Market research is acquiring information about people’s needs, demands, or preferences. It can also involve researching new ideas and your business’s competitors in an existing or potential business. Being one of the leading market research survey companies in Singapore, we are here to provide you with five marketing techniques that could assist you in making superior business decisions and retrieve a better understanding of your target audience.
Market research can be a highly tough task for many businesses. There are so many different ways to conduct market research. There is no all-around method; thus, meticulous planning and suitable marketing techniques prevent poor business results. Today’s article will cover these techniques’ advantages and disadvantages of one of them.
Survey research is one of the techniques that rely on distribution to respondents. It could come in many forms: online form, e-mail, phone, and in person. The questions are usually closed-ended or open-ended. To the extent of close-ended questions, there are many different demographic, Likert scale, checkbox, and multiple choice.
Surveys are primarily versatile due to the variety of question formats. Knowing how to filter the survey to get what you need requires thought and consideration. Different questions need the proper setting for the candidates to respond well.
However, it does come with disadvantages in which respondents may not discuss in-depth or controversial issues in this type of market research. It is due to the nature of the survey, where the questions used are on the surface. Also, respondents may face difficulty recalling the information regarding hot issues. Another issue with surveys is that they are incapable of being up-to-date upon distribution to the respondents. Even if they can be updated, such as an online survey (Google Form), it would be unfair to the respondents that already answered the particular survey. Overall, it can be considered precise and fair due to the survey’s entire content.
The interview method requires the person in charge or the interviewer to talk directly with the respondent. This market research method is more personal, making it permissible for communication and clarification. Due to this, the interview method is a preferred choice for open-ended questions. In addition to that, interviews allow the interviewer to proceed beyond surface-level responses and examine the subject matter thoroughly.
The disadvantage is that interviews can be time-wasting and expensive. Those who prefer this method will need to figure out how to deploy their resources efficiently. Be careful with the questions, as they should be reasonable and also appropriate at the same time. We don’t want a conflict to happen during the interview or things that might hurt the feelings of an interviewee.
Competitive analysis is a deeply strategic and specific form of market research in which the researcher analyses their company’s rivals or competitors. It is essential to see how your brand matches your rivals. The competitive analysis characterizes the product, service, brand, and market segment. There are various topics to compare your firm with your competitors.
It could be from a marketing point of view, such as social media presence and engagement, PR coverage, SEO structure, and content production. It can also be from a product perspective, price packages, or design and types of offerings.
Of course, it comes with a drawback as well. When a company uses the wrong competitive tool, it creates confusion in gathering the data, leading to false information and difficulty interpreting. At best, this implies time and money wastage. At worst, this would cause significant harm to the business decisions and financial health of the business.
Field experiments are techniques that researchers use to conduct in the participants’ environment. They rely on two elements which are the independent variable (controlled by the researchers) and the dependent variable ( the test subject, usually the customers). Applying this method can test its impact on the dependent variable. The main objective here is to try and establish whether there is a connection between the two variables.
For example, placing a new product in preferred stores to test customers’ reactions under real-life selling conditions can assist you in setting the price adjustment, making product modifications, or improving packaging. Small business owners should try to build rapport with local store owners and websites that can help them test their products.
The limitation of a field trial is less command or control over extraneous variables, which might bias the results, thus making it more challenging for another researcher to duplicate the study in the same manner.
Observational market research is a qualitative research method where the researcher observes their subjects in a controlled or natural environment. In this type of market research, issues are prone to behave naturally, consequently disclosing their true selves. It is because they are not under much pressure.
Intrack Market Services Pte Ltd is a market research company in Singapore specializing in FMCG tracking, helping brand owners, manufacturers, suppliers, and retailers gain insights and drive their business forward. Services include field promotion tracking, in-store tracking, price audit, and many more. Visit Intrack today to learn more about what our services can do for you!