how to do business research methods

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Business Research: Methods, Types & Examples

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Business research: Definition

Quantitative research methods, qualitative research methods, advantages of business research, disadvantages of business research, importance of business research.

Business research is a process of acquiring detailed information on all the areas of business and using such information to maximize the sales and profit of the business. Such a study helps companies determine which product/service is most profitable or in demand. In simple words, it can be stated as the acquisition of information or knowledge for professional or commercial purposes to determine opportunities and goals for a business.

Business research can be done for anything and everything. In general, when people speak about business research design , it means asking research questions to know where the money can be spent to increase sales, profits, or market share. Such research is critical to make wise and informed decisions.

LEARN ABOUT: Research Process Steps

For example: A mobile company wants to launch a new model in the market. But they are not aware of what are the dimensions of a mobile that are in most demand. Hence, the company conducts business research using various methods to gather information, and the same is then evaluated, and conclusions are drawn as to what dimensions are most in demand.

This will enable the researcher to make wise decisions to position his phone at the right price in the market and hence acquire a larger market share.

LEARN ABOUT:  Test Market Demand

Business research: Types and methodologies

Business research is a part of the business intelligence process. It is usually conducted to determine whether a company can succeed in a new region, to understand its competitors, or simply select a marketing approach for a product. This research can be carried out using steps in qualitative research methods or quantitative research methods.

Quantitative research methods are research methods that deal with numbers. It is a systematic empirical investigation using statistical, mathematical, or computational techniques . Such methods usually start with data collection and then proceed to statistical analysis using various methods. The following are some of the research methods used to carry out business research.

LEARN ABOUT: Data Management Framework

Survey research

Survey research is one of the most widely used methods to gather data, especially for conducting business research. Surveys involve asking various survey questions to a set of audiences through various types like online polls, online surveys, questionnaires, etc. Nowadays, most of the major corporations use this method to gather data and use it to understand the market and make appropriate business decisions.

Various types of surveys, like cross-sectional studies , which need to collect data from a set of audiences at a given point of time, or longitudinal surveys which are needed to collect data from a set of audiences across various time durations in order to understand changes in the respondents’ behavior are used to conduct survey research. With the advancement in technology, surveys can now be sent online through email or social media .

For example: A company wants to know the NPS score for their website i.e. how satisfied are people who are visiting their website. An increase in traffic to their website or the audience spending more time on a website can result in higher rankings on search engines which will enable the company to get more leads as well as increase its visibility.

Hence, the company can ask people who visit their website a few questions through an online survey to understand their opinions or gain feedback and hence make appropriate changes to the website to increase satisfaction.

Learn More:  Business Survey Template

Correlational research

Correlational research is conducted to understand the relationship between two entities and what impact each one of them has on the other. Using mathematical analysis methods, correlational research enables the researcher to correlate two or more variables .

Such research can help understand patterns, relationships, trends, etc. Manipulation of one variable is possible to get the desired results as well. Generally, a conclusion cannot be drawn only on the basis of correlational research.

For example: Research can be conducted to understand the relationship between colors and gender-based audiences. Using such research and identifying the target audience, a company can choose the production of particular color products to be released in the market. This can enable the company to understand the supply and demand requirements of its products.

Causal-Comparative research

Causal-comparative research is a method based on the comparison. It is used to deduce the cause-effect relationship between variables. Sometimes also known as quasi-experimental research, it involves establishing an independent variable and analyzing the effects on the dependent variable.

In such research, data manipulation is not done; however, changes are observed in the variables or groups under the influence of the same changes. Drawing conclusions through such research is a little tricky as independent and dependent variables will always exist in a group. Hence all other parameters have to be taken into consideration before drawing any inferences from the research.

LEARN ABOUT: Causal Research

For example: Research can be conducted to analyze the effect of good educational facilities in rural areas. Such a study can be done to analyze the changes in the group of people from rural areas when they are provided with good educational facilities and before that.

Another example can be to analyze the effect of having dams and how it will affect the farmers or the production of crops in that area.

LEARN ABOUT: Market research trends

Experimental research

Experimental research is based on trying to prove a theory. Such research may be useful in business research as it can let the product company know some behavioral traits of its consumers, which can lead to more revenue. In this method, an experiment is carried out on a set of audiences to observe and later analyze their behavior when impacted by certain parameters.

LEARN ABOUT: Behavioral Targeting

For example: Experimental research was conducted recently to understand if particular colors have an effect on consumers’ hunger. A set of the audience was then exposed to those particular colors while they were eating, and the subjects were observed. It was seen that certain colors like red or yellow increase hunger.

Hence, such research was a boon to the hospitality industry. You can see many food chains like Mcdonalds, KFC, etc., using such colors in their interiors, brands, as well as packaging.

Another example of inferences drawn from experimental research, which is used widely by most bars/pubs across the world, is that loud music in the workplace or anywhere makes a person drink more in less time. This was proven through experimental research and was a key finding for many business owners across the globe.

Online research / Literature research

Literature research is one of the oldest methods available. It is very economical, and a lot of information can be gathered using such research. Online research or literature research involves gathering information from existing documents and studies, which can be available at Libraries, annual reports, etc.

Nowadays, with the advancement in technology, such research has become even more simple and accessible to everyone. An individual can directly research online for any information that is needed, which will give him in-depth information about the topic or the organization.

Such research is used mostly by marketing and salespeople in the business sector to understand the market or their customers. Such research is carried out using existing information that is available from various sources. However, care has to be taken to validate the sources from where the information is going to be collected.

For example , a salesperson has heard a particular firm is looking for some solution that their company provides. Hence, the salesperson will first search for a decision maker from the company, investigate what department he is from, and understand what the target company is looking for and what they are into.

Using this research, he can cater his solution to be spot on when he pitches it to this client. He can also reach out to the customer directly by finding a means to communicate with him by researching online.’

LEARN ABOUT: 12 Best Tools for Researchers

Qualitative research is a method that has a high importance in business research. Qualitative research involves obtaining data through open-ended conversational means of communication. Such research enables the researcher to not only understand what the audience thinks but also why he thinks it.

In such research, in-depth information can be gathered from the subjects depending on their responses. There are various types of qualitative research methods, such as interviews, focus groups, ethnographic research, content analysis, and case study research, that are widely used.

Such methods are of very high importance in business research as they enable the researcher to understand the consumer. What motivates the consumer to buy and what does not is what will lead to higher sales, and that is the prime objective for any business.

Following are a few methods that are widely used in today’s world by most businesses.

Interviews are somewhat similar to surveys, like sometimes they may have the same types of questions used. The difference is that the respondent can answer these open-ended questions at length, and the direction of the conversation or the questions being asked can be changed depending on the response of the subject.

Such a method usually gives the researcher detailed information about the perspective or opinions of its subject. Carrying out interviews with subject matter experts can also give important information critical to some businesses.

For example: An interview was conducted by a telecom manufacturer with a group of women to understand why they have less number of female customers. After interviewing them, the researcher understood that there were fewer feminine colors in some of the models, and females preferred not to purchase them.

Such information can be critical to a business such as a  telecom manufacturer and hence it can be used to increase its market share by targeting women customers by launching some feminine colors in the market.

Another example would be to interview a subject matter expert in social media marketing. Such an interview can enable a researcher to understand why certain types of social media advertising strategies work for a company and why some of them don’t.

LEARN ABOUT: Qualitative Interview

Focus groups

Focus groups are a set of individuals selected specifically to understand their opinions and behaviors. It is usually a small set of a group that is selected keeping in mind the parameters for their target market audience to discuss a particular product or service. Such a method enables a researcher with a larger sample than the interview or a case study while taking advantage of conversational communication.

Focus group is also one of the best examples of qualitative data in education . Nowadays, focus groups can be sent online surveys as well to collect data and answer why, what, and how questions. Such a method is very crucial to test new concepts or products before they are launched in the market.

For example: Research is conducted with a focus group to understand what dimension of screen size is preferred most by the current target market. Such a method can enable a researcher to dig deeper if the target market focuses more on the screen size, features, or colors of the phone. Using this data, a company can make wise decisions about its product line and secure a higher market share.

Ethnographic research

Ethnographic research is one of the most challenging research but can give extremely precise results. Such research is used quite rarely, as it is time-consuming and can be expensive as well. It involves the researcher adapting to the natural environment and observing its target audience to collect data. Such a method is generally used to understand cultures, challenges, or other things that can occur in that particular setting.

For example: The world-renowned show “Undercover Boss” would be an apt example of how ethnographic research can be used in businesses. In this show, the senior management of a large organization works in his own company as a regular employee to understand what improvements can be made, what is the culture in the organization, and to identify hard-working employees and reward them.

It can be seen that the researcher had to spend a good amount of time in the natural setting of the employees and adapt to their ways and processes. While observing in this setting, the researcher could find out the information he needed firsthand without losing any information or any bias and improve certain things that would impact his business.

LEARN ABOUT:   Workforce Planning Model

Case study research

Case study research is one of the most important in business research. It is also used as marketing collateral by most businesses to land up more clients. Case study research is conducted to assess customer satisfaction and document the challenges that were faced and the solutions that the firm gave them.

These inferences are made to point out the benefits that the customer enjoyed for choosing their specific firm. Such research is widely used in other fields like education, social sciences, and similar. Case studies are provided by businesses to new clients to showcase their capabilities, and hence such research plays a crucial role in the business sector.

For example: A services company has provided a testing solution to one of its clients. A case study research is conducted to find out what were the challenges faced during the project, what was the scope of their work, what objective was to be achieved, and what solutions were given to tackle the challenges.

The study can end with the benefits that the company provided through its solutions, like reduced time to test batches, easy implementation or integration of the system, or even cost reduction. Such a study showcases the capability of the company, and hence it can be stated as empirical evidence of the new prospect.

Website visitor profiling/research

Website intercept surveys or website visitor profiling/research is something new that has come up and is quite helpful in the business sector. It is an innovative approach to collect direct feedback from your website visitors using surveys. In recent times a lot of business generation happens online, and hence it is important to understand the visitors of your website as they are your potential customers.

Collecting feedback is critical to any business, as without understanding a customer, no business can be successful. A company has to keep its customers satisfied and try to make them loyal customers in order to stay on top.

A website intercept survey is an online survey that allows you to target visitors to understand their intent and collect feedback to evaluate the customers’ online experience. Information like visitor intention, behavior path, and satisfaction with the overall website can be collected using this.

Depending on what information a company is looking for, multiple forms of website intercept surveys can be used to gather responses. Some of the popular ones are Pop-ups, also called Modal boxes, and on-page surveys.

For example: A prospective customer is looking for a particular product that a company is selling. Once he is directed to the website, an intercept survey will start noting his intent and path. Once the transaction has been made, a pop-up or an on-page survey is provided to the customer to rate the website.

Such research enables the researcher to put this data to good use and hence understand the customers’ intent and path and improve any parts of the website depending on the responses, which in turn would lead to satisfied customers and hence, higher revenues and market share.

LEARN ABOUT: Qualitative Research Questions and Questionnaires

• Business research helps to identify opportunities and threats.
• It helps identify research problems , and using this information, wise decisions can be made to tackle the issue appropriately.
• It helps to understand customers better and hence can be useful to communicate better with the customers or stakeholders.
• Risks and uncertainties can be minimized by conducting business research in advance.
• Financial outcomes and investments that will be needed can be planned effectively using business research.
• Such research can help track competition in the business sector.
• Business research can enable a company to make wise decisions as to where to spend and how much.
• Business research can enable a company to stay up-to-date with the market and its trends, and appropriate innovations can be made to stay ahead in the game.
• Business research helps to measure reputation management
• Business research can be a high-cost affair
• Most of the time, business research is based on assumptions
• Business research can be time-consuming
• Business research can sometimes give you inaccurate information because of a biased population or a small focus group.
• Business research results can quickly become obsolete because of the fast-changing markets

Business research is one of the most effective ways to understand customers, the market, and competitors. Such research helps companies to understand the demand and supply of the market. Using such research will help businesses reduce costs and create solutions or products that are targeted to the demand in the market and the correct audience.

In-house business research can enable senior management to build an effective team or train or mentor when needed. Business research enables the company to track its competitors and hence can give you the upper hand to stay ahead of them.

Failures can be avoided by conducting such research as it can give the researcher an idea if the time is right to launch its product/solution and also if the audience is right. It will help understand the brand value and measure customer satisfaction which is essential to continuously innovate and meet customer demands.

This will help the company grow its revenue and market share. Business research also helps recruit ideal candidates for various roles in the company. By conducting such research, a company can carry out a SWOT analysis , i.e. understand the strengths, weaknesses, opportunities, and threats. With the help of this information, wise decisions can be made to ensure business success.

LEARN ABOUT:  Market research industry

Business research is the first step that any business owner needs to set up his business to survive or to excel in the market. The main reason why such research is of utmost importance is that it helps businesses to grow in terms of revenue, market share, and brand value.

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How to Do Market Research: The Complete Guide

Learn how to do market research with this step-by-step guide, complete with templates, tools and real-world examples.

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Market research is the systematic process of gathering, analyzing and interpreting information about a specific market or industry.

What are your customers’ needs? How does your product compare to the competition? What are the emerging trends and opportunities in your industry? If these questions keep you up at night, it’s time to conduct market research.

Market research plays a pivotal role in your ability to stay competitive and relevant, helping you anticipate shifts in consumer behavior and industry dynamics. It involves gathering these insights using a wide range of techniques, from surveys and interviews to data analysis and observational studies.

In this guide, we’ll explore why market research is crucial, the various types of market research, the methods used in data collection, and how to effectively conduct market research to drive informed decision-making and success.

What is market research?

The purpose of market research is to offer valuable insight into the preferences and behaviors of your target audience, and anticipate shifts in market trends and the competitive landscape. This information helps you make data-driven decisions, develop effective strategies for your business, and maximize your chances of long-term growth.

Why is market research important? 

By understanding the significance of market research, you can make sure you’re asking the right questions and using the process to your advantage. Some of the benefits of market research include:

• Informed decision-making: Market research provides you with the data and insights you need to make smart decisions for your business. It helps you identify opportunities, assess risks and tailor your strategies to meet the demands of the market. Without market research, decisions are often based on assumptions or guesswork, leading to costly mistakes.
• Customer-centric approach: A cornerstone of market research involves developing a deep understanding of customer needs and preferences. This gives you valuable insights into your target audience, helping you develop products, services and marketing campaigns that resonate with your customers.
• Competitive advantage: By conducting market research, you’ll gain a competitive edge. You’ll be able to identify gaps in the market, analyze competitor strengths and weaknesses, and position your business strategically. This enables you to create unique value propositions, differentiate yourself from competitors, and seize opportunities that others may overlook.
• Risk mitigation: Market research helps you anticipate market shifts and potential challenges. By identifying threats early, you can proactively adjust their strategies to mitigate risks and respond effectively to changing circumstances. This proactive approach is particularly valuable in volatile industries.
• Resource optimization: Conducting market research allows organizations to allocate their time, money and resources more efficiently. It ensures that investments are made in areas with the highest potential return on investment, reducing wasted resources and improving overall business performance.
• Adaptation to market trends: Markets evolve rapidly, driven by technological advancements, cultural shifts and changing consumer attitudes. Market research ensures that you stay ahead of these trends and adapt your offerings accordingly so you can avoid becoming obsolete. 

As you can see, market research empowers businesses to make data-driven decisions, cater to customer needs, outperform competitors, mitigate risks, optimize resources and stay agile in a dynamic marketplace. These benefits make it a huge industry; the global market research services market is expected to grow from $76.37 billion in 2021 to $108.57 billion in 2026 . Now, let’s dig into the different types of market research that can help you achieve these benefits.

Types of market research 

• Qualitative research
• Quantitative research
• Exploratory research
• Descriptive research
• Causal research
• Cross-sectional research
• Longitudinal research

Despite its advantages, 23% of organizations don’t have a clear market research strategy. Part of developing a strategy involves choosing the right type of market research for your business goals. The most commonly used approaches include:

1. Qualitative research

Qualitative research focuses on understanding the underlying motivations, attitudes and perceptions of individuals or groups. It is typically conducted through techniques like in-depth interviews, focus groups and content analysis — methods we’ll discuss further in the sections below. Qualitative research provides rich, nuanced insights that can inform product development, marketing strategies and brand positioning.

2. Quantitative research

Quantitative research, in contrast to qualitative research, involves the collection and analysis of numerical data, often through surveys, experiments and structured questionnaires. This approach allows for statistical analysis and the measurement of trends, making it suitable for large-scale market studies and hypothesis testing. While it’s worthwhile using a mix of qualitative and quantitative research, most businesses prioritize the latter because it is scientific, measurable and easily replicated across different experiments.

3. Exploratory research

Whether you’re conducting qualitative or quantitative research or a mix of both, exploratory research is often the first step. Its primary goal is to help you understand a market or problem so you can gain insights and identify potential issues or opportunities. This type of market research is less structured and is typically conducted through open-ended interviews, focus groups or secondary data analysis. Exploratory research is valuable when entering new markets or exploring new product ideas.

4. Descriptive research

As its name implies, descriptive research seeks to describe a market, population or phenomenon in detail. It involves collecting and summarizing data to answer questions about audience demographics and behaviors, market size, and current trends. Surveys, observational studies and content analysis are common methods used in descriptive research. 

5. Causal research

Causal research aims to establish cause-and-effect relationships between variables. It investigates whether changes in one variable result in changes in another. Experimental designs, A/B testing and regression analysis are common causal research methods. This sheds light on how specific marketing strategies or product changes impact consumer behavior.

6. Cross-sectional research

Cross-sectional market research involves collecting data from a sample of the population at a single point in time. It is used to analyze differences, relationships or trends among various groups within a population. Cross-sectional studies are helpful for market segmentation, identifying target audiences and assessing market trends at a specific moment.

7. Longitudinal research

Longitudinal research, in contrast to cross-sectional research, collects data from the same subjects over an extended period. This allows for the analysis of trends, changes and developments over time. Longitudinal studies are useful for tracking long-term developments in consumer preferences, brand loyalty and market dynamics.

Each type of market research has its strengths and weaknesses, and the method you choose depends on your specific research goals and the depth of understanding you’re aiming to achieve. In the following sections, we’ll delve into primary and secondary research approaches and specific research methods.

Primary vs. secondary market research

Market research of all types can be broadly categorized into two main approaches: primary research and secondary research. By understanding the differences between these approaches, you can better determine the most appropriate research method for your specific goals.

Primary market research 

Primary research involves the collection of original data straight from the source. Typically, this involves communicating directly with your target audience — through surveys, interviews, focus groups and more — to gather information. Here are some key attributes of primary market research:

• Customized data: Primary research provides data that is tailored to your research needs. You design a custom research study and gather information specific to your goals.
• Up-to-date insights: Because primary research involves communicating with customers, the data you collect reflects the most current market conditions and consumer behaviors.
• Time-consuming and resource-intensive: Despite its advantages, primary research can be labor-intensive and costly, especially when dealing with large sample sizes or complex study designs. Whether you hire a market research consultant, agency or use an in-house team, primary research studies consume a large amount of resources and time.

Secondary market research 

Secondary research, on the other hand, involves analyzing data that has already been compiled by third-party sources, such as online research tools, databases, news sites, industry reports and academic studies.

Here are the main characteristics of secondary market research:

• Cost-effective: Secondary research is generally more cost-effective than primary research since it doesn’t require building a research plan from scratch. You and your team can look at databases, websites and publications on an ongoing basis, without needing to design a custom experiment or hire a consultant. 
• Leverages multiple sources: Data tools and software extract data from multiple places across the web, and then consolidate that information within a single platform. This means you’ll get a greater amount of data and a wider scope from secondary research.
• Quick to access: You can access a wide range of information rapidly — often in seconds — if you’re using online research tools and databases. Because of this, you can act on insights sooner, rather than taking the time to develop an experiment. 

So, when should you use primary vs. secondary research? In practice, many market research projects incorporate both primary and secondary research to take advantage of the strengths of each approach.

One rule of thumb is to focus on secondary research to obtain background information, market trends or industry benchmarks. It is especially valuable for conducting preliminary research, competitor analysis, or when time and budget constraints are tight. Then, if you still have knowledge gaps or need to answer specific questions unique to your business model, use primary research to create a custom experiment. 

Market research methods

• Surveys and questionnaires
• Focus groups
• Observational research
• Online research tools
• Experiments
• Content analysis
• Ethnographic research

How do primary and secondary research approaches translate into specific research methods? Let’s take a look at the different ways you can gather data: 

1. Surveys and questionnaires

Surveys and questionnaires are popular methods for collecting structured data from a large number of respondents. They involve a set of predetermined questions that participants answer. Surveys can be conducted through various channels, including online tools, telephone interviews and in-person or online questionnaires. They are useful for gathering quantitative data and assessing customer demographics, opinions, preferences and needs. On average, customer surveys have a 33% response rate , so keep that in mind as you consider your sample size.

2. Interviews

Interviews are in-depth conversations with individuals or groups to gather qualitative insights. They can be structured (with predefined questions) or unstructured (with open-ended discussions). Interviews are valuable for exploring complex topics, uncovering motivations and obtaining detailed feedback. 

3. Focus groups

The most common primary research methods are in-depth webcam interviews and focus groups. Focus groups are a small gathering of participants who discuss a specific topic or product under the guidance of a moderator. These discussions are valuable for primary market research because they reveal insights into consumer attitudes, perceptions and emotions. Focus groups are especially useful for idea generation, concept testing and understanding group dynamics within your target audience.

4. Observational research

Observational research involves observing and recording participant behavior in a natural setting. This method is particularly valuable when studying consumer behavior in physical spaces, such as retail stores or public places. In some types of observational research, participants are aware you’re watching them; in other cases, you discreetly watch consumers without their knowledge, as they use your product. Either way, observational research provides firsthand insights into how people interact with products or environments.

5. Online research tools

You and your team can do your own secondary market research using online tools. These tools include data prospecting platforms and databases, as well as online surveys, social media listening, web analytics and sentiment analysis platforms. They help you gather data from online sources, monitor industry trends, track competitors, understand consumer preferences and keep tabs on online behavior. We’ll talk more about choosing the right market research tools in the sections that follow.

6. Experiments

Market research experiments are controlled tests of variables to determine causal relationships. While experiments are often associated with scientific research, they are also used in market research to assess the impact of specific marketing strategies, product features, or pricing and packaging changes.

7. Content analysis

Content analysis involves the systematic examination of textual, visual or audio content to identify patterns, themes and trends. It’s commonly applied to customer reviews, social media posts and other forms of online content to analyze consumer opinions and sentiments.

8. Ethnographic research

Ethnographic research immerses researchers into the daily lives of consumers to understand their behavior and culture. This method is particularly valuable when studying niche markets or exploring the cultural context of consumer choices.

How to do market research

• Set clear objectives
• Identify your target audience
• Choose your research methods
• Use the right market research tools
• Collect data
• Analyze data 
• Interpret your findings
• Identify opportunities and challenges
• Make informed business decisions
• Monitor and adapt

Now that you have gained insights into the various market research methods at your disposal, let’s delve into the practical aspects of how to conduct market research effectively. Here’s a quick step-by-step overview, from defining objectives to monitoring market shifts.

1. Set clear objectives

When you set clear and specific goals, you’re essentially creating a compass to guide your research questions and methodology. Start by precisely defining what you want to achieve. Are you launching a new product and want to understand its viability in the market? Are you evaluating customer satisfaction with a product redesign? 

Start by creating SMART goals — objectives that are specific, measurable, achievable, relevant and time-bound. Not only will this clarify your research focus from the outset, but it will also help you track progress and benchmark your success throughout the process. 

You should also consult with key stakeholders and team members to ensure alignment on your research objectives before diving into data collecting. This will help you gain diverse perspectives and insights that will shape your research approach.

2. Identify your target audience

Next, you’ll need to pinpoint your target audience to determine who should be included in your research. Begin by creating detailed buyer personas or stakeholder profiles. Consider demographic factors like age, gender, income and location, but also delve into psychographics, such as interests, values and pain points.

The more specific your target audience, the more accurate and actionable your research will be. Additionally, segment your audience if your research objectives involve studying different groups, such as current customers and potential leads.

If you already have existing customers, you can also hold conversations with them to better understand your target market. From there, you can refine your buyer personas and tailor your research methods accordingly.

3. Choose your research methods

Selecting the right research methods is crucial for gathering high-quality data. Start by considering the nature of your research objectives. If you’re exploring consumer preferences, surveys and interviews can provide valuable insights. For in-depth understanding, focus groups or observational research might be suitable. Consider using a mix of quantitative and qualitative methods to gain a well-rounded perspective. 

You’ll also need to consider your budget. Think about what you can realistically achieve using the time and resources available to you. If you have a fairly generous budget, you may want to try a mix of primary and secondary research approaches. If you’re doing market research for a startup , on the other hand, chances are your budget is somewhat limited. If that’s the case, try addressing your goals with secondary research tools before investing time and effort in a primary research study. 

