficiently. It is beneficial to all businesses. So there’s no chance you should miss out on Lean Marketing.
How to Conduct a Lean Market Research?
1. Create Personas
Get data from the on-page or email surveys. You can even get data from interviews to understand your user/customer. Use questions starting from Why and What in your interviews.
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2. Do Observational Research
Take notes while watching a person using your product. Note down all behavior and gestures of the user.
3. Conduct Personal Interviews
Not everyone is honest in front of all. Make sure you have individual interviews. Dig-deep in the user concerns.
4. Analyze the data
Use techniques like Affinity Diagram and Customer Journey map to analyze your data. Make a flow out of all your data.
Also, Read Best Business Communication Apps 2021
Hope this article helped you know a lot about Market Research methods and Lean marketing. If you want more of this stuff then comment below. Share this article with your circle. Have a nice day!
Frequently Asked Questions
What are the 5 methods of market research?
The main five market research methods are-
1. Focus groups
2. Personal interviews
4. Field trials
What are the 6 steps of market research?
1. Problem Definition
2. Development of an Approach to the Problem 3. Research Design Formulation
4. Field Work or Data Collection
5. Data Preparation and Analysis
6. Report Preparation and Presentation
Featured Image Credits: AIB World