Brand owners do market research for 1 of 3 reasons:
Why ALL of the above should conduct market research…
Market research helps brands make informed decisions. The decisions may vary, but asking the right questions of the right audience will give you the insights you need. Whether it’s choosing the right name for your product or determining when to expand your product line, market research will give you the information you need to make informed decisions, avoid disaster, and gain a marketing advantage over your competitors.
Market research can…
Types of Market Research
Market research can usually be broken down into two types: Quantitative Research and Qualitative Research.
Quantitative casts a wide net: Quantitative research focuses on numbers, such as frequencies, percentages, and ratios. Quantitative studies can survey large numbers of respondents, who are all asked the same set of questions. The most common types of questions are those which ask respondents to provide a rating either numerically (on a scale of 1-10) or verbally (satisfied/not-satisfied, excellent/poor).
Qualitative digs deep: While quantitative research can survey large numbers of respondents, qualitative studies involve much smaller samples, but dig deeper to discover attitudes and the motivations behind those attitudes. Qualitative research can be done face-to-face or online, using focus groups or interviews. Conversation, whether online or in person, is guided by a moderator. Unlike quantitative studies, there isn’t a pre-determined set of questions. Instead, the conversation is propelled by a discussion guide and the moderator, who may ask follow-up or clarifying questions driven by the respondent’s answers. This allows for a more in-depth discussion and analysis of the topic than a quantitative study can provide.
Why YOU need Persuadable Research:
If you’re like the majority of brands, there’s at least one area of your business which could benefit from market research. Persuadable Research has been helping brands grow and solve business problems for over 20 years. We’ve worked with clients in a variety of categories: from health and beauty products, to “over the counter” brands, to the food category.
Check out our services page to see how we can help your market research needs today!