4. Use the right market research tools

Whether you’re conducting primary or secondary research, you’ll need to choose the right tools. These can help you do anything from sending surveys to customers to monitoring trends and analyzing data. Here are some examples of popular market research tools:

• Market research software: Crunchbase is a platform that provides best-in-class company data, making it valuable for market research on growing companies and industries. You can use Crunchbase to access trusted, first-party funding data, revenue data, news and firmographics, enabling you to monitor industry trends and understand customer needs.

• Survey and questionnaire tools: SurveyMonkey is a widely used online survey platform that allows you to create, distribute and analyze surveys. Google Forms is a free tool that lets you create surveys and collect responses through Google Drive.
• Data analysis software: Microsoft Excel and Google Sheets are useful for conducting statistical analyses. SPSS is a powerful statistical analysis software used for data processing, analysis and reporting.
• Social listening tools: Brandwatch is a social listening and analytics platform that helps you monitor social media conversations, track sentiment and analyze trends. Mention is a media monitoring tool that allows you to track mentions of your brand, competitors and keywords across various online sources.
• Data visualization platforms: Tableau is a data visualization tool that helps you create interactive and shareable dashboards and reports. Power BI by Microsoft is a business analytics tool for creating interactive visualizations and reports.

5. Collect data

There’s an infinite amount of data you could be collecting using these tools, so you’ll need to be intentional about going after the data that aligns with your research goals. Implement your chosen research methods, whether it’s distributing surveys, conducting interviews or pulling from secondary research platforms. Pay close attention to data quality and accuracy, and stick to a standardized process to streamline data capture and reduce errors. 

6. Analyze data

Once data is collected, you’ll need to analyze it systematically. Use statistical software or analysis tools to identify patterns, trends and correlations. For qualitative data, employ thematic analysis to extract common themes and insights. Visualize your findings with charts, graphs and tables to make complex data more understandable.

If you’re not proficient in data analysis, consider outsourcing or collaborating with a data analyst who can assist in processing and interpreting your data accurately.

7. Interpret your findings

Interpreting your market research findings involves understanding what the data means in the context of your objectives. Are there significant trends that uncover the answers to your initial research questions? Consider the implications of your findings on your business strategy. It’s essential to move beyond raw data and extract actionable insights that inform decision-making.

Hold a cross-functional meeting or workshop with relevant team members to collectively interpret the findings. Different perspectives can lead to more comprehensive insights and innovative solutions.

8. Identify opportunities and challenges

Use your research findings to identify potential growth opportunities and challenges within your market. What segments of your audience are underserved or overlooked? Are there emerging trends you can capitalize on? Conversely, what obstacles or competitors could hinder your progress?

Lay out this information in a clear and organized way by conducting a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats. Jot down notes for each of these areas to provide a structured overview of gaps and hurdles in the market.

9. Make informed business decisions

Market research is only valuable if it leads to informed decisions for your company. Based on your insights, devise actionable strategies and initiatives that align with your research objectives. Whether it’s refining your product, targeting new customer segments or adjusting pricing, ensure your decisions are rooted in the data.

At this point, it’s also crucial to keep your team aligned and accountable. Create an action plan that outlines specific steps, responsibilities and timelines for implementing the recommendations derived from your research. 

10. Monitor and adapt

Market research isn’t a one-time activity; it’s an ongoing process. Continuously monitor market conditions, customer behaviors and industry trends. Set up mechanisms to collect real-time data and feedback. As you gather new information, be prepared to adapt your strategies and tactics accordingly. Regularly revisiting your research ensures your business remains agile and reflects changing market dynamics and consumer preferences.

Online market research sources

As you go through the steps above, you’ll want to turn to trusted, reputable sources to gather your data. Here’s a list to get you started:

• Crunchbase: As mentioned above, Crunchbase is an online platform with an extensive dataset, allowing you to access in-depth insights on market trends, consumer behavior and competitive analysis. You can also customize your search options to tailor your research to specific industries, geographic regions or customer personas.

• Academic databases: Academic databases, such as ProQuest and JSTOR , are treasure troves of scholarly research papers, studies and academic journals. They offer in-depth analyses of various subjects, including market trends, consumer preferences and industry-specific insights. Researchers can access a wealth of peer-reviewed publications to gain a deeper understanding of their research topics.
• Government and NGO databases: Government agencies, nongovernmental organizations and other institutions frequently maintain databases containing valuable economic, demographic and industry-related data. These sources offer credible statistics and reports on a wide range of topics, making them essential for market researchers. Examples include the U.S. Census Bureau , the Bureau of Labor Statistics and the Pew Research Center .
• Industry reports: Industry reports and market studies are comprehensive documents prepared by research firms, industry associations and consulting companies. They provide in-depth insights into specific markets, including market size, trends, competitive analysis and consumer behavior. You can find this information by looking at relevant industry association databases; examples include the American Marketing Association and the National Retail Federation .
• Social media and online communities: Social media platforms like LinkedIn or Twitter (X) , forums such as Reddit and Quora , and review platforms such as G2 can provide real-time insights into consumer sentiment, opinions and trends. 

Market research examples

At this point, you have market research tools and data sources — but how do you act on the data you gather? Let’s go over some real-world examples that illustrate the practical application of market research across various industries. These examples showcase how market research can lead to smart decision-making and successful business decisions.

Example 1: Apple’s iPhone launch

Apple ’s iconic iPhone launch in 2007 serves as a prime example of market research driving product innovation in tech. Before the iPhone’s release, Apple conducted extensive market research to understand consumer preferences, pain points and unmet needs in the mobile phone industry. This research led to the development of a touchscreen smartphone with a user-friendly interface, addressing consumer demands for a more intuitive and versatile device. The result was a revolutionary product that disrupted the market and redefined the smartphone industry.

Example 2: McDonald’s global expansion

McDonald’s successful global expansion strategy demonstrates the importance of market research when expanding into new territories. Before entering a new market, McDonald’s conducts thorough research to understand local tastes, preferences and cultural nuances. This research informs menu customization, marketing strategies and store design. For instance, in India, McDonald’s offers a menu tailored to local preferences, including vegetarian options. This market-specific approach has enabled McDonald’s to adapt and thrive in diverse global markets.

Example 3: Organic and sustainable farming

The shift toward organic and sustainable farming practices in the food industry is driven by market research that indicates increased consumer demand for healthier and environmentally friendly food options. As a result, food producers and retailers invest in sustainable sourcing and organic product lines — such as with these sustainable seafood startups — to align with this shift in consumer values. 

The bottom line? Market research has multiple use cases and is a critical practice for any industry. Whether it’s launching groundbreaking products, entering new markets or responding to changing consumer preferences, you can use market research to shape successful strategies and outcomes.

Market research templates

You finally have a strong understanding of how to do market research and apply it in the real world. Before we wrap up, here are some market research templates that you can use as a starting point for your projects:

• Smartsheet competitive analysis templates : These spreadsheets can serve as a framework for gathering information about the competitive landscape and obtaining valuable lessons to apply to your business strategy.
• SurveyMonkey product survey template : Customize the questions on this survey based on what you want to learn from your target customers.
• HubSpot templates : HubSpot offers a wide range of free templates you can use for market research, business planning and more.
• SCORE templates : SCORE is a nonprofit organization that provides templates for business plans, market analysis and financial projections.
• SBA.gov : The U.S. Small Business Administration offers templates for every aspect of your business, including market research, and is particularly valuable for new startups. 

Strengthen your business with market research

When conducted effectively, market research is like a guiding star. Equipped with the right tools and techniques, you can uncover valuable insights, stay competitive, foster innovation and navigate the complexities of your industry.

Throughout this guide, we’ve discussed the definition of market research, different research methods, and how to conduct it effectively. We’ve also explored various types of market research and shared practical insights and templates for getting started. 

Now, it’s time to start the research process. Trust in data, listen to the market and make informed decisions that guide your company toward lasting success.

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Which are the best business research methods.

12 min read Business research is a well-established way to get an edge in your market. In this article, we’ll cover some of the most valuable business research methods.

Business research is a well-established way to gain an edge in your target market . But less than 40% of US marketers use consumer research to make decisions, according to data from Google. Could the huge range of methodologies and techniques be preventing business research takeup?

In this article, we’ll lay out some of the most popular and valuable business research methods, from general approaches to industry-specific techniques, to help you decide which business research process is the best fit for you and your company.

Free eBook: The ultimate guide to conducting market research

What do we mean by business research?

There are two primary areas of business research – understanding the market in which you’re operating, including the target consumers out there who don’t yet buy from you, and understanding your existing customers.

Market research

Market research is an umbrella term covering a wide variety of business research techniques which are used to help a business understand its target customer’s preferences.

This arm of business research often involves techniques like the focus group, where a moderated discussion helps companies understand their target audience, and survey research, including online surveys.

Customer feedback is an important part of any business intelligence process. This might come in the form of direct feedback, where a customer provides their opinion to a business either spontaneously or in response to a survey invitation or feedback form, or through indirect methods like social media listening.

As well as being able to assess customer satisfaction , this allows businesses to discover the unmet needs of their current customers. This kind of business research helps seed new product development, among other improvements.

Qualitative research methods for business

Qualitative business research techniques are all about the ‘why’ of what’s happening in your business. Rather than relying on data and statistics, they use description and human interpretation to investigate situations and events.

Qualitative research can be quite time-consuming and historically it has been harder to automate than quantitative methods, although nowadays tools are available to scale up qualitative data collection.

Even without these tools, qualitative research can be done with smaller sample sizes and still provides rich information that can offer lasting value.

Focus groups

Focus groups are a business research mainstay. They can help companies understand their current customers or target customers in a deep and authentic way using the power of conversation and connection. Focus groups can be valuable for nuanced topics, as well as controversial ones, since you can use the format to bring in multiple points of view from within your target audience.

As a form of qualitative research, focus groups are well-established with plenty of best practice advice and techniques available. They are also relatively familiar to the general public, which means low effort is required to on-board your participants.

At the height of COVID-19, Jittrapirom et al. (2021) used remote focus groups to study perceptions of car-sharing services in Bangkok, Thailand as a way of improving transport planning. They found that the ‘mental models’ of different stakeholder groups were significantly different depending on their understanding of the car-sharing concept. Working with the focus group, the researchers were able to collaboratively build a diagrammatic representation of how car-sharing works, which could then be used to help roll it out as a more sustainable means of transport in developing countries.

Ethnographic research

In ethnographic research, you study people in a naturally occurring setting. Rather than bringing them into your offices or restricting your data collection to a survey, you’re looking at the person and their environment as a whole.

In this sense, ethnographic research is all about understanding the context. You might be observing customers in a store, or interviewing them as they interact with your products and services. Ethnographic research in contexts like shopping malls, online discussion boards or social media can help you understand your target consumer too. Business research of this kind can be especially valuable in consultancy and B2B settings, where one business is looking to gain a deep understanding of another in order to help them improve.

Autmaring et al. (2018) studied SMEs working in B2B to investigate the potential for ethnographic research to improve product development. They found that although SME-level businesses had good access to their customers, their uptake of ethnographic research was low because of a lack of familiarity and concerns about expense. The B2B SMEs studied had low awareness of the benefits of ethnographic research and did not recognize that they were in a strong position to carry it out. This suggests that ethnographic research is an underused technique in business, and one that could offer significant advantages for SMEs especially.

Quantitative research methods for business

Like qualitative research methods, quantitative research methods help you understand your customer and your market better. Quantitative research can also be used to make forecasts and predictions about what might happen in the future. You can develop an in depth knowledge of your customers using existing data, or you can carry out business research to find out more about a specific research question.

Experimental research

In experimental research, you start out with a hypothesis about something happening in your business, and test it by manipulating an independent variable – or multiple independent variables – to find out the effect on a dependent variable. Strictly speaking, experimental research should follow rigorous scientific principles, but in business it’s more likely you will adopt a quasi-experimental approach with less emphasis on method and more on results.

One of the most popular applications of experimental research in business is A/B testing. A/B testing pits two or more variations of something against one another to find out which is more successful. It’s commonly used in marketing management when developing ads or marketing campaigns. In A/B testing, the hypothesis you’re testing is that both or all variations are equally successful. You’ll disprove this if one of the variants gets better results.

One of the benefits of A/B testing is that you can test multiple variants simultaneously by segmenting your audience.

For example, Kornitzer et. al (2020) used A/B testing in a healthcare setting to compare 9 patient messaging options to see which were more effective at preventing hospital appointment no-shows. The options each used a behavioral ‘nudge’ to encourage patients not to skip their appointments. By randomly assigning patients with upcoming appointments into groups, the researchers were able to test all 9 messaging approaches simultaneously. They determined that the most successful messages were those reminding people that skipping their appointment negatively impacted other patients who needed care.

Correlational research

Unlike causal research and experimental research, which look at relationships between a dependent variable and the independent variables acting on it, correlational research doesn’t deal with cause and effect. Instead it looks at phenomena that occur in proportion to one another, without one necessarily having to act on the other.

This kind of business research is helpful because it acts as a starting-point for further research. It can provide promising hypotheses that are worth investing in, as opposed to just guessing which variables might be related causally. Correlational research can also be used to bust myths and remove unhelpful assumptions.

For example, a correlational study by Stanley (2011) explored the relationship between corporate social responsibility and financial performance, using quantitative data to challenge assumptions that socially responsible behavior is negatively associated with financial success in business.

Combined qualitative and quantitative research methods

Mixed mode research.

Mixed mode is a form of business research that combines quantitative and qualitative research methods in a single research project. Qualitative business research can be used in an exploratory way to uncover the questions that should be addressed more deeply. Quantitative research is used to investigate specific research questions arising from the qualitative study. Then, a second round of qualitative research might be used to add depth and nuance to the quantitative verdict, bringing the insights to life.

Survey research

Surveys are a staple among business research methods, as well as being to collect data in other forms of research such as academic studies. A survey can generate both qualitative and quantitative data, depending on the question formats used. It’s a familiar format for most people, and can be taken in a variety of formats from online surveys to telephone surveys. This makes it a very inclusive method, giving you maximum access to your target audience. Survey business research can be used for everything from customer satisfaction to concept testing.

Today’s technology means that surveys can be integrated right into the experiences they’re measuring. This helps offset some of the weaknesses of the survey method, such as participants misremembering or generalizing their experiences, or forgetting details because of the time lag between the events being studied and the participant taking the survey.

For example, Virgin Media used on page surveys to gather user feedback from website customers who had abandoned their carts. These in-the-moment insights helped them not only to understand the customer pain points , but to put them right quickly and efficiently.

Case study research

In case study research, the emphasis is on depth rather than breadth. Researchers explore a particular phenomenon in situ, looking at how a group or organization behaved in a specific time and place, and what happened as a result. It is both a quantitative research method and a qualitative research method, as the research involves both types of data.

Case study research can be very helpful in business, as it offers an opportunity to learn how other companies approached a challenge you might be facing, and to learn from the solutions they devised and the obstacles they faced. However, this research method does require care and attention on the part of the researcher to make sure the research involves relevant cases. They must fully understand the similarities and differences between their own business goals and the situation being explored, in order to avoid incorrectly assuming equivalence and coming to faulty conclusions.

Case study research really comes into its own in emerging areas where best practice approaches are not yet firmly established.

For example, Urbaniti et al. (2020) conducted case study research on circular economy practices in multiple European manufacturing businesses. They noted different managers’ peculiar and innovative approaches to achieving the circular economy business model, taking into account environmental factors like legislation which helped shape the approaches.

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Market research is a cornerstone of all successful, strategic businesses. It can also be daunting for entrepreneurs looking to launch a startup or start a side hustle . What is market research, anyway? And how do you…do it?

We’ll walk you through absolutely everything you need to know about the market research process so that by the end of this guide, you’ll be an expert in market research too. And what’s more important: you’ll have actionable steps you can take to start collecting your own market research.

What Is Market Research?

Market research is the organized process of gathering information about your target customers and market. Market research can help you better understand customer behavior and competitor strengths and weaknesses, as well as provide insight for the best strategies in launching new businesses and products. There are different ways to approach market research, including primary and secondary research and qualitative and quantitative research. The strongest approaches will include a combination of all four.

“Virtually every business can benefit from conducting some market research,” says Niles Koenigsberg of Real FiG Advertising + Marketing . “Market research can help you piece together your [business’s] strengths and weaknesses, along with your prospective opportunities, so that you can understand where your unique differentiators may lie.” Well-honed market research will help your brand stand out from the competition and help you see what you need to do to lead the market. It can also do so much more.

The Purposes of Market Research

Why do market research? It can help you…

• Pinpoint your target market, create buyer personas, and develop a more holistic understanding of your customer base and market.
• Understand current market conditions to evaluate risks and anticipate how your product or service will perform.
• Validate a concept prior to launch.
• Identify gaps in the market that your competitors have created or overlooked.
• Solve problems that have been left unresolved by the existing product/brand offerings.
• Identify opportunities and solutions for new products or services.
• Develop killer marketing strategies .

What Are the Benefits of Market Research?

Strong market research can help your business in many ways. It can…

• Strengthen your market position.
• Help you identify your strengths and weaknesses.
• Help you identify your competitors’ strengths and weaknesses.
• Minimize risk.
• Center your customers’ experience from the get-go.
• Help you create a dynamic strategy based on market conditions and customer needs/demands.

What Are the Basic Methods of Market Research?

The basic methods of market research include surveys, personal interviews, customer observation, and the review of secondary research. In addition to these basic methods, a forward-thinking market research approach incorporates data from the digital landscape like social media analysis, SEO research, gathering feedback via forums, and more. Throughout this guide, we will cover each of the methods commonly used in market research to give you a comprehensive overview.

Primary vs. Secondary Market Research

Primary and secondary are the two main types of market research you can do. The latter relies on research conducted by others. Primary research, on the other hand, refers to the fact-finding efforts you conduct on your own.

This approach is limited, however. It’s likely that the research objectives of these secondary data points differ from your own, and it can be difficult to confirm the veracity of their findings.

Primary Market Research

Primary research is more labor intensive, but it generally yields data that is exponentially more actionable. It can be conducted through interviews, surveys, online research, and your own data collection. Every new business should engage in primary market research prior to launch. It will help you validate that your idea has traction, and it will give you the information you need to help minimize financial risk.

You can hire an agency to conduct this research on your behalf. This brings the benefit of expertise, as you’ll likely work with a market research analyst. The downside is that hiring an agency can be expensive—too expensive for many burgeoning entrepreneurs. That brings us to the second approach. You can also do the market research yourself, which substantially reduces the financial burden of starting a new business .

Secondary Market Research

Secondary research includes resources like government databases and industry-specific data and publications. It can be beneficial to start your market research with secondary sources because it’s widely available and often free-to-access. This information will help you gain a broad overview of the market conditions for your new business.

Identify Your Goals and Your Audience

Before you begin conducting interviews or sending out surveys, you need to set your market research goals. At the end of your market research process, you want to have a clear idea of who your target market is—including demographic information like age, gender, and where they live—but you also want to start with a rough idea of who your audience might be and what you’re trying to achieve with market research.

You can pinpoint your objectives by asking yourself a series of guiding questions:

• What are you hoping to discover through your research?
• Who are you hoping to serve better because of your findings?
• What do you think your market is?
• Who are your competitors?
• Are you testing the reception of a new product category or do you want to see if your product or service solves the problem left by a current gap in the market?
• Are you just…testing the waters to get a sense of how people would react to a new brand?

Once you’ve narrowed down the “what” of your market research goals, you’re ready to move onto how you can best achieve them. Think of it like algebra. Many math problems start with “solve for x.” Once you know what you’re looking for, you can get to work trying to find it. It’s a heck of a lot easier to solve a problem when you know you’re looking for “x” than if you were to say “I’m gonna throw some numbers out there and see if I find a variable.”

How to Do Market Research

This guide outlines every component of a comprehensive market research effort. Take into consideration the goals you have established for your market research, as they will influence which of these elements you’ll want to include in your market research strategy.

Secondary Data

Secondary data allows you to utilize pre-existing data to garner a sense of market conditions and opportunities. You can rely on published market studies, white papers, and public competitive information to start your market research journey.

Secondary data, while useful, is limited and cannot substitute your own primary data. It’s best used for quantitative data that can provide background to your more specific inquiries.

Find Your Customers Online

Once you’ve identified your target market, you can use online gathering spaces and forums to gain insights and give yourself a competitive advantage. Rebecca McCusker of The Creative Content Shop recommends internet recon as a vital tool for gaining a sense of customer needs and sentiment. “Read their posts and comments on forums, YouTube video comments, Facebook group [comments], and even Amazon/Goodreads book comments to get in their heads and see what people are saying.”

If you’re interested in engaging with your target demographic online, there are some general rules you should follow. First, secure the consent of any group moderators to ensure that you are acting within the group guidelines. Failure to do so could result in your eviction from the group.

Not all comments have the same research value. “Focus on the comments and posts with the most comments and highest engagement,” says McCusker. These high-engagement posts can give you a sense of what is already connecting and gaining traction within the group.

Social media can also be a great avenue for finding interview subjects. “LinkedIn is very useful if your [target customer] has a very specific job or works in a very specific industry or sector. It’s amazing the amount of people that will be willing to help,” explains Miguel González, a marketing executive at Dealers League . “My advice here is BE BRAVE, go to LinkedIn, or even to people you know and ask them, do quick interviews and ask real people that belong to that market and segment and get your buyer persona information first hand.”

Market research interviews can provide direct feedback on your brand, product, or service and give you a better understanding of consumer pain points and interests.

When organizing your market research interviews, you want to pay special attention to the sample group you’re selecting, as it will directly impact the information you receive. According to Tanya Zhang, the co-founder of Nimble Made , you want to first determine whether you want to choose a representative sample—for example, interviewing people who match each of the buyer persona/customer profiles you’ve developed—or a random sample.

“A sampling of your usual persona styles, for example, can validate details that you’ve already established about your product, while a random sampling may [help you] discover a new way people may use your product,” Zhang says.

Market Surveys

Market surveys solicit customer inclinations regarding your potential product or service through a series of open-ended questions. This direct outreach to your target audience can provide information on your customers’ preferences, attitudes, buying potential, and more.

Every expert we asked voiced unanimous support for market surveys as a powerful tool for market research. With the advent of various survey tools with accessible pricing—or free use—it’s never been easier to assemble, disseminate, and gather market surveys. While it should also be noted that surveys shouldn’t replace customer interviews , they can be used to supplement customer interviews to give you feedback from a broader audience.

Who to Include in Market Surveys

• Current customers
• Past customers
• Your existing audience (such as social media/newsletter audiences)

Example Questions to Include in Market Surveys

While the exact questions will vary for each business, here are some common, helpful questions that you may want to consider for your market survey. Demographic Questions: the questions that help you understand, demographically, who your target customers are:

• “What is your age?”
• “Where do you live?”
• “What is your gender identity?”
• “What is your household income?”
• “What is your household size?”
• “What do you do for a living?”
• “What is your highest level of education?”

Product-Based Questions: Whether you’re seeking feedback for an existing brand or an entirely new one, these questions will help you get a sense of how people feel about your business, product, or service:

• “How well does/would our product/service meet your needs?”
• “How does our product/service compare to similar products/services that you use?”
• “How long have you been a customer?” or “What is the likelihood that you would be a customer of our brand?

Personal/Informative Questions: the deeper questions that help you understand how your audience thinks and what they care about.

• “What are your biggest challenges?”
• “What’s most important to you?”
• “What do you do for fun (hobbies, interests, activities)?”
• “Where do you seek new information when researching a new product?”
• “How do you like to make purchases?”
• “What is your preferred method for interacting with a brand?”

Survey Tools

Online survey tools make it easy to distribute surveys and collect responses. The best part is that there are many free tools available. If you’re making your own online survey, you may want to consider SurveyMonkey, Typeform, Google Forms, or Zoho Survey.

Competitive Analysis

A competitive analysis is a breakdown of how your business stacks up against the competition. There are many different ways to conduct this analysis. One of the most popular methods is a SWOT analysis, which stands for “strengths, weaknesses, opportunities, and threats.” This type of analysis is helpful because it gives you a more robust understanding of why a customer might choose a competitor over your business. Seeing how you stack up against the competition can give you the direction you need to carve out your place as a market leader.

Social Media Analysis

Social media has fundamentally changed the market research landscape, making it easier than ever to engage with a wide swath of consumers. Follow your current or potential competitors on social media to see what they’re posting and how their audience is engaging with it. Social media can also give you a lower cost opportunity for testing different messaging and brand positioning.

SEO Analysis and Opportunities

SEO analysis can help you identify the digital competition for getting the word out about your brand, product, or service. You won’t want to overlook this valuable information. Search listening tools offer a novel approach to understanding the market and generating the content strategy that will drive business. Tools like Google Trends and Awario can streamline this process.

Ready to Kick Your Business Into High Gear?

Now that you’ve completed the guide to market research you know you’re ready to put on your researcher hat to give your business the best start. Still not sure how actually… launch the thing? Our free mini-course can run you through the essentials for starting your side hustle .

About Mary Kate Miller

Mary Kate Miller writes about small business, real estate, and finance. In addition to writing for Foundr, her work has been published by The Washington Post, Teen Vogue, Bustle, and more. She lives in Chicago.

