What Exactly Is Market Research?
What is market research if it isn’t a high-brow practice? Market research is essentially the act of gathering information.
Market research includes something as easy as people watching. As does data collection via surveys, internet forms, and business databases.
The goal of any market research is to better understand your selected target group.
You’ll discover how your target demographic reacts to advertising, including what makes them laugh and what gets them upset. You’ll also be the first to hear if their preferences change and if you need to adjust your offering as a result.
Market research goes a step beyond normal consumer research by providing insight into your sector.
Why Is Market Research Important?
Market research gives you the gift of foresight.
With a reliable database of knowledge, you can make predictions on the big things like your competitor’s next move and your customer’s behavior.
Without market research, you’re stuck with assumptions about the outside world.
Assumptions aren’t backed by data and they often include personal biases making them an unreliable source of information.
That’s right. While you might trust your gut instinct in other aspects of your life, you should never rely on an assumption when it comes to your marketing activities.
Market research is important because it provides a path to objectivity and a form of inlet that everyone in your organization can make use of.
Types of Market Research
Broadly speaking, market research comes in two forms.
These are primary and secondary research.
Now, stick with us here if it’s beginning to sound technical. The difference between the two is simple.
Primary research relates to any information you investigate yourself. It’s the act of bringing new insight to the table as a result of your actions.
To find new information, you can use tools like:
You can take a look are those before coming to conclude this chapter
Secondary research comes from reliable sources that already exist. In this scenario, you still compile the data yourself yet you don’t have to worry about your methodology, ethics and a grand plan to get it.
As you can imagine, accessing secondary data is often quicker and easier.
And the good news is that it’s now relatively easy to find online.
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