People conduct market researches to know about their brand value and views of the public about the products and services they offer. There are a lot of ways for marketing research, though the 4 main ones are given under:
1. Surveys
The most famous way of marketing research is to conduct surveys. Surveys
can be conducted in a variety of ways. Home to home surveys, questionnaires to
students or online surveys are the various methods of conducting surveys. The
most famous method of conducting surveys is online surveys. Many apps like
Rakuten insights and crownit are rewarding their users with cash and other
rewards just for filling in 5 to 10 minute surveys. These surveys help
companies in knowing about the views of customers about their products as well
as any improvement that they might like.
2. Interviews
The second most famous method of marketing research are interviews.
These provide one to one insights into the public's views. When you go to a
person and talk to them about their usage of a product, their likes and
dislikes, there is a greater chance that you will have far more insights than
just getting a survey filled online. In reality, you are also able to see
the reactions and expressions of the interviewees to certain questions.
3. Focus groups
The 3rd way
are focus groups. Finding a focus group for your product and asking them to use
the product free of cost in return for their reviews is also done by many
companies. This ensures that there is definite incentive for the customer to
try the product along with the company's benefit of getting the honest reviews
from people.
4. Customer observation
The last method is customer observation. Here, individuals are monitored
to know their reactions to use of certain products. They are studied and this
helps the company in deciding which product to improve and which not.
Though focus groups and customer observation are not very famous methods
of marketing research they are being carried out by smaller companies. Surveys
and interviews are costly but they do provide greater knowledge about market
preferences to the companies.
They provide a one to one interaction and are much more personal
compared to focus groups and customer interactions. Also, the identity is not
revealed in surveys which is a greater incentive for people to tell the truth.
These were the 4 best ways of marketing research. It is very hard to
choose one from these, as all of them have their own merits and demerits. They
are used by various companies on the basis of their size and composition and
all of them are of significance when it comes to marketing research.