There cannot be a marketing strategy without market research. We all know that. But still, we see a lot of companies that don’t do the research. That is the reason why they don’t get clients, why they don’t increase their sales and why they don’t reach their goals. If you really want to have a killer marketing strategy then you need to do your research first. It is the only way you will understand your customers, your competitors, and the way your industry works. This is how you develop an intimate relationship with your customers. This is how you understand how your competitors work and what you can do differently. Without it, you will just end up doing the same thing that others are doing. You will become the noise instead of standing out.
Basically, there are 4 different types of market research that you need to do to enhance your marketing strategies and come out on top. It’s the same all over the world; whether you are a digital agency in the United States or you are a digital agency in London UK, or beyond. Stay on top of the research and you will see the results in your sales and lead generation.
Here we are going to tell you the 4 types of market research so that you know exactly how to fuel your marketing strategies.
What are the 4 Different Types of Market Research?
Before we get into the whole market research thing, just remember that it’s not an option. You can’t do one type of research and leave all the rest. You will have to do all four types of research if you want to make well-informed decisions instead of just going on your gut feeling.
This is your very first step. It is the research that is based on first-hand data and information. It means all the data and information that you collect yourself. You don’t depend on anyone else for this type of research. It is time-taking and takes a lot of effort, but it also presents the best results.
Primary research includes:
- Focus groups
All of this data comes straight from your customers so it is much more reliable. This data is far more important for you than any other type of data as it relates directly to your target audience. You can get detailed answers to all your questions and you can understand your product or service’s strengths and weaknesses better.
Secondary research refers to the data and information that already exists in the market and you just take benefit from it. You collect all this data and information from various resources in the market. This is also research, but someone other than you has done it. It could be a competitor, a government organization, a think-tank, or any other institute or individual.
Secondary research includes:
- White papers
- Case studies
This type of research might not be as detailed as the primary research that you have done but it will give you a better understanding of the industry as well as your customer base as a whole. It will also help you find out what your competitors are doing and how they are doing it. Combining the results of your primary research and secondary research can give you valuable insights into the market and help you create a marketing strategy that is both detailed and takes into account the big picture.
Qualitative research is more about openness than it is about precision. Businesses use it to find out how their customers feel about a product or a service rather than getting into the nitty-gritty of things. Qualitative research can be both primary and secondary. You can conduct surveys or polls or you can take interviews.
You use qualitative research to ask open-ended questions like:
- What was the reason you bought this product or used this service?
- Why do you think this product or service is better than others?
- What are the specific features of this product or service that you liked?
- Are there any improvements that you would like to see?
- Do you have any suggestions?
Whenever a customer buys a product or uses a service, it tells us that they trust us. Marketing is all about trust. How we can increase it. Qualitative research will help you find out why customers trust a product or a service and not the others. What makes the brand tick? This will give you valuable insights into your own products and services as well as your marketing strategies. You can find out what to do to make your brand more trustworthy.
Quantitative research is all about numbers. It refers to collecting data and then analysing it for results. Just like qualitative research, quantitative research can also be primary or secondary. Quantitative research is the one that gives you solid, data-driven data that you base your marketing strategies on. This is the type of research that ensures that you are not creating your marketing strategy based on predictions and assumptions.
This type of research might include:
- Bounce rate
- Social media followers
- Social media engagement
While doing your market research, remember that the market and the trends keep on changing. It is not enough for a company to do their market research once. You have to do it regularly to get the latest results and create a marketing strategy that resonates.