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10 Essential Methods for Effective Consumer and Market Research

When it comes to understanding the world around you, market research is an essential step.

We live in a world that’s overflowing with information. Sifting through all the noise to extract the most relevant insights on a certain market or audience can be tough.

That’s where market research comes in – it’s a way for brands and researchers to collect information from target markets and audiences.

Once reliant on traditional methods like focus groups or surveys, market research is now at a crossroads. Newer tools for extracting insights, like social listening tools, have joined the array of market research techniques available.

Here, we break down what market research is and the different methods you can choose from to make the most of it.

What is market research, and why is it critical for you as a marketer?

Market research involves collecting and analyzing data about a specific industry, market, or audience to inform strategic decision-making. It offers marketers valuable insights into the industry, market trends, consumer preferences, competition, and opportunities, enabling businesses to refine their strategies effectively.

By conducting market research, organizations can identify unmet needs, assess product demands, enhance value propositions, and create marketing campaigns that resonate with their target audience. 

This practice serves as a compass, guiding businesses in making data-driven decisions for successful product launches, improved customer relationships, and a stronger positioning in the business landscape. 

For marketers and insights professionals, market research is an indispensable tool. It helps them make smarter decisions and achieve growth and success in the market.

These 10 market research methods form the backbone of effective market research strategies. 

Continue reading or jump directly to each method by tapping the link below.

• Focus groups
• Consumer research with social media listening
• Experiments and field trials
• Observation
• Competitive analysis
• Public domain data
• Buy research
• Analyze sales data

Use of primary vs secondary market research

Market research can be split into two distinct sections: primary and secondary. These are the two main types of market research.

They can also be known as field and desk, respectively (although this terminology feels out of date, as plenty of primary research can be carried out from your desk).

Primary (field) research

Primary market research is research you carry out yourself. Examples of primary market research methods include running your own focus groups or conducting surveys. These are some of the key methods of consumer research. The ‘field’ part refers to going out into the field to get data.

Secondary (desk) research

Secondary market research is research carried out by other people that you want to use. Examples of secondary market research methods include studies carried out by researchers or financial data released by companies.

10 effective methods to do market research

The methods in this list cover both areas. Which ones you want to use will depend on your goals. Have a browse through and see what fits.

1. Focus groups

It’s a simple concept but one that can be hard to put into practice.

You bring together a group of individuals into a room, record their discussions, and ask them questions about various topics you are researching. For some, it’ll be new product ideas. For others, it might be views on a political candidate.

From these discussions, the organizer will try to pull out some insights or use them to judge the wider society’s view on something. The participants will generally be chosen based on certain criteria, such as demographics, interests, or occupations.

A focus group’s strength is in the natural conversation and discussion that can take place between participants (if they’re done right).

Compared to a questionnaire or survey with a rigid set of questions, a focus group can go off on tangents the organizer could not have predicted (and therefore not planned questions for). This can be good in that unexpected topics can arise; or bad if the aims of the research are to answer a very particular set of questions.

The nature of the discussion is important to recognize as a potential factor that skews the resulting data. Focus groups can encourage participants to talk about things they might not have otherwise, and others might impact the group. This can also affect unstructured one-on-one interviews.

In survey research, survey questions are given to respondents (in person, over the phone, by email, or via an online form). Questions can be close-ended or open-ended. As far as close-ended questions go, there are many different types:

• Dichotomous (two choices, such as ‘yes’ or ‘no’)
• Multiple choice
• Rating scale
• Likert scale (common version is five options between ‘strongly agree’ and ‘strongly disagree’)
• Matrix (options presented on a grid)
• Demographic (asking for information such as gender, age, or occupation)

Surveys are massively versatile because of the range of question formats. Knowing how to mix and match them to get what you need takes consideration and thought. Different questions need the right setup.

It’s also about how you ask. Good questions lead to good analysis. Writing clear, concise questions that abstain from vague expressions and don’t lead respondents down a certain path can help your results reflect the true colors of respondents.

There are a ton of different ways to conduct surveys as well, from creating your own from scratch or using tools that do lots of the heavy lifting for you.

3. Consumer research with social media listening

Social media has reached a point where it is seamlessly integrated into our lives. And because it is a digital extension of ourselves, people freely express their opinions, thoughts, and hot takes on social media.

Because people share so much content on social media and the sharing is so instant, social media is a treasure trove for market research. There is plenty of data to monitor , tap into, and dissect.

By using a social listening tool, like Consumer Research , researchers can identify topics of interest and then analyze relevant social posts. For example, they can track brand mentions and what consumers are saying about the products owned by that brand. These are real-world consumer research examples.

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Social media listening democratizes insights, and is especially useful for market research because of the vast amount of unfiltered information available. Because it’s unprompted, you can be fairly sure that what’s shared is an accurate account of what the person really cares about and thinks (as opposed to them being given a subject to dwell on in the presence of a researcher).

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4. Interviews

In interviews, the interviewer speaks directly with the respondent. This type of market research method is more personal, allowing for communication and clarification, making it good for open-ended questions. Furthermore, interviews enable the interviewer to go beyond surface-level responses and investigate deeper.

However, the drawback is that interviews can be time-intensive and costly. Those who opt for this method will need to figure out how to allocate their resources effectively. You also need to be careful with leading or poor questions that lead to useless results. Here’s a good introduction to leading questions .

5. Experiments and field trials

Field experiments are conducted in the participants’ environment. They rely on the independent variable and the dependent variable – the researcher controls the independent variable in order to test its impact on the dependent variable. The key here is to establish whether there’s causality.

For example, take Hofling’s experiment that tested obedience, conducted in a hospital setting. The point was to test if nurses followed authority figures (doctors) and if the authority figures’ rules violated standards (The dependent variable being the nurses, the independent variable being a fake doctor calling up and ordering the nurses to administer treatment.)

According to Simply Psychology , there are key strengths and limitations to this method.

The assessment reads:

• Strength: Behavior in a field experiment is more likely to reflect real life because of its natural setting, i.e., higher ecological validity than a lab experiment.
• Strength: There is less likelihood of demand characteristics affecting the results, as participants may not know they are being studied. This occurs when the study is covert.
• Limitation: There is less control over extraneous variables that might bias the results. This makes it difficult for another researcher to replicate the study in exactly the same way.

There are also massive ethical implications for these kinds of experiments and experiments in general (especially if people are unaware of their involvement). Don’t take this lightly, and be sure to read up on all the guidelines that apply to the region where you’re based.

6. Observation

Observational market research is a qualitative research method where the researcher observes their subjects in a natural or controlled environment. This method is much like being a fly on the wall, but the fly takes notes and analyzes them later. In observational market research, subjects are likely to behave naturally, which reveals their true selves. 

They are not under much pressure. However, if they’re aware of the observation, they can act differently.

This type of research applies well to retail, where the researcher can observe shoppers’ behavior by day of the week, by season, when discounts are offered, and more. However, observational research can be time-consuming, and researchers have no control over the environments they research.

7. Competitive analysis

Competitive analysis is a highly strategic and specific form of market research in which the researchers analyze their company’s competitors. It is critical to see how your brand stacks up to rivals. 

Competitive analysis starts by defining the product, service, brand, and market segment. There are different topics to compare your firm with your competitors. It could be from a marketing perspective: content produced, SEO structure, PR coverage, and social media presence and engagement. It can also be from a product perspective: types of offerings, pricing structure. SWOT analysis is key in assessing strengths, weaknesses, opportunities, and threats.

We’ve written a whole blog post on this tactic, which you can read here .

8. Public domain data

The internet is a wondrous place. Public data exists for those strapped for resources or simply seeking to support their research with more data.  With more and more data produced every year, the question about access and curation becomes increasingly prominent – that’s why researchers and librarians are keen on open data.

Plenty of different types of open data are useful for market research: government databases, polling data, “fact tanks” like Pew Research Center, and more. 

Furthermore, APIs grant developers programmatic access to applications. A lot of this data is free, which is a real bonus.

9. Buy research

Money can’t buy everything, but it can buy research. Subscriptions exist for those who want to buy relevant industry and research reports. Sites like Euromonitor, Statista, Mintel, and BCC Research host a litany of reports for purchase, oftentimes with the option of a single-user license or a subscription.

This can be a massive time saver, and you’ll have a better idea of what you’re getting from the very beginning. You’ll also get all your data in a format that makes sense, saving you effort in cleaning and organizing.

10. Analyze sales data

Sales data is like a puzzle piece that can help reveal the full picture of market research insights. Essentially, it indicates the results. Paired with other market research data, sales data helps researchers better understand actions and consequences. Understanding your customers, their buying habits, and how they change over time is important.

This research will be limited to customers, and it’s important to keep that in mind. Nevertheless, the value of this data should not be underestimated. If you’re not already tracking customer data, there’s no time like the present.

Choosing the right market research method for your strategy

Not all methods will be right for your situation or your business. Once you’ve looked through the list and seen some that take your fancy, spend more time researching each option.You’ll want to consider what you want to achieve, what data you’ll need, the pros and cons of each method, the costs of conducting the research, and the cost of analyzing the results.

Get it right, and it’ll be worth all the effort.

Former Brandwatch Employee

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How to do market research: The complete guide for your brand

Written by by Jacqueline Zote

Published on  April 13, 2023

Reading time  10 minutes

Blindly putting out content or products and hoping for the best is a thing of the past. Not only is it a waste of time and energy, but you’re wasting valuable marketing dollars in the process. Now you have a wealth of tools and data at your disposal, allowing you to develop data-driven marketing strategies . That’s where market research comes in, allowing you to uncover valuable insights to inform your business decisions.

Conducting market research not only helps you better understand how to sell to customers but also stand out from your competition. In this guide, we break down everything you need to know about market research and how doing your homework can help you grow your business.

Table of contents:

What is market research?

Why is market research important, types of market research, where to conduct market research.

• Steps for conducting market research
• Tools to use for market research

Market research is the process of gathering information surrounding your business opportunities. It identifies key information to better understand your audience. This includes insights related to customer personas and even trends shaping your industry.

Taking time out of your schedule to conduct research is crucial for your brand health. Here are some of the key benefits of market research:

Understand your customers’ motivations and pain points

Most marketers are out of touch with what their customers want. Moreover, these marketers are missing key information on what products their audience wants to buy.

Simply put, you can’t run a business if you don’t know what motivates your customers.

And spoiler alert: Your customers’ wants and needs change. Your customers’ behaviors today might be night and day from what they were a few years ago.

Market research holds the key to understanding your customers better. It helps you uncover their key pain points and motivations and understand how they shape their interests and behavior.

Figure out how to position your brand

Positioning is becoming increasingly important as more and more brands enter the marketplace. Market research enables you to spot opportunities to define yourself against your competitors.

Maybe you’re able to emphasize a lower price point. Perhaps your product has a feature that’s one of a kind. Finding those opportunities goes hand in hand with researching your market.

Maintain a strong pulse on your industry at large

Today’s marketing world evolves at a rate that’s difficult to keep up with.

Fresh products. Up-and-coming brands. New marketing tools. Consumers get bombarded with sales messages from all angles. This can be confusing and overwhelming.

By monitoring market trends, you can figure out the best tactics for reaching your target audience.

Not everyone conducts market research for the same reason. While some may want to understand their audience better, others may want to see how their competitors are doing. As such, there are different types of market research you can conduct depending on your goal.

Interview-based market research allows for one-on-one interactions. This helps the conversation to flow naturally, making it easier to add context. Whether this takes place in person or virtually, it enables you to gather more in-depth qualitative data.

Buyer persona research

Buyer persona research lets you take a closer look at the people who make up your target audience. You can discover the needs, challenges and pain points of each buyer persona to understand what they need from your business. This will then allow you to craft products or campaigns to resonate better with each persona.

Pricing research

In this type of research, brands compare similar products or services with a particular focus on pricing. They look at how much those products or services typically sell for so they can get more competitive with their pricing strategy.

Competitive analysis research

Competitor analysis gives you a realistic understanding of where you stand in the market and how your competitors are doing. You can use this analysis to find out what’s working in your industry and which competitors to watch out for. It even gives you an idea of how well those competitors are meeting consumer needs.

Depending on the competitor analysis tool you use, you can get as granular as you need with your research. For instance, Sprout Social lets you analyze your competitors’ social strategies. You can see what types of content they’re posting and even benchmark your growth against theirs.

Brand awareness research

Conducting brand awareness research allows you to assess your brand’s standing in the market. It tells you how well-known your brand is among your target audience and what they associate with it. This can help you gauge people’s sentiments toward your brand and whether you need to rebrand or reposition.

If you don’t know where to start with your research, you’re in the right place.

There’s no shortage of market research methods out there. In this section, we’ve highlighted research channels for small and big businesses alike.

Considering that Google sees a staggering 8.5 billion searches each day, there’s perhaps no better place to start.

A quick Google search is a potential goldmine for all sorts of questions to kick off your market research. Who’s ranking for keywords related to your industry? Which products and pieces of content are the hottest right now? Who’s running ads related to your business?

For example, Google Product Listing Ads can help highlight all of the above for B2C brands.

The same applies to B2B brands looking to keep tabs on who’s running industry-related ads and ranking for keyword terms too.

There’s no denying that email represents both an aggressive and effective marketing channel for marketers today. Case in point, 44% of online shoppers consider email as the most influential channel in their buying decisions.

Looking through industry and competitor emails is a brilliant way to learn more about your market. For example, what types of offers and deals are your competitors running? How often are they sending emails?

Email is also invaluable for gathering information directly from your customers. This survey message from Asana is a great example of how to pick your customers’ brains to figure out how you can improve your quality of service.

Industry journals, reports and blogs

Don’t neglect the importance of big-picture market research when it comes to tactics and marketing channels to explore. Look to marketing resources such as reports and blogs as well as industry journals

Keeping your ear to the ground on new trends and technologies is a smart move for any business. Sites such as Statista, Marketing Charts, AdWeek and Emarketer are treasure troves of up-to-date data and news for marketers.

And of course, there’s the  Sprout Insights blog . And invaluable resources like The Sprout Social Index™  can keep you updated on the latest social trends.

Social media

If you want to learn more about your target market, look no further than social media. Social offers a place to discover what your customers want to see in future products or which brands are killin’ it. In fact, social media is become more important for businesses than ever with the level of data available.

It represents a massive repository of real-time data and insights that are instantly accessible. Brand monitoring and social listening are effective ways to conduct social media research . You can even be more direct with your approach. Ask questions directly or even poll your audience to understand their needs and preferences.

The 5 steps for how to do market research

Now that we’ve covered the why and where, it’s time to get into the practical aspects of market research. Here are five essential steps on how to do market research effectively.

Step 1: Identify your research topic

First off, what are you researching about? What do you want to find out? Narrow down on a specific research topic so you can start with a clear idea of what to look for.

For example, you may want to learn more about how well your product features are satisfying the needs of existing users. This might potentially lead to feature updates and improvements. Or it might even result in new feature introductions.

Similarly, your research topic may be related to your product or service launch or customer experience. Or you may want to conduct research for an upcoming marketing campaign.

Step 2: Choose a buyer persona to engage

If you’re planning to focus your research on a specific type of audience, decide which buyer persona you want to engage. This persona group will serve as a representative sample of your target audience.

Engaging a specific group of audience lets you streamline your research efforts. As such, it can be a much more effective and organized approach than researching thousands (if not millions) of individuals.

You may be directing your research toward existing users of your product. To get even more granular, you may want to focus on users who have been familiar with the product for at least a year, for example.

Step 3: Start collecting data

The next step is one of the most critical as it involves collecting the data you need for your research. Before you begin, make sure you’ve chosen the right research methods that will uncover the type of data you need. This largely depends on your research topic and goals.

Remember that you don’t necessarily have to stick to one research method. You may use a combination of qualitative and quantitative approaches. So for example, you could use interviews to supplement the data from your surveys. Or you may stick to insights from your social listening efforts.

To keep things consistent, let’s look at this in the context of the example from earlier. Perhaps you can send out a survey to your existing users asking them a bunch of questions. This might include questions like which features they use the most and how often they use them. You can get them to choose an answer from one to five and collect quantitative data.

Plus, for qualitative insights, you could even include a few open-ended questions with the option to write their answers. For instance, you might ask them if there’s any improvement they wish to see in your product.

Step 4: Analyze results

Once you have all the data you need, it’s time to analyze it keeping your research topic in mind. This involves trying to interpret the data to look for a wider meaning, particularly in relation to your research goal.

So let’s say a large percentage of responses were four or five in the satisfaction rating. This means your existing users are mostly satisfied with your current product features. On the other hand, if the responses were mostly ones and twos, you may look for opportunities to improve. The responses to your open-ended questions can give you further context as to why people are disappointed.

Step 5: Make decisions for your business

Now it’s time to take your findings and turn them into actionable insights for your business. In this final step, you need to decide how you want to move forward with your new market insight.

What did you find in your research that would require action? How can you put those findings to good use?

The market research tools you should be using

To wrap things up, let’s talk about the various tools available to conduct speedy, in-depth market research. These tools are essential for conducting market research faster and more efficiently.

Social listening and analytics

Social analytics tools like Sprout can help you keep track of engagement across social media. This goes beyond your own engagement data but also includes that of your competitors. Considering how quickly social media moves, using a third-party analytics tool is ideal. It allows you to make sense of your social data at a glance and ensure that you’re never missing out on important trends.

Email marketing research tools

Keeping track of brand emails is a good idea for any brand looking to stand out in its audience’s inbox.

Tools such as MailCharts ,  Really Good Emails  and  Milled  can show you how different brands run their email campaigns.

Meanwhile, tools like  Owletter  allow you to monitor metrics such as frequency and send-timing. These metrics can help you understand email marketing strategies among competing brands.

Content marketing research

If you’re looking to conduct research on content marketing, tools such as  BuzzSumo  can be of great help. This tool shows you the top-performing industry content based on keywords. Here you can see relevant industry sites and influencers as well as which brands in your industry are scoring the most buzz. It shows you exactly which pieces of content are ranking well in terms of engagements and shares and on which social networks.

SEO and keyword tracking

Monitoring industry keywords is a great way to uncover competitors. It can also help you discover opportunities to advertise your products via organic search. Tools such as  Ahrefs  provide a comprehensive keyword report to help you see how your search efforts stack up against the competition.

Competitor comparison template

For the sake of organizing your market research, consider creating a competitive matrix. The idea is to highlight how you stack up side-by-side against others in your market. Use a  social media competitive analysis template  to track your competitors’ social presence. That way, you can easily compare tactics, messaging and performance. Once you understand your strengths and weaknesses next to your competitors, you’ll find opportunities as well.

Customer persona creator

Finally, customer personas represent a place where all of your market research comes together. You’d need to create a profile of your ideal customer that you can easily refer to. Tools like  Xtensio  can help in outlining your customer motivations and demographics as you zero in on your target market.

Build a solid market research strategy

Having a deeper understanding of the market gives you leverage in a sea of competitors. Use the steps and market research tools we shared above to build an effective market research strategy.

But keep in mind that the accuracy of your research findings depends on the quality of data collected. Turn to Sprout’s social media analytics tools to uncover heaps of high-quality data across social networks.

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Business Research Methods: Key Elements & Use Cases

In the cutthroat business world, research is the holy grail that unlocks the doors to success. It is the difference between floundering in obscurity and soaring to greatness.

Successful businesses have one thing in common. They all deeply understand their customers, their competition, and their industry.

And how do they gain this knowledge? Through research.

You must be a research ninja – agile, precise, and armed with the right tools to succeed.

But not just any research will do. To be a true research ninja, you must know the best practices for business research methods.

Lucky for you, we’ve got you covered.

We’ll take you through the best practices for business research methods.

We’ll not stop there. We’ll also look at the use cases and show you how to create a business research report. Consequently, equips you with the skills to sift through the data and uncover valuable insights.

What is Business Research?

Why do you need business research methods, elements of business research methods, use cases for business research methods, how do you write a business research template, how to create a business research report.

Business research refers to the systematic investigation and analysis of various aspects of a business. It involves collecting and interpreting data, conducting surveys, interviews, and experiments, and analyzing trends and patterns. This helps you identify opportunities, improve products or services, and enhance overall business performance.

Have you ever tried to navigate a maze blindfolded? It’s not easy, right? Trying to run a business without proper research methods is like navigating a maze without guidance. You may stumble upon success, but chances are you’ll end up lost and confused. So, why do you need business research methods?

• Decision-making: Effective business research methods provide reliable data and insights to support informed decision-making . This helps reduce uncertainty and increases the chances of making successful strategic choices.
• Market analysis: Using business research methods, you can analyze market trends, understand customer preferences, and evaluate competitor strategies. This enables you to seize opportunities, develop competitive advantages, and tailor your offerings to meet customer needs.
• Product development: Business research helps gather customer feedback and understand their needs and preferences. This aids in developing and improving product offerings, ensuring they align with customer expectations and demands.
• Risk management: You can evaluate risks and uncertainties associated with new ventures, product launches, or market expansions. Consequently, mitigate the risks, and improve the likelihood of success.
• Performance evaluation: Business research methods enable you to measure and evaluate your performance and that of competitors. This helps identify areas of improvement, track progress, and benchmark against industry standards.
• Innovation and adaptation: Business research facilitates the identification of emerging trends, technological advancements, and changing consumer behaviors. This information allows you to innovate, adapt, and stay ahead in dynamic market environments.

The elements of business research methods include:

• Research question/objective: Clearly define the purpose of the research and the specific questions or objectives to be addressed.
• Research design: Determining the overall approach and structure of the research study. Decide whether it will be qualitative or quantitative , experimental or observational, cross-sectional or longitudinal, etc.
• Data collection: Select appropriate methods and tools for gathering relevant data. This may include surveys, interviews, focus groups, observations, experiments, secondary data analysis , or a combination.
• Sampling: Determine the target population and select a representative sample from which you will collect the data. This involves defining the sampling frame, selecting sampling techniques, and ensuring adequate sample size.
• Data analysis:  Apply suitable analytical techniques to interpret the collected data. Such techniques include statistical analysis, content analysis, thematic analysis, regression analysis, or qualitative coding.
• Results and findings: Summarize and present the analyzed data , highlighting trends, relationships, or patterns observed during the research process.
• Conclusion and recommendations:  Draw conclusions based on the research findings and provide recommendations for action or further exploration.
• Ethical considerations:  Address ethical issues related to data collection, privacy, confidentiality, and informed consent.
• Market analysis: Research methods help you understand market trends, customer preferences, and competitive landscapes. This information is crucial for market segmentation , target audience identification, and developing effective marketing strategies.
• Product development: Research methods assist in gathering customer feedback and analyzing market demand. This helps refine existing product offerings, identify new opportunities, and optimize features to meet customer needs.
• Decision-making: Business research methods provide reliable data, insights, and analysis to support informed decision-making.
• Risk assessment and management: By employing research methods, you can identify risks, evaluate market uncertainties, and assess the viability of business ventures. This facilitates effective risk management and informed decision-making to minimize potential losses.

When creating a business research template, consider the following components:

• Title and introduction: Provide a concise and informative title for your research project. Also, write an introduction that provides background information and explains the significance of the study.
• Research objectives:  Clearly define the specific objectives or research questions that your study aims to address.
• Literature review:  Summarize existing research and literature relevant to your topic. Identify gaps, controversies, or areas that require further exploration.
• Methodology: Describe the research design , including whether it is qualitative, quantitative, mixed methods, or other approaches. Explain your data collection methods and tools, such as surveys, interviews, and observations. Furthermore, detail the data analysis techniques or statistical methods you will employ.
• Data collection: Outline the procedures for collecting data, including any survey instruments, interview protocols, or observation guidelines. Provide clear instructions for data collection, ensuring consistency and reliability.
• Data Analysis: Describe your approach to analyzing the collected data. Explain the statistical or qualitative analysis techniques that you will apply.
• Results and findings:  Present and interpret the results of your data analysis. Use tables, charts, or graphs to visualize the findings.
• Conclusion and recommendations:  Summarize the key findings of your research. Draw conclusions based on the results and address the research objectives. In addition, provide recommendations for future action or further research based on your findings.
• References:  List all the sources cited in your research template. Follow a specific referencing style (e.g., APA, MLA) consistently.
• Appendices: Include supplementary materials, such as survey questionnaires , interview transcripts, or additional data charts supporting your research.

Creating a comprehensive business research report that effectively communicates findings and insights can be a daunting task. However, with the help of ChartExpo, an Excel-based data visualization tool , the process becomes more streamlined and efficient.

ChartExpo empowers you to transform raw data into insightful and visually engaging visualizations. This makes it easier to present complex information clearly and concisely.

Benefits of Using ChartExpo

• With an intuitive user interface, ChartExpo empowers you to create insightful visualizations without requiring any coding experience.
• With ChartExpo, customization options abound, allowing you to create unique visualizations. You can personalize colors, fonts, and styles to align with your brand aesthetics.
• ChartExpo offers excellent value for money, with a free 7-day trial and an affordable $10 monthly plan.

How to Install ChartExpo in Excel?

