Types of market research

Hi folks!

Firstly Happy women’s day to all the beautiful ladies out there. To Men , a quick factMen’s day is on November 19th if you weren’t aware already 🙂

Let’s delve into the types of market research now.

Types of market research

Market research can be classified into various types based on the focus of the market research, objectives and the results aimed at . We will classify the market research based on the following topics of focus today.

1. Brand Awareness

Market research can be used

• Evaluate the current brand awareness through customer perception
• Improve brand awareness by understanding the customer perspectives , ideal product attributes
• Identify conflicts between brand awareness and brand value

2. Product differentiation

Market research to identify the current consumer perception of the product, understand competitors’ offering and how it differentiates from one’s own product, identify the competitive edge and improve brand equity, data collection on one’s own product and differentiate it from other products through pricing strategy or product attributes.

3. Customer satisfaction

Using customer satisfaction as the prime objective of market research. Perform market research to –

• Improve customer satisfaction by collecting data and identifying issues in the current service
• Observe curent customer satisfaction data that influence or drive future marketing or product decisions
• Understand the reasons behind customer dissatisfaction, identifying if there is a relation with the brand equity, brand value or advertising

4. Pricing strategy

Market research to identify the effect of current pricing strategy on consumer perception, relation between pricing and brand equity, collect data to drive future pricing decisions through predictive analysis. Advertising effect on pricing perceptions.

5. Target market

• Using market research to distinguish the target markets that align with the brand values.
• Identifying the current customer base and classifying them into target segments.
• Use the data to analyze the profitable segment, sustainable strategies for customer retention.
• Understand the target market preferences and are informed decisions on products or the value propositions.

Th primacy step in market research is Data collection. I cannot emphasize this enough that data drives decisions. Stay tuned for the next blog post that talks about how Data speaks volumes and how marketing analytics helps grow business.

Till then Learn.Observe.Implement.Repeat.  -Minpod signing off

Check out the previous blog post about what is market research to give a basic understanding

https://marketinginapod.wordpress.com/2018/02/20/what-is-market-research/