Market research is extremely beneficial to any business. Whether you’re a school, healthcare provider or retailer, you should always rely on good market research when making decisions about your future operations.
That said, there are many forms of research and there isn’t a ‘one size fits all’ solution. The type of research you commit to depends on your industry, your objectives and its purposes. With that in mind, here’s a few of the most common types of market research.
First, we’re going to look at how you gather your data.
Primary research is the collation of original data or information that is aimed directly for your own purpose. This kind of research can be gathered through surveys, interviews, focus groups and direct observations. Often agencies like ourselves can do this for you.
This type of research is focused on your own objectives which means it is directed by questions that you want to ask and information that you need to know. The only downside about primary research is that it can be time-consuming and costly.
Secondary research uses existing resources and information to build a picture. These types of resources could include published articles, information on the internet, market results, existing customer and stock data, and information from third parties like councils, agencies and the government.
While secondary research can be easier to find and less time-consuming, it isn’t always focused on your actual objectives. Sometimes finding the information that you actually need can be a difficulty as it isn’t targeted research.
Now, we’re going to look at what kind of market research you have gathered.
Quantitate research is interested in the numerical value of data. This could be sales figures, customer footfall, amount of pass grades for students, and so on. This kind of research often helps create statistics and it can help you understand your market size.
Qualitative research, meanwhile, is more interested in the value that your brand or business offers to customers. This could be how your learners feel about your courses or how your customers feel about the services you offer. This is better for providing customer insight.
So now that you have been introduced to the common types of market research, what option is best for you?