• Open your Excel application.
• Open the worksheet and click the “ Insert ” menu.
• You’ll see the “ My Apps ” option.
• In the office Add-ins window, click “ Store ” and search for ChartExpo on my Apps Store.
• Click the “ Add ” button to install ChartExpo in your Excel.

ChartExpo charts are available both in Google Sheets and Microsoft Excel. Please use the following CTA’s to install the tool of your choice and create beautiful visualizations in a few clicks in your favorite tool.

Assume you have recently launched a product. You want to gather customer feedback to help you improve. Therefore, you conduct an online customer feedback survey consisting of the following questions.

• How often do you use our product?
• How satisfied are you with the quality of our product?
• How likely are you to recommend our product to others?

Your customers provide an answer to each question using the response scale below.

Let’s say you have organized the results in the data table below.

Follow through as I show you how to create a chart with ChartExpo to make data analysis easier.

• To get started with ChartExpo, install  ChartExpo in Excel .
• Navigate to the  INSERT  menu and select  My Apps. 

• Select ChartExpo and click the  “Insert”  button.

• Once it loads, choose the “ Likert Scale Chart ” from the charts list.

• Select the data from the sheet and click the “ Create Chart From Selection ” button.

• Sometimes=3
• Once all is set, click the “ Create Chart ” button.

• ChartExpo will generate the visualization below for you.

• Click the “ Edit Chart ” button to modify your chart.
• Click the pencil icon next to the Chart Header  to add a title.
• This will open the properties dialog.
• Add a heading in  Line 1  under the  Text  section and enable the  Show  option. Then click the “ Apply ” button.

• Your final chart will appear below.

• 20% always recommend your product to others, while 30% indicated that they often do so. On the other hand, 15% of customers mentioned that they never recommend it. 10% rarely recommend it, with 25% doing so sometimes.
• Regarding the quality of the product, 25% of customers were always satisfied. 20% stated that they often feel satisfied. Conversely, 20% reported never being satisfied, and 15% were satisfied. Additionally, 20% selected the sometimes option.
• Regarding product usage, 20% of customers selected the always option, and 25% chose the often option. Conversely, 15% of customers indicated never using it, and 15% rarely do so. Furthermore, 25% of customers selected the sometimes option.
• 22% of customers selected the always option
• while 25% chose the often option. Additionally
• 15% selected never
• 15% rare, and 23% chose sometimes.

What are the 4 types of business research?

The four types of business research are exploratory, descriptive, causal, and predictive. Exploratory research aims to explore a topic, and descriptive research provides a snapshot of a situation. Furthermore, causal research investigates cause-and-effect relationships, and predictive research predicts future outcomes.

What are the 5 classifications of business research?

The five classifications of business research are;

• Basic research seeking to expand knowledge.
• Applied research focusing on solving practical problems.
• Quantitative research involving numerical data.
• Qualitative research using non-numerical data.
• Mixed-methods research combining quantitative and qualitative approaches.

Understanding and applying best practices for business research methods is essential for conducting effective and insightful studies. Following these practices will help you gather relevant data and gain valuable insights. Consequently, make informed decisions that drive growth and success.

Selecting the appropriate research method is crucial. Whether exploratory, descriptive, causal, or predictive, the choice should align with the research objectives.

Additionally, maintaining research integrity is paramount. This involves ensuring ethical considerations, protecting data privacy, and adhering to rigorous research standards.

Furthermore, a well-designed research plan is essential. Have clear research objectives, define the target population, and carefully construct survey questions or interview protocols. These measures contribute to gathering reliable and meaningful data.

Conclusively, effective communication of research findings is crucial. Present results in a clear, concise, and actionable manner. This enables stakeholders to understand and apply the insights effectively.

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Business Research: Types, Methods, Examples

• Updated on  
• Jan 29, 2024

Ever wondered what it takes to build a flourishing business ? Aiming to provide maximum sales and profit, business research helps you to gather comprehensive information about your business and accordingly make relevant changes if required. So, in this process of being successful, we gather all types of data to better define our strategies and understand what products or services customers want. And in case, you’re planning to expand your business, research can help you determine your odds of positive results. In this blog, we’ll help you understand the basics of research and analysis .

“Whoever gets closer to the customer, wins.” – Bernadette Jiwa

This Blog Includes:

What is business research, business research example, importance of business research, types & methods, focus groups , case study research , ethnographic research, survey , correlation research , experimental research , advantages and disadvantages of business research, scope of business research, role of business research, business research books, business research report, top 10 tools for business research, business research partners, top 10 business research topics, career prospects , [bonus] best mba colleges in the world.

Business Research can be simply defined as a process of gathering comprehensive data and information on all the areas of business and incorporating this information for sales and profit maximization. If you are wondering what is Business Research, it is a systematic management activity helping companies to determine which product will be most profitable for companies to produce. Also, there are multiple steps in conducting research, with each thoroughly reviewed to ensure that the best decision is made for the company as a whole.

Also Read: Scope of MBA in International Business

Let’s say there’s an automobile company that is planning to launch a car that runs on CNG. To promote cleaner fuel, the company will be involved in developing different plans and strategies to identify the demand for the car they intend to launch. Other than this, the company will also look for competitors, and the target audience, keeping in mind the distribution of CNG in India. Hence the research is conducted on various ideas to formulate a sustainable and more efficient design. 

When it comes to the question of why Business Research is important, it has an essential role to play in varied areas of business. Here are some of the reasons describing the importance of Business Research:

• It helps businesses gain better insights into their target customer’s preferences, buying patterns, pain points, as well as demographics.
• Business Research also provides businesses with a detailed overview of their target markets, what’s in trend, as well as market demand.
• By studying consumers’ buying patterns and preferences as well as market trends and demands with the help of business research, businesses can effectively and efficiently curate the best possible plans and strategies accordingly.
• The importance of business research also lies in highlighting the areas where unnecessary costs can be minimized and those areas in a business which need more attention and can bring in more customers and hence boost profits.
• Businesses can constantly innovate as per their customers’ preferences and interests and keep their attention on the brand.
• Business Research also plays the role of a catalyst as it helps businesses thrive in their markets by capturing all the available opportunities and also meeting the needs and preferences of their customers.

Also Read: Business Analyst vs Data Analyst

Business research plays an important role in the business intelligence process. This is usually conducted to determine if a company can succeed in a new region through competitive analyses and a better marketing approach. Due to this, this broad field has been distinguished into two types namely, Qualitative Research and Quantitative Research Method.

Here are the most important types of Business Research :

Qualitative Research Methods 

It involves putting open-ended questions to the audience through different channels of communication to understand why researchers think in a particular manner. Stress is laid on understanding the intent, attitude, and beliefs to figure out the behaviour and response of the customers. Moreover, the goal of Qualitative Business Research is to get in-depth knowledge about the subjects of the research. Moreover, qualitative research enables us to put the perspective of the consumer in front of the researcher so that we can understand and see the alignment of the ideas between the market and the business. 

The data collected in this type of business research is by the following methods:  

• Interviews 
• Case Study 
• Ethnographic Research 
• Website Visitor Profiling 
• Content Analysis 

Also Read: Study MBA in Music Business at Berklee College of Music!

Let us take a detailed look at some of the ways-

Interviews and surveys are similar. The only difference lies in the fact that the responder can put a question in an interview whilst it is not possible during a survey. Through interviews, it is easier to understand the detailed perspective of the person concerning the subject of research. A mobile brand researched to understand why certain colours are preferred by male and female customers. The research revealed that since red is assumed to be a feminine colour, it is more preferred by females than males. 

Focus groups are a type of business research that involves only a set of individuals. Each selected individual represents a particular category of the target market. The major difference between interviews and focus groups is the number of people that it involves. To launch a new product for a particular group of society, focus groups prove to be the best way to understand the needs of the local audience. 

For example, Tesla decides to launch their latest car model in India. The company, therefore, will require feedback from the Indian audience only.

Did you know? Amazon, the internet giant changed its payment strategy to enter the Indian market. Since the Indian economy was not entirely ready for online modes of payment, amazon introduced a new payment method and came up with ‘ cash on delivery ’ to gain consumers’ trust.

One of the most effective ways for business research is conducting case studies. With the motive to understand customer satisfaction, challenges that usually the customers face while using the product and hence, providing them with the right solution can be achieved by analysing data secured through data secured by case studies. Case study researchers are conducted in many fields of business that ultimately aid organisations in improving their products or services. 

Ethnographic Research refers to understanding people as a whole. One must be able to grok their consumers or target audience which will help identify patterns, flaws, etc. Ethnography is a branch of anthropology that is the study of what elements or features make us humans. How did people live? What aspect made us so dependent on smartphones and technology? Why would people buy one product over the other? It refers to asking questions about lifestyle, communities, etc., and trying to gain insight into consumer behaviour and buying patterns.

For example, consider a random product. Are people looking for that product? Do they need it? Is it a necessity or a luxury? Which class of people are most likely to buy it? People often cannot comprehend what they are looking for. Gaining different perceptions can help us tailor our products accordingly to the consumers. Who would have thought that the majority of humans will need face masks for survival?

Also Read: How to Become a Research Analyst?

Quantitative Research Methods 

With the employment of mathematical, statistical and computational techniques, quantitative research is carried out to deal with numbers. This systematical empirical investigation starts with the acquisition of the data and then moves on to analyzing it with the help of different tools. The goal is to identify clientele and then meet the targets of the audience. As the method of business research employs a questionnaire to determine the audience’s response, the questions are built around the idea that the audience knows about the product or the services that the firm offers. Some of the key questions answered in quantitative research methods include, who is connected with your network, how they qualify for the ‘product’ or how regularly they visit your website.

The data is collected based on the following research:

• Correlational
• Online 
• Casual Comparative 
• Experimental 

It is the most common method under quantitative research via which a huge amount of data can be collected concerning a product or service. A common set of questions are asked to the people and they are asked to provide their inputs. To understand the nature of the market in-depth, this method is massively used by leading organisations all across the globe. Analysing data recorded through service helps organisations make suitable decisions.

Under this research, usually two entities are put together to examine the impact they create on each other. As suggested by the name it is the best process to understand patterns, relationships and trends. the data grasped through correlation research is generally combined with other tools as one cannot achieve a firm conclusion using this type of business research.  

Experimental research is purely based on proving a particular theory that is pre-assumed. True experimental research companies can understand varied behavioural traits of the customers that further assist them in generating more revenue. Exposing a set of audience to common parameters, their behaviour is recorded and hence analysed. This can be understood as the main basis of the experimental research. 

Also Read: Scope of Operation Research

There are certain pros and cons of business research that you must know about. Here are the advantages and disadvantages of Business Research.

Advantages of Business Research

• Business Research plays the role of a catalyst in identifying potential threats, issues as well as opportunities .
• It provides a detailed analysis of customers and the target audience , thus helping in building better relationships with one’s audience and capturing the areas which we might be missing out on.
• It also anticipates future problems thus the enterprise is able to tackle those uncertainties and prepare for them beforehand.
• It keeps a continuous track of competition in the market and gives businesses the scope to come up with better strategies to tackle their competitors.
• Business Research also conducts a thorough cost analysis thus helping the company efficiently manage resources and allocate them in an optimal manner.
• It keeps you updated with the latest trends and competitor analysis .

Disadvantages of Business Research

• Business Research can be expensive and time-consuming .
• It also has the danger of being assumptive and imprecise at times , because the focus groups might be small or can be highly based on assumptions.
• The market is ever-changing and ever-evolving and capturing the right trends or anticipating them can constitute a complicated process for business research.

Also Read: Types of Research Design

The process of business research can be as comprehensive and as detailed as a business wants it to be. Generally, a company takes up research with a certain aim or hypothesis in order to figure out the issues, opportunities and trends and how they can be leveraged in the best way.

Here is the step-by-step process of Business Research:

• Identifying the Opportunity or Problem – To begin with the research, we first need to know what is the problem or the opportunity we would be leveraging on. It can be a popular trend or a common problem that a business is facing and can potentially become the headstart for the research process. Once you know the problem or the opportunity, go ahead with giving an understandable statement of what it’s about, what the hypothesis of the research will be as well as its objectives.
• Decide and Plan the Research Design – The next step in the business research process to find the right research design which suits the objectives and overall plan of the research. The most popular research designs are Quantitative and Qualitative Research.
• Determining the Research Method – The research design is closely connected to the research method since both qualitative and quantitative research designs have different methods for data collection, analysis, amongst others. So, once you have put a finger on what the right research design will be, go ahead with finding the right research method as per the plan, types of data collection, objective, costs involved, and other determining factors.
• Collect Data – Utilizing the research method and design, the next step in the business research process is to collect data and assimilate it.
• Data Analysis and Evaluation – After assimilating the data required, the data analysis will take place to gather all the observations and findings.
• Communicate Results – The presentation of the business research report is the concluding step of this procedure after which the higher management works upon the best techniques and strategies to leverage the opportunity or tackle the issue.

Also Read: MBA in Business Analytics

The scope of Business Research is multifarious and reaches out to many specialisations and areas. Let’s take a look the scope of business research across various specialisations:

• Marketing Management When it comes to business research, becomes an important part of marketing management that analyses consumer behaviour, target audiences, competition, price policy, promotional plans and much more.
• Financial Management It also plays an essential role in budgeting, financial planning, cost allocation, capital raising, tackling fluctuations with international currency as well as taking finance-related decisions.
• Production Management Production Management also includes business research as it helps in product development, planning out for a newer one, finalizing the right technologies for production, and so on.
• Materials Management Business Research is an important aspect of checking the best materials and carrying out its production, supply chain management , logistics , as well as shortlisting negotiation strategies.

There is an incremental role of business research as its importance is across every aspect of the business. Let’s take a look at the role of business research in an enterprise:

• The most primary role of business research is that it helps across every decision in the business, from product innovation to marketing and promotional planning.
• Business Research also helps in forecasting a business, whether in terms of competition or any other types of problems it will be facing.
• Another key area where this plays a bigger role is ensuring consumer satisfaction as through research, we can carry out research and highlight areas where we can efficiently serve our target audience.
• Business research also helps in implementing cost-effectiveness in a business as it can assist in cutting costs wherever needed and investing more in those areas, where profit is coming from.

Want to understand and learn more about business research? Here are some of the books that will make you a pro in this field. Check out the list of business research books:

Also Read: Is It Possible to Study MBA in Europe Without GMAT?

The purpose of a report is to inform the other members, junior and subordinates of the team to provide information on the specific topic. There is a specific format of a business report which makes it look more professional and presentable. There should be a title with the date and nature. The second section includes the introduction, body, and then conclusion. Reports help to identify the issues and helps in resolving them at earlier stages. It can include graphs, surveys, interviews, flow, and piecharts also.

Are you wondering why is there a need to do business research? Business is not stable and it is vital to stay up to date with all the data and developments. It is also important to make business-related decisions, and keep track of competitors, customer feedback, and market changes. The basic objective of business research is to identify the issues and evaluate a plan to resolve them for better managerial functioning.

Now that you are familiar with the objective, importance, and advantages the next important step is to know how to conduct research. There are numerous tools available for free while for some advanced tools there is a membership. Check out the list of top 10 tools:

• Google Keyword Tools
• Google Analytics
• Google Trends

The one thing constant in a business is market changes. A new trend or change comes every time you blink an eye. To keep track of everything externally and internally a research partner comes helpful. There are a few things to keep in mind that will help you in choosing the right business partner. The first thing to keep in mind is that the person should have relevant work experience and expertise in that particular field. An experienced partner can help businesses reach new heights. Look for a partner that can provide well-curated solutions and not the generic ideas that every enterprise follows. Last but not least is that your business research partner should have knowledge of the latest tools and techniques.

Also Read: MBA in Sustainable Development: Courses & Universities

Is your big presentation coming up or your report is due on Monday but you still haven’t finalized your business research topic? Here are some of the trendiest research topics for you:

• How advertisements influence consumer behaviour?
• Does incentive motivation increase employee productivity?
• How to handle crises in the business?
• How to create a work-life balance in the organization?
• What are the things a small business owner has to face?
• How to expand the company globally?
• How is digital marketing helping every business type?
• How to maintain the quality and quantity of products?
• What are the struggles entrepreneurs of a start-up face?
• How to create a budget and maintain company finances?

In order to build a career in Research , you can simply grab a degree in the field of Management , Business or Administration. So, students with an understanding of the core concepts of business and an inclination for research can consider it as a go-to option. Other suitable programs can be Master in Management , MBA Business Analytics , and MBA Data Analytics , to name a few.

To know more, check out Qualitative Research Methods !

It can simply mean researching every area of a business and using the provided information and data to ensure profit maximization.

There are different types of business research such as interviews, surveys, focus groups, correlational research, ethnographic research, case study research, and quantitative research methods, amongst others.

It is essentially important for various aspects of a business such as profit maximization, cost-cutting, financial management , personnel management, consumer behaviour, etc.

The process of research depends upon the type of research design you are opting for. To start with, we first need to determine the aim or objective of the research, then plan out the whole process which includes the types of methods we will be using, then the actual research that takes place followed by the data found that helps in understanding the key observations and how they can be implemented to actualize research hypothesis.

If you’re thinking to start a product line in your existing business or planning a startup, business research is a fundamental process that helps you to navigate the opportunities and obstacles in the marketplace. Knowing your strengths and weaknesses can help you come up with advanced and powerful research techniques that will make it easier to manage. Are you planning to take your higher education abroad? Then, you can quickly book a counselling session with the experts at Leverage Edu and we can help you build the right platform for you to grow in the corporate world.

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9 Best Marketing Research Methods to Know Your Buyer Better [+ Examples]

Published: August 08, 2024

One of the most underrated skills you can have as a marketer is marketing research — which is great news for this unapologetic cyber sleuth.

From brand design and product development to buyer personas and competitive analysis, I’ve researched a number of initiatives in my decade-long marketing career.

And let me tell you: having the right marketing research methods in your toolbox is a must.

Market research is the secret to crafting a strategy that will truly help you accomplish your goals. The good news is there is no shortage of options.

How to Choose a Marketing Research Method

Thanks to the Internet, we have more marketing research (or market research) methods at our fingertips than ever, but they’re not all created equal. Let’s quickly go over how to choose the right one.

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1. Identify your objective.

What are you researching? Do you need to understand your audience better? How about your competition? Or maybe you want to know more about your customer’s feelings about a specific product.

Before starting your research, take some time to identify precisely what you’re looking for. This could be a goal you want to reach, a problem you need to solve, or a question you need to answer.

For example, an objective may be as foundational as understanding your ideal customer better to create new buyer personas for your marketing agency (pause for flashbacks to my former life).

Or if you’re an organic sode company, it could be trying to learn what flavors people are craving.

2. Determine what type of data and research you need.

Next, determine what data type will best answer the problems or questions you identified. There are primarily two types: qualitative and quantitative. (Sound familiar, right?)

• Qualitative Data is non-numerical information, like subjective characteristics, opinions, and feelings. It’s pretty open to interpretation and descriptive, but it’s also harder to measure. This type of data can be collected through interviews, observations, and open-ended questions.
• Quantitative Data , on the other hand, is numerical information, such as quantities, sizes, amounts, or percentages. It’s measurable and usually pretty hard to argue with, coming from a reputable source. It can be derived through surveys, experiments, or statistical analysis.

Understanding the differences between qualitative and quantitative data will help you pinpoint which research methods will yield the desired results.

For instance, thinking of our earlier examples, qualitative data would usually be best suited for buyer personas, while quantitative data is more useful for the soda flavors.

However, truth be told, the two really work together.

Qualitative conclusions are usually drawn from quantitative, numerical data. So, you’ll likely need both to get the complete picture of your subject.

For example, if your quantitative data says 70% of people are Team Black and only 30% are Team Green — Shout out to my fellow House of the Dragon fans — your qualitative data will say people support Black more than Green.

(As they should.)

Primary Research vs Secondary Research

You’ll also want to understand the difference between primary and secondary research.

Primary research involves collecting new, original data directly from the source (say, your target market). In other words, it’s information gathered first-hand that wasn’t found elsewhere.

Some examples include conducting experiments, surveys, interviews, observations, or focus groups.

Meanwhile, secondary research is the analysis and interpretation of existing data collected from others. Think of this like what we used to do for school projects: We would read a book, scour the internet, or pull insights from others to work from.

So, which is better?

Personally, I say any research is good research, but if you have the time and resources, primary research is hard to top. With it, you don’t have to worry about your source's credibility or how relevant it is to your specific objective.

You are in full control and best equipped to get the reliable information you need.

3. Put it all together.

Once you know your objective and what kind of data you want, you’re ready to select your marketing research method.

For instance, let’s say you’re a restaurant trying to see how attendees felt about the Speed Dating event you hosted last week.

You shouldn’t run a field experiment or download a third-party report on speed dating events; those would be useless to you. You need to conduct a survey that allows you to ask pointed questions about the event.

This would yield both qualitative and quantitative data you can use to improve and bring together more love birds next time around.

Best Market Research Methods for 2024

Now that you know what you’re looking for in a marketing research method, let’s dive into the best options.

Note: According to HubSpot’s 2024 State of Marketing report, understanding customers and their needs is one of the biggest challenges facing marketers today. The options we discuss are great consumer research methodologies , but they can also be used for other areas.

Primary Research

1. interviews.

Interviews are a form of primary research where you ask people specific questions about a topic or theme. They typically deliver qualitative information.

I’ve conducted many interviews for marketing purposes, but I’ve also done many for journalistic purposes, like this profile on comedian Zarna Garg . There’s no better way to gather candid, open-ended insights in my book, but that doesn’t mean they’re a cure-all.

What I like: Real-time conversations allow you to ask different questions if you’re not getting the information you need. They also push interviewees to respond quickly, which can result in more authentic answers.

What I dislike: They can be time-consuming and harder to measure (read: get quantitative data) unless you ask pointed yes or no questions.

Best for: Creating buyer personas or getting feedback on customer experience, a product, or content.

2. Focus Groups

Focus groups are similar to conducting interviews but on a larger scale.

In marketing and business, this typically means getting a small group together in a room (or Zoom), asking them questions about various topics you are researching. You record and/or observe their responses to then take action.

They are ideal for collecting long-form, open-ended feedback, and subjective opinions.

One well-known focus group you may remember was run by Domino’s Pizza in 2009 .

After poor ratings and dropping over $100 million in revenue, the brand conducted focus groups with real customers to learn where they could have done better.

It was met with comments like “worst excuse for pizza I’ve ever had” and “the crust tastes like cardboard.” But rather than running from the tough love, it took the hit and completely overhauled its recipes.

The team admitted their missteps and returned to the market with better food and a campaign detailing their “Pizza Turn Around.”

The result? The brand won a ton of praise for its willingness to take feedback, efforts to do right by its consumers, and clever campaign. But, most importantly, revenue for Domino’s rose by 14.3% over the previous year.

The brand continues to conduct focus groups and share real footage from them in its promotion:

What I like: Similar to interviewing, you can dig deeper and pivot as needed due to the real-time nature. They’re personal and detailed.

What I dislike: Once again, they can be time-consuming and make it difficult to get quantitative data. There is also a chance some participants may overshadow others.

Best for: Product research or development

Pro tip: Need help planning your focus group? Our free Market Research Kit includes a handy template to start organizing your thoughts in addition to a SWOT Analysis Template, Survey Template, Focus Group Template, Presentation Template, Five Forces Industry Analysis Template, and an instructional guide for all of them. Download yours here now.

3. Surveys or Polls

Surveys are a form of primary research where individuals are asked a collection of questions. It can take many different forms.

They could be in person, over the phone or video call, by email, via an online form, or even on social media. Questions can be also open-ended or closed to deliver qualitative or quantitative information.

A great example of a close-ended survey is HubSpot’s annual State of Marketing .

In the State of Marketing, HubSpot asks marketing professionals from around the world a series of multiple-choice questions to gather data on the state of the marketing industry and to identify trends.

The survey covers various topics related to marketing strategies, tactics, tools, and challenges that marketers face. It aims to provide benchmarks to help you make informed decisions about your marketing.

It also helps us understand where our customers’ heads are so we can better evolve our products to meet their needs.

Apple is no stranger to surveys, either.

In 2011, the tech giant launched Apple Customer Pulse , which it described as “an online community of Apple product users who provide input on a variety of subjects and issues concerning Apple.”

"For example, we did a large voluntary survey of email subscribers and top readers a few years back."

While these readers gave us a long list of topics, formats, or content types they wanted to see, they sometimes engaged more with content types they didn’t select or favor as much on the surveys when we ran follow-up ‘in the wild’ tests, like A/B testing.”  

Pepsi saw similar results when it ran its iconic field experiment, “The Pepsi Challenge” for the first time in 1975.

The beverage brand set up tables at malls, beaches, and other public locations and ran a blindfolded taste test. Shoppers were given two cups of soda, one containing Pepsi, the other Coca-Cola (Pepsi’s biggest competitor). They were then asked to taste both and report which they preferred.

People overwhelmingly preferred Pepsi, and the brand has repeated the experiment multiple times over the years to the same results.

