Types of Market Research: Which One Should You Choose?
If you’re trying to better understand the needs of your customers or if you’re trying to get to the root of a business problem, market/consumer research is the most effective way to uncover valuable insights and help you drive business decisions. Today, collecting data for business research has become a lot easier, given that customers are willing to hand in data as long as brands are committed to providing personalized products and experiences. However, it’s important to choose the correct data collection method and a reputable Kuwait online marketing agency, one that will satisfy your business’s personal research needs, and that is exactly what this article aims to help you with.
By definition, business research is the process of acquiring information for professional/commercial purposes in order to determine goals and opportunities for a business. But before conducting research, one needs to create a concrete plan for data collection and evaluation, or in other words, a research design. A research design includes all of the research methods, tools, and techniques that are used to collect, interpret, analyze, and discuss the data. A research design can be categorized in two ways:
- Quantitative vs Qualitative - While quantitative research involves statistical/numerical data, qualitative research consists of non-numeric and usually text-based data.
- Primary vs Secondary - Primary research involves first-hand data, generally collected directly from the source, whereas secondary research uses pre-existing and available data.
Any research design uses different combinations of quantitative, qualitative, primary, and secondary data. Here, we will explore the various research methods employed by online marketing companies and the ones appropriate for your business based on the quantitative vs qualitative distinction.
Quantitative Research Methods
These are systematic empirical investigations that use statistical, mathematical, or computational techniques. Once the data is collected and statistically analyzed, it can easily be represented in the form of statistics, graphs, charts, and numbers. A quantitative research design aims to find answers to who, what, where, how, and when questions, that are built around the idea that the audience is already familiar with the product/service offered by the firm. So, if you wish to quantify customer attitudes, opinions, behaviors, or any other results from a large sample, you should go with quantitative research. In fact, quantitative research can help validate or support findings from qualitative research, since it is more data-driven and more easily controlled. The different types of quantitative research includes:
- Interviews - Although interviews may sometimes have similar questions to surveys, they are usually more open-ended, can be answered at length, and the direction of the conversation can be changed. While interviews can be fully structured, unstructured interviews give researchers more detailed information about the perspectives, values, and attitudes of their subjects. They undoubtedly provide more insight than surveys but are more expensive and time consuming.
- Focus groups - Focus groups are made up of a small set of specifically selected individuals whose opinions and behaviors researchers wish to understand. Each set is a representative sample of one category of the target audience and is called to discuss a particular product/service. In this way, researchers and top digital marketing companies in Kuwait can opt for a larger sample than one used in an interview or case study, while still keeping the research design conversational in nature. Focus groups are a great way to test new concepts or products before they are released into the market. The most successful focus groups include open group participation and lots of direct interaction.
- Ethnographic research - A branch of anthropology, ethnography is the scientific study of what makes us humans. Ethnographic research is designed to understand people as a whole, and in the same vein, ask questions about lifestyle and communities in order to gain insight into consumer behavior. If you wish to get deeper insight into what makes us so dependent on technology, or why people choose one product over another, this is the way to go. This type of research requires the researcher to adapt to the natural environment of their target audience and observe their behavior. It is rarely used since it is so challenging, time-consuming, and expensive. However, it has the ability to produce intensive and precise results.
- Case study - Case studies allow businesses to document the challenges faced by their customers, as well as the solution that was offered by the company. They are used to assess customer satisfaction, point out the benefits of choosing one particular company over another, and as a marketing technique to land more clients.
Market research helps companies create effective solutions and target the right audience. It is essential for maximizing profits, identifying threats and opportunities, analyzing customers, and staying up-to-date with the latest market trends. Moreover, the data collection method that you choose can make all the difference in the type of insights you gather. We at Design Master, one of the best digital marketing agencies in Kuwait, understand the value of your brand and want to help you constantly innovate and meet customer demands. Our team of internet marketing experts can help your business get the information it needs to make informed decisions, and satisfy all your marketing requirements.
Contact us today to learn more!