What I like: It yields qualitative and quantitative data and can make for engaging marketing content, especially in the digital age.

What I dislike: It can be very time-consuming. And, if you’re not careful, there is a high risk for scientific error.

Best for: Product testing and competitive analysis

Pro tip:  " Don’t make critical business decisions off of just one data set," advises Pamela Bump. "Use the survey, competitive intelligence, external data, or even a focus group to give you one layer of ideas or a short-list for improvements or solutions to test. Then gather your own fresh data to test in an experiment or trial and better refine your data-backed strategy."

Secondary Research

8. public domain or third-party research.

While original data is always a plus, there are plenty of external resources you can access online and even at a library when you’re limited on time or resources.

Some reputable resources you can use include:

• Pew Research Center
• McKinley Global Institute
• Relevant Global or Government Organizations (i.e United Nations or NASA)

It’s also smart to turn to reputable organizations that are specific to your industry or field. For instance, if you’re a gardening or landscaping company, you may want to pull statistics from the Environmental Protection Agency (EPA).

If you’re a digital marketing agency, you could look to Google Research or HubSpot Research . (Hey, I know them!)

What I like: You can save time on gathering data and spend more time on analyzing. You can also rest assured the data is from a source you trust.

What I dislike: You may not find data specific to your needs.

Best for: Companies under a time or resource crunch, adding factual support to content

Pro tip: Fellow HubSpotter Iskiev suggests using third-party data to inspire your original research. “Sometimes, I use public third-party data for ideas and inspiration. Once I have written my survey and gotten all my ideas out, I read similar reports from other sources and usually end up with useful additions for my own research.”

9. Buy Research

If the data you need isn’t available publicly and you can’t do your own market research, you can also buy some. There are many reputable analytics companies that offer subscriptions to access their data. Statista is one of my favorites, but there’s also Euromonitor , Mintel , and BCC Research .

What I like: Same as public domain research

What I dislike: You may not find data specific to your needs. It also adds to your expenses.

Best for: Companies under a time or resource crunch or adding factual support to content

Which marketing research method should you use?

You’re not going to like my answer, but “it depends.” The best marketing research method for you will depend on your objective and data needs, but also your budget and timeline.

My advice? Aim for a mix of quantitative and qualitative data. If you can do your own original research, awesome. But if not, don’t beat yourself up. Lean into free or low-cost tools . You could do primary research for qualitative data, then tap public sources for quantitative data. Or perhaps the reverse is best for you.

Whatever your marketing research method mix, take the time to think it through and ensure you’re left with information that will truly help you achieve your goals.

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• What is Business Research: Methods, Types & Examples

Defne Çobanoğlu

Every business owner wants their company always to be successful and profitable. And even if you have a successful business plan, that does not mean things will not need changing in the future. And trial and error may not be on the table when you can not afford to lose money and precious customers. Therefore, you need to be cautious before taking any steps and do your research . 

In this article, we explained business research, its methods, and types to help business owners and inform those interested to know more. We also added some examples of scenarios any company may face. Let us get started with the definition of business research!

• What is business research?

Business research is a type of research process where the main goal is to help a company thrive and collect data about the target audience, potential business plans, and marketing strategies . The data collection about possible risks and investment opportunities helps business owners make informed decisions about future plans. 

The fields that can use business research include marketing, business, education, and social science . But of course, they are not the only ones that can benefit from business research. It is a helpful research type for all business needs. Now, let us see how we can further categorize this into methods and types of business research.

• Methods and types of business research

Business research methods and types

In business research methodology, there are two main types. These are quantitative research and qualitative research. In the simplest terms, quantitative research is about collecting numerical and factual data, whereas qualitative research is about collecting data by using open-ended questions . These two methods can be divided into more specific parts. Let us get started with quantitative research methods.

• A. Quantitative Research Methods

Quantitative research methods give the researchers factual and numerical evidence that can be effectively used in decision-making processes. There are numerous ways to collect quantitative data, and it is also possible to use more than one method to prove the credibility of the information. Let us start with the first one:

• 1. Survey research

Surveys are a great way to collect information from a targeted group, no matter how big or small. They can be done in the format of an online survey, phone survey or questionnaire . Surveys are usually close-ended or multiple-choice questions that are easy to group and analyze. The business doing the research can collect valuable information directly from its customers.

• 2. Correlational research

Correlational research focuses on the discovery of whether two different entities influence each other in any way. The main focus of this research method is not to make decisions. But rather, they can use the findings to explore further using other research methods.

• 3. Causal-comparative research

Causal-comparative research is similar to correlational research in that both of them compare two different elements and how they affect each other. But the main difference is that fact the focus of this research method is to draw conclusions on the cause-and-effect relationship of said entities.

• 4. Experimental research

Experimental research has a broad spectrum when it comes to what is taken as ‘experimental’. Basically, it is when businesses want to test a specific theory about the quality of a product or service. There are many methods that can be used, and it is decided by the researcher according to the theory that will be tested.

• 5. Literature research

Literature research is a very effective and economical research method to use. It is about using offline and online existing literature and going through them to analyze the data. It is mostly used in sales about consumer behaviors.

• B. Qualitative Research Methods

Qualitative research is not about numbers like quantitative research. Instead, it is about emotions, opinions, and approaches. The target audience can be presented with a topic through open-ended questions. There is more than one method to go with, and it is even possible to use multiple methods at once. Let us see qualitative research methods: 

• 1. Interviews

The interview method is mostly done on a smaller participant group about a specific subject. They consist of open-ended questions and can be in a structured or unstructured format. Interviews are one-on-one questions asked to the target audience to gain insight into the problem . 

• 2. Focus Groups

A focus group is a pre-determined group of individuals who are chosen to participate in a study to answer specific questions. The researchers present them with a topic and encourage discussions with open-ended questions . Then, the findings are generalized to make decisions.

• 3. Ethnographic Research

Ethnographic research is similar to conceptual research, and its main focus is to understand the culture and people of the target audience by using observation . This method is done by observing the people in their natural environment and seeing how they interact with one another and their surroundings.

• 4. Case Study

Businesses generally use a case study method to showcase to potential consumers how their product or service helped a certain individual or a group . It is a good way to attract new customers. This method helps highlight the company’s skill sets and assets.

• 5. Website visitor research

This research method is relatively newer than others. Its main focus is to collect feedback from individuals who use the company website and ask them about their opinions. A business can use this method by presenting a customer with a quick survey after their purchase on the website . Afterward, the company can improve user satisfaction by fixing existing problems.

• Importance of business research

The reasons for conducting business research

Businesses grow by knowing their target market, potential customers, and competitors. And this is only possible by conducting market research to help make informed business decisions. The main goal of business research is to help stakeholders of the company make planned and informed decisions using the facts in the business research report. However, there are other reasons why business research is important. These are:

• Gathering information on customers: A business research report provides data on consumers’ behavioral changes, their needs, preferences, and expectations. The managers and stakeholders can make informed decisions with this knowledge.
• Performance evaluation: Research allows businesses to evaluate their success against industry standards and other competitors. This helps keep track while deciding how to differentiate themselves from others.
• Market expansion: Business research topics include areas that were not explored before. Therefore, when the business wants to expand to new markets, the research provides information on the market’s dynamics and potential risks and profits .
• Efficiency and cost-reduction: The data collected by business research helps identify any obstacles to productivity and cost excessiveness. That way, a more cost-effective and efficient approach can be taken.
• Business research examples

Business research helps business managers make smart plans for the company and its future. They can make informed decisions about new marketing strategies, building new products or service branches, or improving customer satisfaction . 

Business research example #1

Imagine a company making energy drinks wants to know if they can expand their market to the older part of the population. They do not know if they will be interested in their product or what kind of marketing strategies they can use to attract older people’s attention. They can make up a focus group and ask them about their opinions. The company can also conduct literature research to find out information about the competitors .

Business research example #2

Imagine a company that has a clothing store website wants to know if there is anything that makes shopping on their website difficult for customers. They can show a pop-up customer satisfaction survey and ask them if they can find what they are looking for easily and how the website visiting experience was. Then, they can collect customer feedback and see how they can improve their website to enhance customer satisfaction levels.

• Frequently asked questions about business research

What are the 4 stages of business research?

Much like every other research, business research is also best done when it is preplanned and organized. And there is a 4 stage plan of business research. These are:

1 - Defining the problem

2 - Designing the research plan

3 - Collecting data and making an analysis

4 - Reporting on the findings

What is the purpose of business research?

The purpose of business research is to make sense of the existing elements of a business, such as consumers, product placement, marketing, innovation, etc . And using the data collected on these elements to make informed decisions and create smart business strategies to improve the success of the company.

When to use business research?

Business research is best used when a new approach is taken or a new product is launched, and the risks need to be assessed. It is essential to be mindful of all the negative and positive sides of a new strategy without risking the entirety of the company.

• Final words

When you own a business, no matter how big or small, change can be intimidating. You can not go to new territories blindly. But, you can not stay the same either. In order to keep your existing customers and find new potential ones, you should be mindful of their habits and opinions. The best way of doing this is either to ask them directly ( using a survey, interviewing them, etc .) or to do your own research to draw conclusions.

In this article, we explained business research, quantitative and qualitative research methods, and business research types. We also included some examples of business research and what methods can be used for those problems. If you want to do your own business research but do not know where to start, you can check out quantitative research questions to get you started. Also, do not forget to check out other articles on research and so much more!

Defne is a content writer at forms.app. She is also a translator specializing in literary translation. Defne loves reading, writing, and translating professionally and as a hobby. Her expertise lies in survey research, research methodologies, content writing, and translation.

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Methodology

Research Methods | Definitions, Types, Examples

Research methods are specific procedures for collecting and analyzing data. Developing your research methods is an integral part of your research design . When planning your methods, there are two key decisions you will make.

First, decide how you will collect data . Your methods depend on what type of data you need to answer your research question :

• Qualitative vs. quantitative : Will your data take the form of words or numbers?
• Primary vs. secondary : Will you collect original data yourself, or will you use data that has already been collected by someone else?
• Descriptive vs. experimental : Will you take measurements of something as it is, or will you perform an experiment?

Second, decide how you will analyze the data .

• For quantitative data, you can use statistical analysis methods to test relationships between variables.
• For qualitative data, you can use methods such as thematic analysis to interpret patterns and meanings in the data.

Table of contents

Methods for collecting data, examples of data collection methods, methods for analyzing data, examples of data analysis methods, other interesting articles, frequently asked questions about research methods.

Data is the information that you collect for the purposes of answering your research question . The type of data you need depends on the aims of your research.

Qualitative vs. quantitative data

Your choice of qualitative or quantitative data collection depends on the type of knowledge you want to develop.

For questions about ideas, experiences and meanings, or to study something that can’t be described numerically, collect qualitative data .

If you want to develop a more mechanistic understanding of a topic, or your research involves hypothesis testing , collect quantitative data .

Qualitative		to broader populations. .
Quantitative		.

You can also take a mixed methods approach , where you use both qualitative and quantitative research methods.

Primary vs. secondary research

Primary research is any original data that you collect yourself for the purposes of answering your research question (e.g. through surveys , observations and experiments ). Secondary research is data that has already been collected by other researchers (e.g. in a government census or previous scientific studies).

If you are exploring a novel research question, you’ll probably need to collect primary data . But if you want to synthesize existing knowledge, analyze historical trends, or identify patterns on a large scale, secondary data might be a better choice.

Primary	.	methods.
Secondary

Descriptive vs. experimental data

In descriptive research , you collect data about your study subject without intervening. The validity of your research will depend on your sampling method .

In experimental research , you systematically intervene in a process and measure the outcome. The validity of your research will depend on your experimental design .

To conduct an experiment, you need to be able to vary your independent variable , precisely measure your dependent variable, and control for confounding variables . If it’s practically and ethically possible, this method is the best choice for answering questions about cause and effect.

Descriptive		. .
Experimental

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Research methods for collecting data

Research method	Primary or secondary?	Qualitative or quantitative?	When to use
	Primary	Quantitative	To test cause-and-effect relationships.
	Primary	Quantitative	To understand general characteristics of a population.
Interview/focus group	Primary	Qualitative	To gain more in-depth understanding of a topic.
Observation	Primary	Either	To understand how something occurs in its natural setting.
	Secondary	Either	To situate your research in an existing body of work, or to evaluate trends within a research topic.
	Either	Either	To gain an in-depth understanding of a specific group or context, or when you don’t have the resources for a large study.

Your data analysis methods will depend on the type of data you collect and how you prepare it for analysis.

Data can often be analyzed both quantitatively and qualitatively. For example, survey responses could be analyzed qualitatively by studying the meanings of responses or quantitatively by studying the frequencies of responses.

Qualitative analysis methods

Qualitative analysis is used to understand words, ideas, and experiences. You can use it to interpret data that was collected:

• From open-ended surveys and interviews , literature reviews , case studies , ethnographies , and other sources that use text rather than numbers.
• Using non-probability sampling methods .

Qualitative analysis tends to be quite flexible and relies on the researcher’s judgement, so you have to reflect carefully on your choices and assumptions and be careful to avoid research bias .

Quantitative analysis methods

Quantitative analysis uses numbers and statistics to understand frequencies, averages and correlations (in descriptive studies) or cause-and-effect relationships (in experiments).

You can use quantitative analysis to interpret data that was collected either:

• During an experiment .
• Using probability sampling methods .

Because the data is collected and analyzed in a statistically valid way, the results of quantitative analysis can be easily standardized and shared among researchers.

Research methods for analyzing data

Research method	Qualitative or quantitative?	When to use
	Quantitative	To analyze data collected in a statistically valid manner (e.g. from experiments, surveys, and observations).
Meta-analysis	Quantitative	To statistically analyze the results of a large collection of studies. Can only be applied to studies that collected data in a statistically valid manner.
	Qualitative	To analyze data collected from interviews, , or textual sources. To understand general themes in the data and how they are communicated.
	Either	To analyze large volumes of textual or visual data collected from surveys, literature reviews, or other sources. Can be quantitative (i.e. frequencies of words) or qualitative (i.e. meanings of words).

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If you want to know more about statistics , methodology , or research bias , make sure to check out some of our other articles with explanations and examples.

• Chi square test of independence
• Statistical power
• Descriptive statistics
• Degrees of freedom
• Pearson correlation
• Null hypothesis
• Double-blind study
• Case-control study
• Research ethics
• Data collection
• Hypothesis testing
• Structured interviews

Research bias

• Hawthorne effect
• Unconscious bias
• Recall bias
• Halo effect
• Self-serving bias
• Information bias

Quantitative research deals with numbers and statistics, while qualitative research deals with words and meanings.

Quantitative methods allow you to systematically measure variables and test hypotheses . Qualitative methods allow you to explore concepts and experiences in more detail.

In mixed methods research , you use both qualitative and quantitative data collection and analysis methods to answer your research question .

A sample is a subset of individuals from a larger population . Sampling means selecting the group that you will actually collect data from in your research. For example, if you are researching the opinions of students in your university, you could survey a sample of 100 students.

In statistics, sampling allows you to test a hypothesis about the characteristics of a population.

The research methods you use depend on the type of data you need to answer your research question .

• If you want to measure something or test a hypothesis , use quantitative methods . If you want to explore ideas, thoughts and meanings, use qualitative methods .
• If you want to analyze a large amount of readily-available data, use secondary data. If you want data specific to your purposes with control over how it is generated, collect primary data.
• If you want to establish cause-and-effect relationships between variables , use experimental methods. If you want to understand the characteristics of a research subject, use descriptive methods.

Methodology refers to the overarching strategy and rationale of your research project . It involves studying the methods used in your field and the theories or principles behind them, in order to develop an approach that matches your objectives.

Methods are the specific tools and procedures you use to collect and analyze data (for example, experiments, surveys , and statistical tests ).

In shorter scientific papers, where the aim is to report the findings of a specific study, you might simply describe what you did in a methods section .

In a longer or more complex research project, such as a thesis or dissertation , you will probably include a methodology section , where you explain your approach to answering the research questions and cite relevant sources to support your choice of methods.

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How to Do Market Research (+ Insights to Beat the Competition)

Why bother with market research for your business?

People have ideas all the time.

You may have had one last night in the shower, and you know that it is a billion-dollar idea that you need to build upon right now before someone steals it from you.

It is always exciting when you think of a new product, and spending hours on market research is the last thing on your mind.

You would rather spend your time creating strategies to build and launch your product.

But without proper market research, your product will be doomed even before you start. One of the main differences between successful and would-be entrepreneurs is failing to conduct appropriate market research.

Market research is not an add-on to your business; it is a necessity. It is the backbone of any powerful business strategy.

In this blog, I’ll explain the basic concepts of market research and why it is essential for your business . I’ll also tell you how to do market research and share resources to help you start your marketing research.

What is Market Research?

In simple terms, market research is all about understanding whether or not your idea for a product or service has a future.

With market research, you gain insights into your target audience and understand the motivation behind why they are interested in a particular offer.

Whether you are launching a new product or service or rebranding your business, analyzing risks is critical. Market research helps you reduce the risk involved with any decision.

Analyzing the market helps you develop a revenue forecast to see whether your investment will be justified and how much profit you would earn.

Market research is not just done before you launch a product or service. Successful businesses keep up with their market and continuously optimize their marketing strategy according to their insights.

In the last decade, the global market research industry has gone from $33.15 billion in 2009 to around $73.38 billion in 2019.

This shows how much businesses invest in market research to understand the current market trends accurately.

Market research helps you make an informed decision based on data and statistics instead of feeling and intuition.

How 3D TV failed due to the negligence of market research

Launching a product without market research is a recipe for disaster.

After the 3D movie ‘Avatar’ hit its second billion, companies like LG and Sony decided to strike when the iron was hot. They released 3D televisions backing on how successful the movie was, hoping they would gain the same traction and profit as the 3D movie.

3D TV failed spectacularly because what they didn’t consider was that people didn’t want to watch all their content in 3D.

With 3D TV, there was a lot of sales hype at the beginning, but when the product launched, it didn’t make much in terms of actual sales.

3D television required glasses and caused headaches, nausea, and neck strain.

After the market didn’t react as per their assumptions, 3D TV manufacturing ceased . 3D TV is considered one of the biggest market research failures of all time.

In this scenario, businesses downright neglected to conduct market research. But there are also instances where companies did do their research thoroughly, but their research was done in isolation.

Why Coca-Cola's ‘New Coke' Flopped

When Coca-Cola tested the market for its ‘New Coke,’ they received a hugely positive response. New Coke was a sweeter version of the original, and the results of the comparison were extremely favorable to the New Coke.

In fact, the taste tests showed that people favored the New Coke over both the original Coke and Pepsi.

The result? The product didn’t just fail, it was one of the biggest marketing debacles in history .

But if everything was perfect, why did the market crash when Coca-Cola launched their New Coke?

While consumers favored the New Coke's taste and flavor, what they did not know was that they would eventually have to choose between the original Coke and the New Coke.

Coca-cola didn't factor in people's enormous emotional connection with their original Coke when they launched a new product to replace it.

Though this was a colossal blunder, this fiasco increased their brand loyalty because people started asking for “their Coke.”

And till date, Coca-cola remains the best-selling soda on the planet.

Some of the strongest brands like Colgate , Pepsi , and Microsoft , have fallen prey to poorly researched marketing blunders.

But here is the thing.

These brands have the luxury to take such risks once in a while. For smaller businesses, such blunders can be fatal.

Why is Market Research Important for Business?

Market research is vital for businesses to realize whether or not the goals they set can be accomplished. Accurate statistics allows businesses to make the right business decisions that will maximize their profit.

Without research, businesses don't have specific directions to follow and hence, they proceed on intuition and assumptions.

There are many ways in which market research keeps businesses on track.

1. Understand your target audience.

People who are most likely to be interested in your product or service will fit into some typical demographic. Customer research provides answers to variables like age, gender, location, education, employment, and even income level.

Based on factual data and statistics, you can construct a finite build of your ideal customer and determine what triggers them.

Market research helps you identify how customers and prospects might view your business. You can recognize your customers' wants and needs and get to know why they chose your product or service over your competitors.

2. Understand your competitors.

Market research not only helps you keep a tab on your competitors, but also gives you knowledge about how you can stand out, be different, and rise above them.

Understanding their ups and downs will help you create a better strategy to succeed in your business. Analyzing their failures will tell you what pitfalls you should avoid.

A thorough understanding of your competitors will ensure you are always one step ahead in the game.

3. Keep up with market trends.

If you do not stay relevant, surviving will be a challenge.

Nokia was once the world's top mobile phone producer, but it fell because it failed to understand the change in market trends.

While on the other hand, its competitors like Apple and Samsung thrived because they stayed relevant.

You need to have thorough knowledge about where your industry is heading in the future and create strategies to ensure you are on the same path.

4. Determine the viability of a new product or service.

Before you launch anything, obtaining an objective opinion is a necessity. Basing your products on “our-customers-will-love-it” theories never work.

Testing the market before launching a product helps you determine the feasibility of the product.

Not every product can work for every person.

Effective market research can help you narrow down on your target audience and realize how much potential your product holds.

This will help you analyze how customers will connect with your product; what message creates the most impact; and how much value it holds in the real world.

5. Identify business challenges.

Market research helps you identify areas of difficulty in your business.

You can identify problems before they blow out of proportion and predict obstacles that can become an inconvenience for your business.

When you face an issue, more often than not, it has a ripple effect and affects more than just one aspect of your business.

If you do encounter an issue, market research helps ascertain the source of the problem and develop a strategy to overcome it.

6. Identify new opportunities.

Market research will help you identify areas your competitors have not addressed.

Consumers may not voice their opinion when they are satisfied with something, but they will charge without abandon when they are not happy with something.

With market research, you will be able to discover what your competitors are lacking in and target those pain points.

7. Significantly minimize risk and loss.

The data you acquire from market research may not be 100% accurate at all times, but you can significantly minimize risk and loss.

With market research, you can take calculated risks that your enterprise needs to grow. Your promotional campaigns will have a higher rate of success.

Types of Market Research: Primary versus Secondary Market Research

In terms of how you can collect research data, you can categorize market research into two types: primary and secondary.

Primary Market Research

Primary Market research is when you gather information directly from the source, i.e., your prospects and customers.

In this method, you carry out your own personal research and get realistic and personalized results about what will work for you.

You can narrow down your exact target audience and get real-time feedback about what exactly they're looking for.

This information you collect is for you alone and is not shared unless you decide otherwise. This offers your business an “information advantage” as your competitors will not be able to get hold of this inside information.

Primary market research is more time-consuming than secondary market research because you need to develop your own research plan and work on executing it.

This research technique may not be as cost-effective, but it always saves you money in the long run.

The process of collecting information with primary market research can be broken down into two methods.

• Quantitative Data Collection
• Qualitative Data Collection

Quantitative Market Research.

Quantitative market research focuses on the collection of numerical data. This technique offers concrete data that will help you quantify a research problem.

You can collect data in an organized manner using surveys, polls, or questionnaires.

The results obtained from quantitative research can be analyzed mathematically and can curate vital statistics to aid your business.

It is easy to draw conclusions from data collected by this method. You can implement this technique on a large market, and hence, the information obtained is more statistically valid.

There are various methods for obtaining quantitative data. Surveys are one of the most widely used quantitative methodologies in market research worldwide.

There are three main types of primary quantitative market research techniques.

• Questionnaires.
• Interviews.

1. Surveys.

Surveys are incredibly adept at providing data to analyze a large population. This research technique can offer a broad capability that is not provided by any other method.

The data collected via surveys is easy to analyze and interpret to make decisions.

If your survey includes checklists and rating scale type questions, it helps to quantify your audience’s behavior.

Always keep the questions of your survey to a bare minimum. The following statistical display by SurveyMonkey shows the average completion percentage by the number of questions.

Here are a few things to keep in mind when you create your survey.

• Ensure your opening question is easy-to-answer.
• Only ask questions you need to be answered.
• Close-ended questions are easy for your audience to respond to.
• Your questions should be short, specific, and straightforward.

2. Questionnaires

Surveys and questionnaires are not the same, no matter how much people use these terms interchangeably.

Questionnaires are more focused on collecting information rather than drawing a conclusion.

Questionnaires are done in isolation. You have your audience answer a predetermined set of questions.

You do not look at any kind of bigger picture, try to spot trends, or statistically analyze this data.

You can create questionnaires with the objective of conducting a survey, or you may use a series of standardized questions and other prompts with the purpose of gathering information.

3. Interviews.

You can conduct a market research interview on telephone, video-call, or even face-to-face to collect quantitative and qualitative data.

Quantitative interviews can also be called survey interviews because they have the same standardized survey question-answer format to collect data.

You can contact existing customers and potential customers with information collected by lead generation forms or website analytics.

Qualitative Market Research.

Qualitative market research doesn’t often include data that can be statistically analyzed.

This method of research focuses on understanding why people behave in a certain way. What motivates them to make a particular decision? How will they respond to a new product or service?

While qualitative questions are more close-ended where specific answers can be expected, qualitative questions are more open-ended and give people the space to state their opinions and feelings.

This research produces data that is much harder to analyze. Researchers are required to interpret the gathered information without any numbers and figures.

Among the traditional qualitative research methodologies used worldwide, 58% of respondents said they used focus groups to be their most used method.

After focus groups, the in-depth interviews have been stated to be the most dominant research technique.

There are three main types of primary qualitative market research techniques.

• Focus Groups
• In-depth Interviews.
• Observations

1. Focus Groups.

Focus groups are organized sessions with around six to twelve people who share a common characteristic.

The main objective of conducting these sessions is to comprehend people’s opinions, perceptions, and beliefs about a particular service, product, or concept.

Focus groups can give you an in-depth understanding of how and why people respond to specific topics in a certain way.

Focus groups are not about merely reporting about a discussion; it is a market research technique that can give you powerful insights that reveal something you need.

How to select participants for a focus group?

The most crucial aspect of any focus group is the selection of participants. Randomly selecting participants for your focus group is simply foolish.

For example, if you are conducting a focus group for why people don’t use a vacuum cleaner, the discussion would yield much better results if you select homemakers who clean their own homes.

Clearly define, verify, and recruit people keeping your target audience for the focus group in mind.

2. In-depth interviews.

By conducting in-depth interviews, you can gather extensive information from the respondents.

You can create in-depth questionnaires for this research technique and discuss highly complex or sensitive topics.

While other primary market research methods can give you valuable insights, have you ever poured your heart out in an online survey?

With interviews, you can gain information that would be nearly impossible to attain otherwise.

• You can know how customers really use your product.
• What stops someone from making a purchase.
• What hidden emotions drive your target audience.

How an interview saved Febreze.

The marketing story of Febreze proves how powerful interviews can be.

Procter & Gamble launched Febreze with a strong marketing campaign.

Their message behind the campaign was that their product could eliminate the foulest stenches like smoky bars and the heavy odor caused by house pets and teenage boys.

The result? Their campaign failed drastically.

Their research showed that people often get desensitized to their surrounding smell due to constant exposure. The stench doesn’t bother them as much.

P&G then turned to interview their most devoted users to understand why exactly they used Febreze.

An interview with a woman in Scottsdale was what led to their breakthrough.

She said, “It's nice, you know? Spraying feels like a little mini-celebration when I’m done with a room.”

P&G realized people didn’t use Febreze for proper cleaning; they used it as a reward of sorts.

They had found their “Dopamine hook.”

They revamped their marketing strategy and positioned Febreze as a part of the cleaning routine, restaging it as a reward.

The result? Within two months, the sales of Febreze doubled.

P&G would never have come to this epiphany if not for their decision to conduct interviews.

3. Observations.

This market research technique focuses on observing people’s behavior in a natural or planned setting.

As a researcher, you may observe your customers’ behavior from the sidelines, or you may be an active participant by conversing with people and then observe their reactions.

In a clinical setting, people’s behavior can be influenced by external stimuli. What people say doesn’t always align with what they do.

Qualitative research by observation allows you to see their true self.

But this method is very time consuming and doesn’t allow you any control over the setting or environment.

Secondary Market Research.

Secondary market research is the process of analyzing existing data and statistics that are already available for you to consume for free.

This research method involves gathering information from secondary sources.

Businesses have already collected and compiled information for you, and all you need to do is know how to access this information.

The internet is one of the most apparent sources to conduct your secondary market research, as there are many resources available online for free, as well as in exchange for money.

There are various other resources available for this research, like libraries, colleges, universities, government data, competitor’s data, trade publications, media sources, etc.

Businesses often gather as much information as they can from various sources and put them together to analyze market trends and compile their own reports with this information.

But though there are so many resources available, secondary market research is not always as easy as it may sound.

Limitations of Secondary Market Research.

• It is a time-consuming process. While a vast amount of information helps a lot, not everything you find will be applicable to your goals. It is often a time-consuming task to filter through all this data to find what you are looking for.
• It is not always credible. Finding reliable information for free is exceedingly challenging. It is your responsibility to evaluate whether the data is reliable or not.
• Nature of data. The data you find will not always be specific to your needs. It is pointless if you spend your time and effort and then find information that may not fulfill your requirements.

Not everyone knows how to acquire accurate data and statistics. And knowing how significant gaining this information is, it is even more critical to get this data right!

If you do not evaluate your market research data, it could lead to bad business decisions.

Here are a few things to look for to access the authenticity of data.

Factors you need to consider when you evaluate secondary research data.

• The research provider’s purpose. Many biased reports are published, so it favors them in some way. This data holds their personal interests at heart and may not be entirely accurate.
• The source. Who has published the information plays a significant role. You can always rely on government sources as compared to sources like private companies or websites. If the name is big, they will have a reputation to keep up. Hence, they are much more reliable than other sources.
• When the data was collected. You need to make sure that the information is relevant. Outdated information will do more harm than good, and using this information will only lead to trouble.
• How the information was collected. Methods of data collection can help you analyze the consumer’s mindset. This is especially important when looking at qualitative data, which gives you information about your audience’s beliefs, opinions, and feelings.
• What information was collected. If you have a specific type of information in mind, it will not do if the data you get includes a much broader aspect. For example, if you want to know which mobile company is most popular amongst millennials, it would not help if the data is about the most popular mobile company.
• Cross verify with other sources. If you find a report that says something specific and can’t find any information regarding the same anywhere else, it might be dangerous to trust that information blindly. Or if information regarding the same topic varies from source to source, you need to dig deeper to find the most accurate information. Always check if the data you have is consistent with other sources.

Three ways of accessing secondary market research data.

• Public sources.
• Commercial sources.
• Educational institutions.

1. Public sources.

Public sources are open sources that are available for everyone to access.

Most governments collect and publish information about markets, growth rates, consumer behavior, current trends, economic factors, and other entities. This data is usually available for free for you to access.

Google Public Data Explorer is an excellent source to access public-interest datasets.

It provides public data from several different international organizations including, but not limited to

• ICT Statistics Database
• U. S. Bureau of Labor Statistics
• International Monetary Fund
• U.S. Census Bureau

2. Commercial sources.

Commercial sources are those that offer marketing data and consumer insights for a cost.

They usually include research and trade associations and operate across nearly every industry.

Directory of Associations , National Trade and Professional Associations Directory , Equifax , and Dun & Bradstreet are major commercial data sources in the market.

3. Educational institutions.

Business departments of educational institutions like colleges and universities conduct research on various industries. They are the most overlooked sources for market research.

Right from graduate student projects and theses to faculty-based projects, the research material available is very vast.

To use this data, you may have to subscribe to a specific journal or pay a subscription fee to access their newsletter or website.

How to Do Market Research for Maximum Actionable Insights?

While most businesses understand the significance of market research, they sometimes skip this because they simply don’t know where to look and what to look for.

Compiling data for the sake of market research is one thing, actually doing market research, which will lead to actionable insights, is a different story altogether.

Define Your Buyer Persona.

With business, there is no “one-size-fits-all.” You need to connect with your audience if you want them to take you seriously, and that will not happen if you aim to form a connection with everybody.

If you do not create a personal appeal, people will most likely mark you as spam and move on without giving you a second glance.

This is why you need to build your ideal customer profile.

But who is an ideal customer?

An ideal customer is someone who has their wants and needs met by what you have to offer.

You need to have a detailed description of those who are likely to be interested in your products and services.

What are their goals? What are their backgrounds? What challenges do they face? Do you know what interests them? How old are they? Do they have kids? What does their daily routine look like?

This might seem more specific than you expected, but creating customer profiles that answer such intricate details will help you create much more personalized appeals.

The characteristics you define is what will give way to your business’ buyer personas.

What is a Buyer Persona?

Based on the data and statistics you collect from your potential and existing customers, you can map out a semi-fictional character of your ideal customer. This semi-fictional character is called a buyer persona.

A buyer persona is a generalized representation of your target customers.

Amongst other information, there are a few key characteristics you should specify your buyer persona.

• Their gender
• Geographical location
• Their designation and job role
• Family size
• Annual income
• Major challenges they face

Here is an example of a buyer persona.

Why use a Buyer Persona?

When you create buyer personas for your business, it is much easier for marketers, sales representatives, and designers to optimize their content specific to their wants and needs.

Creating buyer personas can essentially help you get into your customer’s head and understand what makes them tick.

How many Buyer Personas should you create?

It’s very unusual for businesses to have only one category of target audience. If you have a business, chances are that your strategy would aim to target a range of people.

But how many buyer personas you create differs from business to business. Some businesses have as little as one or two personas or go as far as 15 to 20.

But creating too many personas will only lead to chaos.

I would suggest you create no more than four personas.

If you have more, chances are that your personas are very similar to each other. You can create three to four primary personas and categorize others under these primary personas in such cases.

If two personas seem similar to you, don’t hesitate to club them. If you do not have enough information on a persona, scrap it.

Your buyer personas are not set on stone. As you move on, add and remove personas with changing market trends.

Creating content as per your buyer personas will help you pitch the same product in different ways to your audience's categories.

Negative Buyer Personas.

Negative buyer personas are a representation of people you do not want to target. These personas are based on demographics and characteristics of people who are not your ideal customers.

While it is essential to know whom you want to target, it is equally important to know whom you should avoid.

You can create anti-buyer personas to be more accurate with your target audience.

If you know exactly what you do not want, you will stray away from messages that might appeal to the wrong audience.

This will save you money in the long run as you will not waste your resources to market to the wrong people. This helps increase your business’ efficiency and productivity.

How do buyer personas benefit a business?

According to NetProspex’s case study , their following results were observed after they implemented reinforced their buyer personas:

• 900% increase in the duration of visit.
• 46% increase in conversions.
• 111% increase in email open-rate.
• 100% increase in the number of pages visited.
• 171% increase in marketing-generated revenue.

Buyer personas help businesses identify and analyze their target audience’s behavior. You can use this real-time data to ensure your products and services consider your customers' desires.

Buyer personas benefit a business in a number of ways.

• Increase compatibility. Buyer personas bring your target audience to life in a memorable way that will help everyone in your business understand your users better. It will make sure everyone is on the same page and makes it easier to communicate and collaborate while creating strategies.
• Find the right platform. While researching for your buyer persona, you will understand which platform your target audience leans towards. This will help you focus your advertising and marketing strategies on these platforms to increase your reach.
• User-focused. Buyer personas will keep you from wasting your time and resources on products and services that would not interest your target audience. With a clear understanding of your buyer personas, your products and services will be focused on your customers and ensure high efficiency.
• Build product roadmaps. Buyer personas will help you identify what your customers want and use this to create a plan of action to ensure your product’s success.
• Product positioning. With your buyer personas, you will know how to market your product in a way that people will be inclined towards. You will know what campaign message will create the best connection with your audience.

Identify a Portion of That Persona to Engage

Now that you know what a buyer persona is, the next step is to create your buyer persona.

You must already have a rough idea about what you want in your target audience. With that as a guide, identify people whom you want to engage in your research.

This step involves researching your target audience to learn more about what characteristics make up your buyer persona.

How to Research Buyer Personas?

There are many ways of collecting information via primary and secondary market research.

Many businesses create surveys to study their customers’ inclinations.

But to create buyer personas, you need to get into people’s heads, and the most powerful market research technique is to conduct interviews.

You can interview existing customers, potential customers, and even third-party networks who are not in your existing pool of target audience but come close.

The interview should cover necessary demographic information to what triggers them to make purchasing decisions.

You need to dig as deep as you can and gather as much insight about them. The more you know, the stronger your buyer persona will be.

How to find participants for your buyer persona research?

• Existing Customers. These are the easiest people to target. You already have a point of contact, and they are familiar with your products. Interviewing them will help you notice patterns about the things that appeal to them and their challenges. Since they are already connected to your product, you may not need to offer any incentives to get feedback.
• Potential Customers. You typically must have acquired their contact information via lead generation forms or web analytics . These are people who may be interested in what you have to offer but haven’t taken the leap to purchase your products.
• Referrals. If you do not have an existing customer base or any contact information about your market audience, you need to work with your personal network. Reach out to your co-workers, social media contacts, even family members, and find people you can interview. LinkedIn is an excellent place to start if you are lost; type in keywords of your target audience into the search box and filter through your connections to see people you can contact.
• Third-party Networks. You can use platforms like Respondent , UserInterviews , UserTesting and PlaybookUX to find participants for your research.

But using these platforms does not give you a chance for one-on-one interaction. This may make it much more difficult for you to gather information to create your buyer personas.

How to get people to become interviewees?

• Offer Incentives. Of course, there’s always chocolate. And you may not even need to offer that for interviewing people who are already your customers. But while reaching out to people under other categories, you could provide simple gift cards. According to PeoplePulse , there is a 10 to 15% increase in response rate when offered incentives.

You can appeal directly to your social media network and get participants to approach you if your incentive is strong.

• Be honest about your purpose. Be clear at the very beginning that it is not a sales call. Tell them you are calling them because you want to get some information for your research. If you are honest from the beginning, they are more likely to trust you and open up about their lives, feelings, and opinions.
• Be flexible. Work according to their schedule and make it easy for them to say yes. Allow them to give you a time, and make sure you send them a reminder before your call to ensure you don't catch them off guard.

Questions you can ask participants during the interview.

Telephonic or face-to-face interviews can be a little daunting if you don’t know where to start.

This is just a sample list for inspiration to help you get started. You can optimize the questions according to your target audience (in fact, you definitely should.)

Personal Background

Describe your Personal Demographics.

• Marital status.
• What are your interests and hobbies?
• What is your educational background? Where did you complete your education?
• What is your career path? How did you end up where you are today?

Professional Background

• Which industry or industries does your company serve?
• What is the size of your company (revenue, employees)?
• What are the most common challenges in your industry?
• What are the most common objections to your product or service?
• What is your job role? And your job title?
• How many years of experience do you have?
• Whom do they report to? Who reports to them?
• How is your job measured?
• Describe a typical working day.
• Which specialized skills or tools are required to do your job?
• What frustrates you the most about your job?
• What do you enjoy the most about your job?

Goals & Challenges

• What are your biggest challenges?
• What are you responsible for?
• What does it mean to be successful in your role?
• What are your personal goals? Career goals?
• How do you prioritize them?

Decision Making

• Who do you consult with and trust for advice and information?
• What is the most important thing you look for when you buy a product?
• What are your biggest complaints about our product or service?
• What must happen for you to overcome these complaints?

Information Sources

• How do you learn about new information for your job?
• What publications, blogs, or social networks are you interested in?
• How did you find out about our company?

To gain an in-depth insight, the followup question of most of the above questions should be “why?”

Ask open-ended questions and encourage them to talk. The more they talk, the more you’ll understand what motivates them to do something.

How to create your Buyer Persona?

After you have collected all raw data about your target audience, it is time to analyze this information and look for patterns and commonalities.

Here is an example of a B2C buyer persona.

From this buyer persona, you can understand that Rachael has a busy life, and doesn’t spend excessively.

The most effective way to pitch your products to her would be to highlight how easy it would make her life. She would appreciate quick and easy solutions.

Creating in-depth personas with intricate details will help you better visualize your target audience and develop messages that they can instantly connect with.

After you are done with your research, it is time to map out your buyer personas and create a layout.

If you are not sure where to start, I’ve compiled examples, tips, and templates you can use as a guide to creating your buyer persona from scratch.

1. Create 2-4 primary buyer personas.

While you may create as many personas as your business needs, it is not advisable to create more than four.

You may, of course, create more, but you can categorize those personas under the primary personas you’ve created.

2. Highlight brands or products your audience already uses in your industry.

If your customer favors Nike or only uses Apple products, it speaks about your audience’s preferences. You will understand what they value, and this secondary information will help you deduce a lot about your customers.

3. Create a customer journey map

Creating a customer journey map will help you when you try to define your primary buyer personas.

You can categorize your buyer personas by how your audience uses your product or service.

4. Include icons and illustrations.

Visuals like icons and illustrations help add context to your content. You can use them to make complex ideas more straightforward to understand and remember.

5. Have a consistent layout.

A consistent layout for all your personas will help you spot differences better.

You can easily compare information instead of trying to locate things blindly just because your designer was overzealous.

Additionally, you can also highlight fundamental differences between your personas to make your work easier.

7. Create an infographic of your persona guide.

Creating a buyer persona means including as many essential insights as possible, and what better way to illustrate your buyer persona guide other than an infographic?

Infographics are an exciting and powerful way to display information.

You can use free templates offered by websites like Canva , Pictochart , and Venngage to create your infographic.

8. Include an introduction paragraph.

This paragraph will serve the purpose of giving your persona a backstory. Talk about what makes them tick, or it could be a simple narrative that is purely biographical.

9. Use sliding scales to understand your persona better.

You can’t define everyone in extremes; it is never always this or that . Using sliding scales and or other similar visual aids will help you understand your buyer persona better.

Willian is more of an introvert than an extrovert, but labeling him solely as an introvert would not do him justice.

10. Give your personas a real name.

As you would have noticed in the above examples, all the buyer personas have names. This makes them memorable and motivates you to think of them as an actual person rather than research metrics.

This works wonders when working on a campaign, for all you have to think about is to convince “Mike” or “William.”

This keeps your target audience in center focus every time you develop an idea.

11. Use a few keywords that summarize your persona effectively.

You can summarize your buyer persona with a few keywords that practically define them.

Keywords are powerful, and if you happen to use these images as posters around your desk or office, they will cement your target audience's characteristics in your mind.

12. Don’t use celebrity images as your persona.

When you think of Will Smith , what comes to mind?

• His determination and dedication.
• His humble nature even after achieving great heights.
• How he is unapologetically himself.

If you were to use Will Smith's face for your buyer persona, it would be challenging to stop his characteristics from overshadowing your target audience.

Using images of people you don’t know will help you start afresh.

Now that you know the features that would help make your buyer persona, here are a couple of tools to help you design your persona.

Tools to create your buyer personas.

You can use templates offered by Xtensio to create your buyer personas. The software is very user-friendly and also allows you to customize your layout as per your requirements.

Hubspot’s buyer persona tool walks you step-by-step to create your persona. One downside to using Hubspot is you can not add your own persona image and have to choose from a handful of character images offered.

If there are elements you want to add that are not included by default, you can add them using the “Add new section” button.

Engage Your Market Research Participant

One of the biggest challenges of conducting primary market research is finding people willing to participate in your study.

Finding participants seems like an exceedingly tedious task, which doesn’t have to be the case. There are various ways you can recruit people for your market research.

Channels you can use to recruit interviewees.

1. Crowdsourcing.

With crowdsourcing, you can engage a large volume of people in your market research. It is an excellent alternative to traditional human subject pools.

You can use platforms like Amazon Mechanical Turk to recruit participants for reasonable rates. The average wage is $1.40 per hour .

Some other platforms you can use to source participants are Respondent and Testing Time .

2. Broadcast email.

Broadcast emails are sent to a large group of people at once. You can take advantage of your email list.

Keep note of people who have participated in your research so you can get in touch with them in the future in a similar scenario.

If you don’t have your own email list, narrow down on your interest group and approach organizations that focus on the same demographic.

Some organizations may be open to sharing their database for a price or some other inducements.

If not, at the very least, you could convince them to share an email containing your market research survey with their audience.

3. Snowball Sampling.

The best way to recruit more participants is to take advantage of your current participants. Word of mouth is one of the most potent tools of marketing.

Offer referral incentives to your current participants, and they will help recruit new people. This is called snowball sampling or chain-referral sampling.

4. Traditional and Internet Media.

You can use press releases and related print or TV/radio reports to recruit participants for your research.

If your research requires a specific pool of people, this may work really well. It does take a while to get a good volume of participants, and it may cost significantly more than other means of recruiting participants.

Another affordable and more effective alternative is to use internet media. You can research web portals and online forums that target your ideal market.

5. Search Engine Marketing (for example Google Adwords).

With online search engine ads, you can reach millions of people looking for information regarding your targeted keyword.

Depending on how strong your incentive is, you can recruit participants quickly using this method.

6. Social Media.

This is one of the best ways to source participants for your research. You can create pages or launch ads to recruit participants.

One of the best parts about using social media is that you can access people’s profiles and find extensive information about them to see if they are the right match for your research.

You can source on LinkedIn by searching for people who fit your criteria and use inMail and 2nd-degree intros to contact them.

7. Online Panels.

An online research panel is a group of selected individuals who have agreed to complete surveys via the Internet.

With online panels, it is effortless to recruit participants, and additionally, it is cost-effective.

I recommend using QuestionPro or Survey Monkey .

One drawback of using these online portals is that you can’t have immediate contact with your participants as most online panels don’t share their audience’s contact details.

8. Craigslist.

Using Craigslist may not be the best method, but you can still use it to recruit participants for low prices.

You can post an ad on Craigslist for free, but many marketers have stopped using this platform for the validity of the information provided is always in question.

Prepare Your Research Questions for Maximum Actionable Learnings

Even after you find the right participants, the most crucial part of the research is the questionnaire.

You can’t just note down questions from the top of your head. You need to ensure that each question you’ve included will help you progress with your research.

But how can you make sure all your questions are important? I’ll tell you how.

How to prepare survey research questions

1. Create a frame.

Before you write a single question, I need you to note down three things.

• The objective of your research.
• What is your desired outcome?
• Characteristics of your target audience.

This is the fundamental part of your research and will help you ground your questions. Cross-referencing your questions with these points will ensure you don’t sway away from the main objective.

2. Brainstorm Questions

You already have a list of questions you are dying to ask your customers, and it would be so convenient to include anything and everything just so you don’t miss out.

But that’s not the way to go. In this step, you write down all questions you have in mind.

Write down the silliest of questions because after you create momentum, you will find that your questions have much more depth.

But one crucial thing is to think about the questions “you already know” answers to.

How do you know the answer? Do you have any research to back your answer, or is it just your gut feeling?

Be wary of these traps where your mind says not to include a question because you already know the answer.

Learn to separate what you know and what you believe to be true.

3. Filter and find the best questions.

After you are done with brainstorming questions, it is time to review it against the frame you created in the first step.

Cross-check if your questions fulfill your objective, discard the questions that don’t, and club questions whenever necessary.

Only pick the best, juiciest questions that will give the most insights. Remember, you need actionable feedback.

Below is the result of a study conducted by Survey Monkey to understand how much time respondents spend on a survey.

It is recommended that your survey should not include more than 12 questions.

You need to hold the respondent’s attention, and for that, the survey should not take more than 5 minutes to complete.

But of course, if the incentive you offer is good enough, you can make the survey longer.

Types of Research Questions

1. Open-ended research questions.

Open-ended questions require the respondent to type in their answer into a comment box. These questions call for more depth and lengthier responses.

While open-ended questions allow the respondents the freedom and space to state their opinions, it is recommended that you don’t include many of these questions.

You can see an example of an open-ended survey question below:

2. Multiple choice research questions.

They are the most popular type of survey questions. They are easy for your participants to answer, and you receive clean data for analysis.

Below is an example of a multiple-choice research question with a multiple-select answer option:

3. Ranking research questions.

These questions help you understand your respondent’s preferences. Keep in mind that this type of question takes longer to answer, so don’t include too many of them.

For instance, in the question below, respondents need to be familiar with each feature and select a corresponding number to rank the features as per their preference.

4. Rating scale research questions.

These questions are used to get responses on a continuous scale to understand how your audience feels about something.

Here’s how a rating scale question can look:

5. Net promoter score research questions.

This is a type of rating scale question where the question has an answer that depicts a range (for example, 1 to 10, or 1 to 100.)

Always remember to give context to these questions. The numbers on the scale would not make any sense if you don’t explain the value of the numbers.

Like in the above example, 0 is ‘very unlikely,’ and 10 corresponds to ‘very likely.’

6. Likert scale research questions.

These are very popular questions for surveys. They help you understand exactly how your customer feels about something.

Below is a typical example of a Likert scale question:

7. Semantic differential scale research question

This is a type of Likert scale question which is extremely effective in quantifying how your audience feels about a particular brand, product, service, or organization.

8. Stapel scale research questions.

This type of rating scale question has an even number range with no neutral point.

For example, the question below has a range of +2 to -2, and your respondent’s answer accurately describes whether they are in agreement or disagreement with something.

9. Constant sum research questions.

In this type of question, the respondent can rate a particular entity, and you can compare the other entities using one as a reference.

This is useful for devising ratio data of different attributes.

10. Matrix table research questions.

Matrix table questions are presented in a grid and are usually easy to interpret for your respondents. This is because the answer options and scales remain consistent across all entities.

This is also highly efficient as you can make use of one question to gather significant data.

11. Image choice research questions.

These questions have images as your answer options. They dramatically increase response rates and also make your survey visually appealing.

I would recommend using this question type in between as they give your respondent a break from reading.

12. Dropdown research questions.

You can use dropdown questions when you have a long list of brief answer options. For example, if you want the respondent to pick their home town or their birth year.

Use them lightly as most people like to refer to the answer options as context when they read a question.

13. Click Map research questions.

If you want direct feedback on a product image or any other visual, this is the best approach.

Click Map question allows the user to click one spot on the image.

For example, the following is a product packaging image. You could ask the survey taker to click on the part of the packaging that appeals the most to them.

14. File Upload research questions.

In case you need supporting documents or images, you can use file upload questions.

Though, it is not recommended as it is tedious for the respondent, you can collect whatever file you require as a PNG, PDF, or Doc file.

Survey Pre-Launch Checklist.

Here is a checklist of things you need to take note of before you launch your survey.

• Ensure that your survey is compatible with all devices.
• Preview and test your survey.
• Check how long the survey takes to complete. The recommended time to finish a survey is 5 minutes.
• Check the structural components of your survey like the navigation buttons, page, and titles, etc.
• Make sure the answer format is in harmony with the question type. If the question requires multiple option selection, ensure the format allows the user to select all options that apply.
• Check the reporting value format. If you have customized your reporting value, check if the format for birth date, age, email address, etc. is set correctly.
• If you’re unsure how you can analyze the results, do a trial run, and familiarize yourself with how the results show up. Also, don’t forget to delete your test responses before you launch the survey.
• Make sure there are no grammatical or spelling errors.
• Ask someone else to cross-check the survey. A second pair of eyes might spot something you missed.

Reminder Emails.

Reminder Emails are an excellent strategy to boost your response rates.

But when do you send your first reminder email? The second? The third? When do you stop?

Survey Monkey recommends sending the first reminder email 48 to 72 hours after you have sent your first survey invite.

Below given table shows how the response rate drops exponentially after the first reminder email.

It is recommended that you send reminders only if necessary and don’t send more than four reminders.

Research Closure.

After you have closed the survey, send an email to all the respondents to thank them for participating in the survey.

Don’t forget to include the top two or three things you have found from the research and how you plan to act on them.

People like to know that their contribution created an impact and that the time they took to respond was worthwhile.

This closes the loop and sets you up with the respondents for the next time you decide to conduct a survey.

Analyze Your Findings and Identify Patterns

You finally have everything you need for your research; your results are in, and all you have to do is analyze everything you’ve found.

This next step is called Data Analysis. In this step, you bring together all the data you’ve collected, identify patterns, and draw conclusions.

You need to keep in mind a few things before you start analyzing your market research data.

• Don’t start analyzing the results before all your responses come in, and the survey is closed.
• Filter the results. There would be many low-quality responses that won’t help your research. These could be
• Incomplete survey responses.
• Responses from people who are not your target audience.
• People who completed the survey with supersonic speed. Yeah, they didn’t really read your questions.
• Unrealistic answers. For example, family size is 4700. Well, really?

Now that you have your data, what are you going to do about it? Read through hundreds of survey responses and interview notes?

The amount of data you receive can be quite overwhelming. To ensure your head doesn’t go spinning while analyzing this data, it is essential to use data organization and data reduction techniques.

These methods will be beneficial to compile and assemble data to interpret and analyze your findings.

You can segment your results to gain in-depth insights. Below are a few samples of segments you can utilize.

Types of Market Segmentation.

• Demographic Segmentation, like age, gender, and marital status.
• Geographic Segmentation, like country, state, and regions.
• Psychographic Segmentation, like personality traits, beliefs, values, lifestyle, opinions, and interests of consumers.
• Behavioral Segmentation, like decision-making patterns such as consumption, purchase, lifestyle, and usage.
• Firmographic Segmentation, like company size and the number of employees.

Online survey portals like Survey Monkey and Questionpro offer in-depth analysis with statistical data and visual charts to draw conclusions for your research.

However, not all platforms may offer such services, and additionally, you may have secondary research data to combine with your survey responses.

Here is a list of data analysis software programs that you can use to integrate your market research data, analyze your findings, and identify patterns.

Quantitative Data Analysis Software

Quantitative Data Analysis focuses on statistical, mathematical, and numerical analysis of data you have collected with market research.

Here is a list of quantitative analysis software programs.

SPSS stands for Statistical Package for Social Sciences. It is the most popular quantitative analysis tool used for editing, analyzing, and presenting numerical data.

With SPSS, you can perform analysis, interpret the results, and make sound statistical decisions.

SPSS is well-suited for all formats used for structured data analysis like Excel, plain text files, and relational (SQL) databases.

STATA is a powerful and flexible general-purpose statistical software package.

It is an interactive data analysis program that runs on a variety of platforms. It is easy to analyze, manage, and produce graphical visualizations of data.

You can use STATA for both simple and complex statistical analyses.

STATA offers several purchase options to fit your budget.

SAS is an acronym for Statistical Analysis System.

With the Market Research Application (MRA) of this software program, you are provided with advanced graphical and statistical data evaluation techniques.

R is a free software to download and use , especially for graphical and statistical computing.

If you are familiar with statistics and computing, you can add your own programs to it.

There are free software programs like JAMOVI and Jasp , both of which require no coding knowledge and are extremely easy and straightforward to use.

While all these tools can help you analyze numerical data and create statistics, they may not be of much help while trying to identify patterns in open-ended survey responses and interview comments.

The aforementioned tools are excellent for quantifiable data, but if you want to break down qualitative data, I have a list of tools to make your life easier.

Please note that most of these tools analyze both qualitative and quantitative market research data.

Qualitative Data Analysis Software.

NVivo is, by far, the largest player in the qualitative software field.

You can analyze the unstructured text, video, audio, and image data, including interviews, open-ended survey answers, focus groups, social media, and journal articles.

You can import text, audio, video, emails, spreadsheets, images, online surveys, web content, and social media from various sources and create a centralized base to conduct in-depth analysis.

NVivo offers a 14-day free trial . The price is variable .

Like NVivo, you can import data from interviews, focus groups, surveys, videos, and even social media from various sources into a simple, intuitive interface.

After you import your data, you can organize your data into different categories. You can even mark specific data and leave notes, and color-code your data for better organization.

MaxQDA offers a 30-day free trial . The price is variable according to your specifications.

Quirkos is designed to help researchers sort, manage, and comprehend large amounts of data. You can code or tag specific sections of data and even compare themes across various sources.

Quirkos does not offer as many extensive features as NVivo; its main focus is to provide simple tools for exploring qualitative data that are flexible and easier to use.

It has an extremely straightforward interface so you can focus on your work and not how to do it.

One of Quirkos’ best features is its text analyzer. This tool helps you find common keywords and phrases within various text documents.

One major drawback is Quirkos does not have support for integrated multimedia and quantitative analysis.

You can choose between a subscription service or a one-off license fee. Additionally, Quirkos offers a free trial of the full version.

With Dedoose, you organize research data in a broad range of formats, including qualitative data such as text, audio, images, or video, and quantitative data such as spreadsheets, surveys, test scores, ratings, or demographics.

It is easy to collaborate as it is a web-based software.

You can also import project data from other software like NVivo, Atlas.ti, MaxQDA, Saturate, HyperResearch, Quirkos, and others.

Dedoose pricing starts from $14.95 Per Active Month for an individual. They also offer plans for small and large groups and have a special package for students.

Regardless of the group size, Dedoose offers the first-month cycle of use is free for all users.

5. Atlas.ti

Atlas.ti is a web-based qualitative data analysis software program that allows you to capture perspectives & insights into primary or secondary research.

It is a powerful tool for efficient and effective work on your research data. You can organize data, add information, and create comments, codes, annotations, categories, and shows relationships among all of them.

Atlas.ti is an excellent tool if you want to analyze large bodies of textual, graphical, audio, and video data.

With Atlas.ti, you can import source materials as DOCX., CSV, PDF, TXT, RTF, JPEG, GIF, and other audio/video formats.

This software program is easy to manage and gives you a lot of freedom to name categories according to your preferences.

Atlas.ti offers a free 14-day trial version . The price is variable according to your specifications.

6. Qualtrics

Qualtrics is an easy-to-use web-based software program that allows users to build surveys, analyze and interpret responses, and generate reports.

You do not require any coding knowledge. Their drag-and-drop interface is extremely simple and straightforward.

From setting up your project, managing it, finding respondents, and reporting on the results, Qualtrics offers all kinds of services.

Qualtrics’ Prediction Analysis tool uses historical and current survey responses to make predictions about customer behavior. This tool helps analyze how the market will react to new products or services you plan to launch.

Qualtrics offers a flexible service so that you can request a quote according to your requirements.

These are some of the best tools available for qualitative analysis.

However, if these tools are a bit pricey for your needs, here is a list of free tools you can use.

Free Qualitative Data Analysis Software Programs:

• Square Feedback
• QDA Miner Lite
• ConnectedText

Now you know the best ways to analyze your market research data and the tools you can leverage to make this process more efficient and systematic.

List Hyper-Specific Action Items and Follow-Up Research Questions to Maximize the Value from Your Market Research

Market Research helps you identify your customer’s requirements and expectations.

With research, you can benchmark yourself against your competitors and ensure you have a leading advantage.

One of the best ways to gain a better perspective is through follow-up questions.

Interviews via telephone or face-to-face and emails are your principal follow-up marketing tools.

After your customer fills out your survey, you already have their attention. You could ask them almost any question related to your product or service, and they would probably answer it.

You might choose to stay anonymous during your original survey to avoid the respondent to be influenced by your brand. So, in the follow-up section, you can ask your audience everything you want them to answer about your brand.

You also have the freedom to include as many open-ended questions as you like, for it gives them space to share how they feel directly.

Here is a list of follow up questions to find additional information specific to your brand and business.

• What could we do to increase your score by just one mark?
• If you could change one thing about our product, what would it be?
• What three of these features would you most like to see in the product’s future?
• Which of these words best describes our product?
• What problem would you like to solve with our product?
• How would you rate the value for money of the product?
• How easy is it to navigate on our website?
• Were you able to find the information you were looking for on our website?
• How did this effort compare to your expectations?
• How responsive have we been to your feedback about our products?
• Why did you choose our product rather than a competitor’s?

You may get answers to some of these questions in your original survey, but the follow-up survey gives your audience the chance to open up.

When you allow your customers to go deeper and speak about their experience and feelings, it builds a foundation for trust and loyalty.

This happens only when you take their responses into account and improve your products to meet their needs and wants.

Most people take surveys and never hear back apart from a stale, thank you note. They don’t know how their contribution helped; if the business did anything with the information in the first place.

Be sure to drop an email after your market research analysis to thank them sincerely. Additionally, include the top 2 or 3 three conclusions you have drawn from their surveys and how you plan to implement them.

People like to know how their contributions helped create an impact and assure your audience that they didn’t waste their time with you.

When you engage them in your research process, they will distinctly remember your brand and be more open to participating in your future research.

Best Market Research Methods for Small Businesses on a Low Budget.

Spending an outrageous amount of money is not the only way to do market research.

I’ll give you five cost-effective market research strategies that you can implement to gain actionable data.

1. Research Product Reviews on Amazon.

Amazon is the world’s largest online retailer.

Amazon accounts for 13.7% of worldwide e-commerce sales . In the United States, Amazon is projected to account for more than half of the local e-commerce market.

Amazon is the fastest and easiest way to uncover what your customers are looking for and what they are actually buying.

What people say and what they do can sometimes be miles apart, and amazon shows you their actions.

You can check out your competitor’s products and head over to the review section to know what people have to say regarding the product.

You can know exactly what products are working, and the positive reviews will tell you what aspects of the product people are benefitting from.

But what will help you the most is finding what people are complaining about.

Viola! You found their pain point.

Suppose your company manufactures helmets. You scroll through your competitor’s products on amazon and navigate to the customer reviews.

There’s your pain point!

Your competitor’s product does not offer proper gear to shield people’s nose from dust.

If your product works to satisfy those customers, you can effectively steal your competitor’s audience!

2. Use Quora for Your Market Research

Quora has over 300 million unique visitors each month.

Quora is an information-focused platform to ask questions, get answers, and share your knowledge on topics you are familiar with.

Quora’s online community is an excellent place to find views, opinions, advice, standpoints, beliefs, explanations, and answers to everything you want to know.

If you think you may not find what you need at Quora, you should note that there are over 400,000 topics on Quora right now.

Quora is a platform for real people seeking answers. There is no third party involved, and you can know what people want in their own words.

It is an excellent place to conduct your research.

How to use Quora for market research?

You can sign up for Quora using your Google or Facebook account, and you can start following topics you are interested in.

Quora also gives you relevant suggestions when you type in specific topics or keywords in the search bar.

Quora has a feature where you can follow topics you are interested in.

When you follow a topic, Quora will optimize your home page news feed to show you the latest activity within topics you are interested in.

You can also note topics related to your search result on the right section of the page.

When people post questions tagging topics you follow, Quora will notify you.

You can also get the latest questions sent to you via email.

Go to the Settings option and then navigate to Email and Notifications to optimize settings according to your preference.

You will be able to track relevant topics with notifications and learn about what people in your industry are saying and what your audience has to say about your industry.

To gain more insights about a topic, click on the meatballs menu button, and select Manage.

Quora will give you information about common misspellings, alternative names, and standard abbreviations for your chosen topic.

On Quora, very similar topics are merged. You can find topics that have been integrated with the subject you are interested in.

On the right section of the page, Quora gives you information about your chosen subject's parent topics and child topics .

When you look for a particular question , Quora ranks the answers based on the number of Upvotes a response received. This feature will help you understand customer pain points.

Use Quora for your product research.

Quora also has brand-based topics. If your business has products, you can use Quora to see what people have to say about your products or services.

You should follow topics and questions specific to your business and answer queries people might have about them.

Joining in on conversations where your products or services are involved will help you gain a deeper understanding of how people perceive your products.

You can use websites like QuestionsPro to find relevant questions and track your answers.

3. Look at Your Google Analytics Data and Email Marketing Data

Google analytics.

Google Analytics is an exceptional tool for market research that is available for free.

At first glance, Google Analytics can be quite daunting.

There is way too much data presented to you, and if you are not familiar with the tool, you will keep going around in circles and walk away with a spectacular headache.

To make your life easier, here is an overview of the features of Google Analytics that can help you with your market research.

Google Analytics has eight main sections: Dashboards, Shortcuts, Intelligence Events, Real-Time, Audience, Acquisition, Behavior, and Conversions.

Out of all these, there are four sections you need to pay close attention to — Audience, Acquisition, Behavior, and Conversions.

1. Audience Section

This section gives you detailed insights about your users.

In this section, you can find information regarding the gender, age, and location of visitors to your website.

To find this information, focus on sub-sections Demographics and Geo .

The Demographics section will give you information regarding your website visitors’ age range and gender.

To know where your website visitors are from, click on the Geo Dropdown, and select Location.

If you want more specific information, you can click on individual countries to know which states in those countries your visitors are from.

Furthermore, you can select individual states to obtain a list of cities.

This will help you create strategies for your campaigns to drive better results.

2. Acquisition Section

Do most of your visitors come from Google? Instagram ? Facebook ? Quora? Website referrals?

This section will give you detailed information about how people come to your website.

You can analyze where most of your traffic comes from and find keywords your visitors used to navigate them to your website.

But this Keywords tool of Google analytics may not always be useful because of Google’s decision to encrypt keyword data.

If you would like to obtain data about Google's organic search keywords, you can use Google Webmaster Tools (Go to Search Traffic, then select Search Queries. )

3. Behavior Section

This section will provide a rich understanding of how your audience interacts with individual pages on your website.

Google Analytics Behavior section includes nine sections and tools .

These tools will help you learn about your user behavior. You can know which is the most visited page on your website and what actions people are taking while visiting your website.

4. Conversion Section

If you have an online store , the Conversion section will give you insights regarding your leads and conversions.

This section provides eCommerce Analytics to get information regarding how your products are performing and how many sessions or days it takes before your prospects convert.

Email Marketing

People don’t give their personal information without reason, and if used right, your email list can develop a profound connection with your customers.

You have contact details of people interested in what you have to say and have directly interacted with your business by providing their contact information.

So why not make the best of it?

In 2020, roughly 306.4 billion emails were sent and received each day.

Social Media platforms come and go with changing market trends, but email has been an integral part of our daily lives for ages.

This is because, with emails, you have the freedom to reach out to your audience with no restrictions. There is no third-party who can impact how, when, or why you reach out.

As of 2020, there are over 4.03 billion email users worldwide.

That is more than half of the world’s population. So, if you are looking for a way to connect with people, email is the perfect place for you.

Many marketers have used email marketing to generate sales , but if you look at email marketing in terms of only leads and sales, you lose out on a lot.

One hidden capability of email marketing is market research.

Though it isn't as full-blown as other research tools, email marketing does help with market research and has advantages over cost-effectiveness and reciprocation speed.

Using Email Marketing Data for Market Research

Any email with a call-to-action gives insights to help your research.

If you have sent an email offering seven products to your subscribers, you can analyze which product has done the best and which hasn’t.

But this isn't only limited to knowing your product's popularity; you can gain a deeper understanding by analyzing who purchased which product.

Based on past purchases or demographics, you can see which customers like a certain kind of product.

Email marketing does have its limitations.

It does not offer anonymity, meaning your customers will know who has sent them the survey. So, if they choose to take up the survey, their answers could be influenced by how they perceive your brand.

So, how can you make the most of a survey delivered by email?

• Offer Incentives. When you offer a promo code or a gift card to someone in exchange for a few minutes of their time, they will be more inclined to help you out than if you just ask them to fill a survey.
• Survey Questionnaire. The survey you send via email to your subscribers can't include the same questions as your other surveys. You need to keep in mind that they already know who you are, including questions like, “According to you, who is the best brand in the XYZ industry?” will not be useful.
• Type of questions. Your questions should be clear and straightforward. Don’t include too many open-ended questions; make it as easy-to-answer for your audience as possible.
• Compare survey analysis. You can get deeper insights if you compare survey results according to specific categories like geographical location. This will provide you with information about which type of your audience favors what.

How to build your email list?

To build your email list, you need people to subscribe. As we have already established that people don’t give out their personal information for free, you could create lead magnets.

Types of lead magnets:

• Online Courses
• Whitepapers
• Reports or Studies
• Infographics

Email Marketing Tools

Using an email marketing service is tremendously important. These software programs help you optimize and personalize your emails.

I would suggest you choose either Getresponse or Convertkit .

They are simple to use and offer a variety of features that you can leverage to create email marketing campaigns.

Even if you do not have a technical bone in your body, you can create, personalize, and customize your emails by yourself.

These tools ensure that all your emails are optimized to display perfectly over all devices and give you detailed engagement analytics.

How to Use Competitor Research for Market Research

Why are your competitors doing better than you are? What is their marketing strategy? Who are they targeting? What keywords are bringing traffic to their website?

If you are not aware of what your competitors are doing, how do you expect to outrank them?

This is the reason why you need to conduct a competitor analysis.

What is competitor analysis?

Competitor Analysis (or competitive research) is the process where you identify your major competitors and evaluate their strengths and weaknesses.

The goal of conducting a competitor analysis is to replicate their successful strategies and exploit their weaknesses.

When you know what entities your competitors are targeting, you can develop strategies to target the same entities and generate better results.

These weaknesses could be a particular market they’re overlooking or even keywords that they’re not targeting to get traffic to their website.

Competitive Analysis in Marketing

Competitor analysis will:

• Help you create full-proof marketing strategies.
• Identify gaps in the market and opportunities that your competitors are overlooking.
• Replicate your competitor’s strengths and take advantage of their weaknesses.
• Help you make informed decisions for future investments.

How to conduct your competitive analysis?

1. Identify your major competitors.

Determining who you are competing with is an essential first step.

Social media and search engines have made market research a much easier process. You are only a search result away from knowing who the major competitors in your industry are.

What products or services do they offer?

Understanding what your competitors offer and its features are essential. Here are a few questions you can answer to understand your competitor better.

• What is the price range of their products?
• Who are their ideal customers?
• What is their primary customer demographic?
• How do they stand out from their competitors?
• How are they marketing their products or services?
• What are its most popular features?

You need to assess the market to identify both the major players and those steadily on the rise.

Porter’s Five Forces Model allows you to analyze the competition in the marketplace and helps you identify your standing among competitors.

Porter’s industry analysis method recognizes the following five fundamental for

• Competitive rivalry. How many firms compete, and how much is the market growing?
• Threat of substitute products. How likely is it for customers to switch to other firms?
• Bargaining power of buyers. How much power do customers have?
• Threat of new entrants. How easy is it to establish a new firm?
• Bargaining power of suppliers. How much power do suppliers have?

This market research analysis technique will give you a better understanding of your industry’s competitive landscape.

2. Acquire Competitors’ Credit Reports.

Business credit scores rank the creditworthiness of a business.

You can get access to your competitor’s credit reports online for free. While personal credit scores are not available online, business credit scores can be accessed by anyone.

Additionally, it is vital to create your business’ credit report to determine and prove your credibility.

According to a study published by The Wall Street Journal , around 25% of business credit reports you find online may contain errors or lack critical information.

Trusted Sources to Get a Free Business Credit Report.

• Nav You can gain access to free credit report services, including a summary of business credit reports from D&B , Equifax , and Experian . The business credit report also includes a letter grade with the credit-score range.
• Creditsafe . You can sign up at CreditSafe to gain a free credit report for your own business. After you fill out an online request, you have to talk to a Creditsafe representative to activate your business credit report.
• Dun & Bradstreet Credit Signal It is a free business credit reporting service provided by D&B. Credit Signal offers free monitoring service so you can be instantly notified of changes in your business’ D&B credit scores and ratings.

Sources for Paid Business Credit Reports.

• Dun & Bradstreet It is one of the oldest credit reporting companies in existence. For every business you research, D&B provides a credit summary, a credit score, and a financial stress score. With D&B, you can also check out payment comparisons between different businesses in an industry.
• Equifax This tool will give you access to public records information like bankruptcy and a business failure score, which is a forecast of how likely it is for a company to crash in the next year. Along with a business failure score, Equifax business credit reports also include possible reasons for failure. You can also gather information about other companies associated with your chosen business and even their business demographics and payment history.
• Experian It is one of the newest key players in the credit reporting industry. Their business credit reports are incredibly detailed, including information right from the basics to risk alerts, risk indicator ratings, and even business verification. You can gain as many credit reports on your targeted business and be notified whenever new information is updated.

Analyzing these reports can tell you if the businesses are financially stable and how much risk there is in the industry.

3. Analyze and compare competitor’s content.

Familiarize yourself with the kind of content your competitor is publishing. Take note of the type of content that is receiving the most engagement.

What kind of content are you publishing, and how is it different from their content? Are you making use of all formats, or are you missing out on opportunities?

What is your competitor's primary focus on content marketing?

Here is a list of content formats you should take note of:

• White papers
• Case studies
• Newsletters
• Press releases

Compare the quality of content and analyze how frequently they are publishing. Determine their content strategy and see how you can build about that to gain better results.

4. Analyze their Website.

98% of businesses have rated a competitor’s website as a valuable resource and the best source for obtaining competitive intelligence data.

What are consumers searching for? Why are your competitors outranking you in SERPs? What strategies are they using to do so?

An essential aspect you need to know is what keywords they are ranking for.

Let’s assume McDonald’s to be your competitor brand.

For your market research, you should, of course, consider a wide range of brands. I’m only considering one brand for the purpose of learning how to do competitor analysis.

Use Google Ads Keyword Planner to analyze your competitor market.

Go to Keyword Planner and paste your competitor’s website URLs.

Be sure to select Use the entire site for the keyword planner to analyze their entire site.

When you click on Get Results , the keyword planner will give you a list of keywords that your competitor’s website ranks for.

But as you can see, most of the results won't help you as they are specific to your competitor's brand.

You can exclude their brand name by

• Clicking on Filter.
• Select Keyword.
• Choose Does not contain from the drop-down menu.
• Enter your competitor’s brand name.

Now you can see a much more relevant list that you can target.

You can now do this individually for all your competitor brands and see what they rank for and which keywords they have in common.

Note: Google Ads Keyword Planner is a free tool that is primarily for advertisers, not SEOs. You can use SEO specific tools like SEMrush , Moz , and Ahrefs to gain in-depth insights about your competitor’s SEO.

Your main objective is to try and outrank your competitor in SERPs .

Once you know what keywords your competitor is ranking for, analyze where they are using these keywords.

• URL architecture
• Meta description
• Heading tags
• Content Body
• Inbound links
• Image alt text
• Social media

Additionally, also take note of the following:

• Page Speed Insights
• Domain Authority
• Root linking domains
• Sitemaps – HTML, image, XML, video
• Backlinking strategy
• Website responsiveness (Mobile and Desktop)

Analyze what keywords your competitor is ranking for that you are not. This is called keyword gap analysis.

Analyze how they are ranking for those keywords and build upon their strategy to give Google better content to consider.

5. Look at their social media engagement.

The next step is to analyze your competitor’s social media and see how they integrate it into their marketing strategy.

• Which social media platform are they focusing on?
• Where do they receive the most engagement?
• What kind of content are they posting?
• Which content format is working the best for them?
• How often do they post?
• What kind of profile pictures and cover images are they using?
• Check out their social media bio. What points have they mentioned in their overview section?
• What is their growth rate?
• Who are they following?
• How proactive are they? How well are they addressing consumer complaints?
• How are they interacting with their customers and brand advocates?
• What are their weaknesses? Is their response rate poor? Is it irregular posting? Spelling or grammatical errors? Lack of engagement? Poor imagery?

Find out areas you can exploit and use their social media strategies to successfully build your online presence.

6. Sentiment Analysis.

Sentiment Analysis is interpreting how customers feel about your business.

This is something that is often overlooked by businesses. It is crucial to track how the audience feels about your brand when compared to your competitors.

There are various free and paid tools that can help you assess the sentiment behind customer behavior.

Sentiment Analysis Tools.

• Quick Search
• Critical Mention
• Social Mention
• Sentiment Analyzer
• Social Searcher
• MonkeyLearn

Use these insights to gain the upper hand over your competition. And though you won't take the lead overnight, it is essential to track your progress with tools like Google Analytics , SEMrush , Moz , and Google Webmasters .

Analyze what is working and what isn’t, and optimize your strategy accordingly.

Ask Your Audience with Online Surveys

Conducting an online survey is probably the most effective means of getting direct feedback from your customers.

It is a straightforward, reliable, and affordable way of obtaining data.

You do not need any coding knowledge to conduct an online survey. You simply need to register on an online survey portal and create your survey.

These are hundreds of online survey platforms you can choose to conduct your market research. Each of them has its unique features, and it is important to filter through to find the one that fits your requirements.

I have compiled a list of leading SaaS online survey platforms for you to choose from.

Online Survey Platforms.

1. Typeform .

Typeform offers over 150+ survey templates for you to choose from. You can easily optimize them as per your specifications.

Many people abandon their surveys because they get bored. With Typeform, you can choose to project one question at a time to keep your audience engaged.

The free version of Typeform, nicknamed the CORE plan, offers various features.

• 3 typeforms.
• 10 questions per Typeform.
• 100 responses per month.
• Reports and metrics.
• Email notification when someone completes your Typeform.
• Embed your Typeform on a web page.

Price: Typeform plans start from $35 per month.

2. SurveyMonkey

SurveyMonkey is one of the leading online survey platforms in the market.

It is incredibly user-friendly, and you can get reports of your market research survey in minutes.

If you do not have a source of participants for your research, with SurveyMonkey, you can find people who fit your criteria from their global panel of respondents.

SurveyMonkey Basic (Free) plan features:

• 10 questions or elements per survey
• View either 40 or 100 responses per survey (depending on when you created an account and your billing location.)

Responses over your plan’s limit are hidden and will be deleted after 60 days unless you upgrade to a paid plan.

3. QuestionPro

With QuestionPro, you can not only create surveys but analyze your qualitative and quantitative research data.

As far as free survey tools go, you won’t find another that delivers as much value as QuestionPro’s free trial version.

Here are a few features of QuestionPro’s Essential (Free) plan :

• Unlimited surveys.
• Unlimited questions‪ per survey.
• Unlimited responses (however, each survey is limited to a maximum of 1000 responses.)
• 25+ question types‪.
• Add your own logo to the survey.
• Shareable dashboard reports‪.
• Customized thank you page‪.

Price: QuestionPro plans start from $85 per month

These are the best online survey platforms available. A few other notable survey platforms you should consider are:

• Google Forms
• Zoho Survey
• ProProfs Survey Maker
• Client Heartbeat
• Survey Gizmo
• Survey Planet

All the survey tools mentioned above have their advantages and limitations. Which platform you choose ultimately depends on your business requirements.

If you are not able to come to a conclusion, I would recommend starting with SurveyMonkey or QuestionPro .

Best Sites for Market Research Reports, Finding Users to Interview, and Surveying

Throughout the blog, I’ve mentioned several websites and software programs you can use for various stages of your market research.

In this section, I am going to list additional tools (free and paid) that will make your life much easier while conducting market research.

1. U.S Census Data Tools

U.S. Census Bureau data tools are excellent for conducting secondary market research.

It provides various market research tools and free industry research reports.

You can access economic, demographic, and population data and gain valuable insights for your research.

In fact, you can segment the user data by age, race, ethnicity, and even housing status and compare this information with other locations side by side.

Price: Free.

2. Pew Research Center

This is another excellent website for obtaining free industry reports and datasets.

Pew Research Center gathers data and creates reports based on public opinion polls, demographic analysis, content research, and other social science data-driven research.

Its Download Datasets page lists the direct links to access the datasets available.

By creating an account , you can download survey reports and be notified if there are any changes made to datasets you’ve previously accessed.

3. Statista

Statista is one of the largest statistics portals in the market. The site provides datasets for over 80,000 topics.

Statista conducts market research using a broad range of specialist tools and is excellent at transforming qualitative data into statistics.

Price: You can register to create a free basic account. However, the features offered are minimal. The pricing plans start from $39 per month for a single account.

4. Google Trends

Google Trends is one of the best tools available for market research.

With Google Trends, you can determine what consumers are searching about competing brands.

You can analyze the popularity of one search term in comparison with other terms simultaneously.

You can also use filter features like region and category to gain insights according to your specifications.

With Feedier, you can effectively engage your participants, export your data, and run insight reports for your market research.

Here are a few features of Feedier’s free trial version , also called Essentials.

• 100 monthly responses
• 1 Feedback Form
• Interactive Form builder
• 12+ question types (NPS)
• Participant actions
• Visual data insights

Price: Feedrier plans start from $150 per month.

6. Think With Google – Market Finder

Think With Google is another terrific research tool to uncover the latest marketing trends.

Think With Google’s Market Finder helps you gain insights based on in-depth national and global data and consumer insights.

7. SBA’s Office of Entrepreneurship Education Resources

SBA’s Office of Entrepreneurship Education provides access to various resources and business and economic statistics.

There is a variety of tools, reports, and resources available for conducting your market research analysis.

8. Social Mention

With billions of people using social media all over the world, it is challenging to analyze what is being said and done on these platforms.

Social Mention is a search engine that analyzes content across various social media platforms.

With Social Mention, you can enter a specific keyword and get a list of mentions related to your search term. You can filter your search results by source, date, and even location.

Social Mention also provides a score for sentiment, strength, reach, and passion with respect to your search term.

9. Testing Time

One of the biggest challenges of conducting primary market research is finding participants for your research.

With Testing Time, you can find participants by specifying your target audience's characteristics like their location and demographics. You can even include additional criteria specific for your research like, “must own a car.”

Price: Their pricing options depend on the number of test users and the test method.

10. Respondent

Most survey portals that provide a source for participants do not allow direct contact with the audience.

With Respondent, you can conduct video calls, phone calls, in-person discussions, or online research. It's up to you.

You decide on how much you are willing to pay per participant according to your budget.

Price: Respondent charges a 50% service fee per participant.

Market Research FAQ

There is no one size fits all when it comes to market research.  Four primary factors that define your market research cost: 1. The type of research to fulfill your specifications and the cost associated with it. 2. The number of participants you need for your research. 3. Incidence rate, i.e., the percentage of people who fit your target audience criteria. 4. Data collection method and the incentives you offer The average cost for Top-level reports: $100 to $1,000. These reports will provide basic insights into your industry. The average cost for Full-market reports: $1,500 to $8,000 (most commonly $3,500 to $4,000). These reports will be extremely detailed and cover various metrics about your industry from current market trends to future projections. But if you are willing to put in the effort and cut down labor costs, and conduct most of your research online, you can gain insightful data for $300 to $1,500.

The truth is, you can undoubtedly conduct your market research in-house, but it is incredibly tedious to try to do everything on your own. Extending your research by making use of market research firms and online marketing tools will make this process much smoother for you. While you may not want to outsource your entire research, there is too much work that goes into market research, and handing out a few tasks makes your research much more efficient.  Hiring a freelance researcher may be the best course of action for small-scale field research. Most marketing agencies do not undertake projects with a budget below $4,000. Before hiring a freelancer, run a thorough background check to analyze their credibility. Ensure they fit your business and have enough authority to conduct the research.

While conducting secondary market research, there are thousands of sources available online for free and a cost.  While it may be tempting to leverage free research reports, it is imperative to ensure that the source is credible.  Use government sources to access free reports that give basic insights about your industry. Statistics that will have a direct impact on your business decisions should be handled with caution. For example, economic projections or subjective analysis reports. To obtain accurate data for such statistics, the information must come from multiple credible sources. So, here is the baseline.  If the data is free, verify it. If you can’t verify it on your own, purchase it from a reputed and unbiased publisher. 

Ready to Understand Your Market Better Than Your Competitors?

When it comes to understanding your customers better than your competitors, you can’t rely on assumptions or feelings. You need hard numbers.

Market research may seem incredibly daunting at first glance.

It is time-consuming and tedious, but you wouldn’t be unnerved by conducting market research if you know the exact process.

In this blog, I’ve systematically broken down the entire market research process step-by-step, so you can conduct your research to attain maximum actionable insights.

You now know how to find gaps in the market and exploit your competitor’s weaknesses.

What market research methods you can use if you are on a budget.

How to understand your competitors’ strategies and build upon them to attain better success.

I’ve also listed several market research tools that you can use to conduct your research much more efficiently.

All you have to do is follow everything I’ve mentioned in this blog to understand the market and your consumers better.

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Anastasia belyh.

Anastasia has been a professional blogger and researcher since 2014. She loves to perform in-depth software reviews to help software buyers make informed decisions when choosing project management software, CRM tools, website builders, and everything around growing a startup business.

Anastasia worked in management consulting and tech startups, so she has lots of experience in helping professionals choosing the right business software.

Business Research Methodology

Research Process and Methods

• © 2022
• Sergey K. Aityan 0

Lincoln University - California, Oakland, USA

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• Presents the major research processes and methods used in business research
• Features multiple and exhaustive examples illustrating the material and helping in the learning process
• Features questions and problems at the end of each chapter for self-testing
• Provides lecture slides for better course preparation
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Part of the book series: Classroom Companion: Business (CCB)

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About this book

This book introduces students to major research processes and methods used in business research. The research process includes all steps in the research project beginning from the problem formulation, through research design, proposal, conducting the research, deriving conclusions, writing research report, and preparing and making presentation. The major research methods include risk assessment, statistics, sampling, hypothesis testing, surveys, and comparative analysis. It helps students develop solid knowledge and practical skills sufficient for conducting a research project from its initiation, through completion, and delivery. The author provides multiple examples as well as the questions and problems for self-testing and self-evaluation in each chapter. The book is structured to provide a smooth flow of understanding and learning the material along the learning curve and is concise enough to fit a one-semester course.

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Business Research Process

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Research Questions and Research Design

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• Cyber Intelligence in Business Research
• Statistical Hypotheses Testing in business
• Bayesian Probability in business research
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Table of contents (23 chapters)

Front matter, the journey to the land of unknown, the nature of research.

Sergey K. Aityan

Scientific Method

The research process, preparation for research, formulating a research problem, review of literature, research design, research proposal, foundations of probability, distribution, expectation, and risk, bayesian probability, major distributions, introduction to statistics, confidence intervals, statistical hypothesis testing, sampling experiments, survey method, authors and affiliations, about the author, bibliographic information.

Book Title : Business Research Methodology

Book Subtitle : Research Process and Methods

Authors : Sergey K. Aityan

Series Title : Classroom Companion: Business

DOI : https://doi.org/10.1007/978-3-030-76857-7

Publisher : Springer Cham

eBook Packages : Business and Management , Business and Management (R0)

Copyright Information : The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022

Hardcover ISBN : 978-3-030-76856-0 Published: 20 December 2021

eBook ISBN : 978-3-030-76857-7 Published: 01 January 2022

Series ISSN : 2662-2866

Series E-ISSN : 2662-2874

Edition Number : 1

Number of Pages : XVIII, 518

Number of Illustrations : 84 b/w illustrations, 50 illustrations in colour

Topics : Management Education , Computer Science, general , Business Strategy/Leadership , Research Skills

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Six types of research that can unlock consumer insights.

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COO and co-founder at  Maven Road .

Nowadays, the word “insight” is used by many market researchers to describe the means by which companies and brands can understand their customers’ tastes, motivations and needs. These insights allow brands to develop more effective strategies for connecting their audience with their products or services.

Consumer insights interpret customers’ behavior, which is critical to building relationships and connecting, not just making transactions and selling. Insights can help identify the important gap between the consumers’ aspirations and what they perceive a brand is offering. That gap can always be turned into a business opportunity.

I’ve seen through my company — a global business intelligence firm focused on deciphering big data and creating actionable insights — that relevant, valuable intelligence about a target market is only obtained through a deep analysis of data. Below is a guide to the types of research you can consider leveraging to analyze the consumer, as they can help you to gain valuable insights to fuel your business strategy:

• Social listening:  This involves the constant monitoring and tracking of online conversations to determine what consumers are saying about your brands, competitors, market or other topics of interest on different social media channels.

• Audience analysis:  This refers to the identification of demographic characteristics and psychographic information of the audience associated with your brand or company. Audience analysis can be applied to users who follow a brand’s handles or engage with its content across different social media channels.

• Netnographic research:  As an innovative, qualitative online research method, netnographic research adapts ethnographic methods — such as fieldwork, participant observation, interviews and field notes — to study your target audience. I’ve found this type of analysis allows for an immersive experience into online communities that helps you acquire an insider’s perspective and can lead to the development of an online persona for your target audience.

• Online communities:  Researching online communities means you analyze communities created across digital spaces that consist of members who share common interests related to your brand or company. Members, including active and potential consumers, often seek advice or share tips related to a specific interest. Analyzing the interactions and conversations among them can lead to actionable insights applicable to your brand or product. 

• Influencer identification:  This refers to an analysis of users discussing specific topics related to your brand or company on social media. Users who are more relevant to the conversation, either because they allow you to connect to different clusters of users or because they have high brokerage power, should then be selected. The results can help you identify potential influential voices for your brand or company to connect with.

• Trend tracking: “Trend tracking” involves identifying topics that could be of interest to your brand or company. This provides business intelligence to stakeholders about the latest events concerning your brand or company on a 24/7 basis, which can enable them to identify potential crises before they escalate. Trend tracking also monitors historical trends to track how consumer conversations evolve over time, thus leading to actionable insights.

Research can help you understand consumer behavior and brand perception. However, the key is identifying what learnings and insights are the most relevant for business opportunities. Before embarking upon the research process, you should ensure you have clear goals in mind for how the research will be used. Companies traveling through the black hole of data exploration will waste employee time and energy unless they set parameters concerning what they want to achieve. Therefore, always start by defining your business problem and objective before seeking out solutions.

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Home » Research Methods – Types, Examples and Guide

Research Methods – Types, Examples and Guide

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Research Methods

Definition:

Research Methods refer to the techniques, procedures, and processes used by researchers to collect , analyze, and interpret data in order to answer research questions or test hypotheses. The methods used in research can vary depending on the research questions, the type of data that is being collected, and the research design.

Types of Research Methods

Types of Research Methods are as follows:

Qualitative research Method

Qualitative research methods are used to collect and analyze non-numerical data. This type of research is useful when the objective is to explore the meaning of phenomena, understand the experiences of individuals, or gain insights into complex social processes. Qualitative research methods include interviews, focus groups, ethnography, and content analysis.

Quantitative Research Method

Quantitative research methods are used to collect and analyze numerical data. This type of research is useful when the objective is to test a hypothesis, determine cause-and-effect relationships, and measure the prevalence of certain phenomena. Quantitative research methods include surveys, experiments, and secondary data analysis.

Mixed Method Research

Mixed Method Research refers to the combination of both qualitative and quantitative research methods in a single study. This approach aims to overcome the limitations of each individual method and to provide a more comprehensive understanding of the research topic. This approach allows researchers to gather both quantitative data, which is often used to test hypotheses and make generalizations about a population, and qualitative data, which provides a more in-depth understanding of the experiences and perspectives of individuals.

Key Differences Between Research Methods

The following Table shows the key differences between Quantitative, Qualitative and Mixed Research Methods

Research Method	Quantitative	Qualitative	Mixed Methods
	To measure and quantify variables	To understand the meaning and complexity of phenomena	To integrate both quantitative and qualitative approaches
	Typically focused on testing hypotheses and determining cause and effect relationships	Typically exploratory and focused on understanding the subjective experiences and perspectives of participants	Can be either, depending on the research design
	Usually involves standardized measures or surveys administered to large samples	Often involves in-depth interviews, observations, or analysis of texts or other forms of data	Usually involves a combination of quantitative and qualitative methods
	Typically involves statistical analysis to identify patterns and relationships in the data	Typically involves thematic analysis or other qualitative methods to identify themes and patterns in the data	Usually involves both quantitative and qualitative analysis
	Can provide precise, objective data that can be generalized to a larger population	Can provide rich, detailed data that can help understand complex phenomena in depth	Can combine the strengths of both quantitative and qualitative approaches
	May not capture the full complexity of phenomena, and may be limited by the quality of the measures used	May be subjective and may not be generalizable to larger populations	Can be time-consuming and resource-intensive, and may require specialized skills
Typically focused on testing hypotheses and determining cause-and-effect relationships	Surveys, experiments, correlational studies	Interviews, focus groups, ethnography	Sequential explanatory design, convergent parallel design, explanatory sequential design

Examples of Research Methods

Examples of Research Methods are as follows:

Qualitative Research Example:

A researcher wants to study the experience of cancer patients during their treatment. They conduct in-depth interviews with patients to gather data on their emotional state, coping mechanisms, and support systems.

Quantitative Research Example:

A company wants to determine the effectiveness of a new advertisement campaign. They survey a large group of people, asking them to rate their awareness of the product and their likelihood of purchasing it.

Mixed Research Example:

A university wants to evaluate the effectiveness of a new teaching method in improving student performance. They collect both quantitative data (such as test scores) and qualitative data (such as feedback from students and teachers) to get a complete picture of the impact of the new method.

Applications of Research Methods

Research methods are used in various fields to investigate, analyze, and answer research questions. Here are some examples of how research methods are applied in different fields:

• Psychology : Research methods are widely used in psychology to study human behavior, emotions, and mental processes. For example, researchers may use experiments, surveys, and observational studies to understand how people behave in different situations, how they respond to different stimuli, and how their brains process information.
• Sociology : Sociologists use research methods to study social phenomena, such as social inequality, social change, and social relationships. Researchers may use surveys, interviews, and observational studies to collect data on social attitudes, beliefs, and behaviors.
• Medicine : Research methods are essential in medical research to study diseases, test new treatments, and evaluate their effectiveness. Researchers may use clinical trials, case studies, and laboratory experiments to collect data on the efficacy and safety of different medical treatments.
• Education : Research methods are used in education to understand how students learn, how teachers teach, and how educational policies affect student outcomes. Researchers may use surveys, experiments, and observational studies to collect data on student performance, teacher effectiveness, and educational programs.
• Business : Research methods are used in business to understand consumer behavior, market trends, and business strategies. Researchers may use surveys, focus groups, and observational studies to collect data on consumer preferences, market trends, and industry competition.
• Environmental science : Research methods are used in environmental science to study the natural world and its ecosystems. Researchers may use field studies, laboratory experiments, and observational studies to collect data on environmental factors, such as air and water quality, and the impact of human activities on the environment.
• Political science : Research methods are used in political science to study political systems, institutions, and behavior. Researchers may use surveys, experiments, and observational studies to collect data on political attitudes, voting behavior, and the impact of policies on society.

Purpose of Research Methods

Research methods serve several purposes, including:

• Identify research problems: Research methods are used to identify research problems or questions that need to be addressed through empirical investigation.
• Develop hypotheses: Research methods help researchers develop hypotheses, which are tentative explanations for the observed phenomenon or relationship.
• Collect data: Research methods enable researchers to collect data in a systematic and objective way, which is necessary to test hypotheses and draw meaningful conclusions.
• Analyze data: Research methods provide tools and techniques for analyzing data, such as statistical analysis, content analysis, and discourse analysis.
• Test hypotheses: Research methods allow researchers to test hypotheses by examining the relationships between variables in a systematic and controlled manner.
• Draw conclusions : Research methods facilitate the drawing of conclusions based on empirical evidence and help researchers make generalizations about a population based on their sample data.
• Enhance understanding: Research methods contribute to the development of knowledge and enhance our understanding of various phenomena and relationships, which can inform policy, practice, and theory.

When to Use Research Methods

Research methods are used when you need to gather information or data to answer a question or to gain insights into a particular phenomenon.

Here are some situations when research methods may be appropriate:

• To investigate a problem : Research methods can be used to investigate a problem or a research question in a particular field. This can help in identifying the root cause of the problem and developing solutions.
• To gather data: Research methods can be used to collect data on a particular subject. This can be done through surveys, interviews, observations, experiments, and more.
• To evaluate programs : Research methods can be used to evaluate the effectiveness of a program, intervention, or policy. This can help in determining whether the program is meeting its goals and objectives.
• To explore new areas : Research methods can be used to explore new areas of inquiry or to test new hypotheses. This can help in advancing knowledge in a particular field.
• To make informed decisions : Research methods can be used to gather information and data to support informed decision-making. This can be useful in various fields such as healthcare, business, and education.

Advantages of Research Methods

Research methods provide several advantages, including:

• Objectivity : Research methods enable researchers to gather data in a systematic and objective manner, minimizing personal biases and subjectivity. This leads to more reliable and valid results.
• Replicability : A key advantage of research methods is that they allow for replication of studies by other researchers. This helps to confirm the validity of the findings and ensures that the results are not specific to the particular research team.
• Generalizability : Research methods enable researchers to gather data from a representative sample of the population, allowing for generalizability of the findings to a larger population. This increases the external validity of the research.
• Precision : Research methods enable researchers to gather data using standardized procedures, ensuring that the data is accurate and precise. This allows researchers to make accurate predictions and draw meaningful conclusions.
• Efficiency : Research methods enable researchers to gather data efficiently, saving time and resources. This is especially important when studying large populations or complex phenomena.
• Innovation : Research methods enable researchers to develop new techniques and tools for data collection and analysis, leading to innovation and advancement in the field.

About the author

Muhammad Hassan

Researcher, Academic Writer, Web developer

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Doing Consumer Research: A Resource Guide

Introduction.

• Generations
• Books and Journals
• Government Data Sources
• Subscription Sources
• Internet Sources
• Primary Market Research
• Using the Library of Congress

Business Reference : Ask a Librarian

Have a question? Need assistance? Use our online form to ask a librarian for help.

Author: Natalie Burclaff, Business Reference Specialist, Science, Technology & Business Division

Note: Based on an earlier guide titled Market Segmentation January 2005 by Ellen Terrell, Business Reference Specialist, Science, Technology & Business Division

Created: February 1, 2020

Last Updated: February 23, 2024

Get connected to the Library’s large and diverse collections related to science, technology, and business through our Inside Adams Blog. This blog also features upcoming events and collection displays, classes and orientations, new research guides, and more.

Consumer research is done with the intention of understanding the needs or behaviors of a particular group in order to define who to best market a product or service to, also known as identifying a target market.

Customer segments can be grouped by different variables, such as demographic, geographic, psychographic (values and lifestyle), or behavioral. This guide specifically focuses on resources useful for the business to consumer (B2C) industry, where individuals are the end users of a product or service. While this guide does not cover every resource, it does highlight commonly used sources and publishers of population and consumer data.

“There is only one winning strategy. It is to carefully define the target market and direct a superior offering to that target market.” - Philip Kotler, "Father of Modern Marketing" 1

Consumer attitudes, values, habits, and preferences are often collected via interviews, surveys, and focus groups. Businesses also collect data about their customers and sales in order to make decisions about pricing, inventory, and advertising. As technology becomes more ubiquitous, the amount, speed and type of data collected by businesses and third parties has increased. This flood of information, also known as big data, is tracked, analyzed and used for business intelligence. However, there are major concerns from consumers' rights and privacy rights groups as to what information is collected, how it is obtained, what is done with the information, such as if it is shared with other organizations, and how transparent the data collection is to the consumer.

To find statistics on a specific topic or consumer group:

• Brainstorm who might collect the information, such as government agencies, trade organizations, academic researchers, or market research firms
• Consider broader variables or broader markets, especially in search terms (for example "gender" instead of "women")
• Recognize that while some data is free to access, others may require a one-time or subscription fee. The Library subscribes to many resources, which are available on-site; for other sources, check with your local public or university library. Look for freely available press releases, articles or abstracts that will summarize findings from a market research report.
• Search books and journal articles, which include statistics in the introduction to a topic or original research on consumer behavior; track any citations for further leads on data sources.

You may be interested in extremely niche information that is not collected or published by an existing source. In that case, you would need to conduct your own market research; resources on conducting primary market research or identifying firms that specialize in primary market research are included in this guide.

About the Business Section

Part of the Science & Business Reading Room  at the Library of Congress, the Business Section is the starting point for conducting research at the Library of Congress in the subject areas of business and economics. Here, reference specialists in specific subject areas of business assist patrons in formulating search strategies and gaining access to the information and materials contained in the Library's rich collections of business and economics materials.

• Philip Kotler, interview, The Events & Awards Managers of Asia and Hamlin-Iturralde Corporation, 1999. As cited in QFinance: The Ultimate Resource (Bloomberg, 2014). Back to text
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• Last Updated: Jul 3, 2024 11:51 AM
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