Market research surveys are the stock-in-trade for gathering market information about customers or potential customers. The aim is to gather information from a small sample of a market in order to be able to predict what the whole market wants.

 

Quantitative research is the numbers side of market research. It's about measurement and attaching numbers to a market - for instance market size, market share, penetration, installed base and market growth rates.

 

Qualitative research is the exploratory side of market research, best known for focus groups to be able to listen to the genuine voice of the customer in their own words through in-depth interviews and open conversations.

The principle of samples and sampling is the foundation for survey research - using a small properly constructed sample to be able to project the views and opinions of a large population.

Markets are measured in many ways, from simple sales volumes to more complex measures like market penetration, price elasticity or brand equity.

Most standard market research is the preserve of rating scales - score out of 10, agree-disagree, satisfaction, likelihood to buy.

Scales are not the only possible method of measurement. Using choices, ranks and trade-offs through techniques like conjoint analysis or MaxDiff can provide more actionable data for models and to forecast market behaviour.

Most quantitative market research is delivered in the form of percentages, often pulled out of cross-tabulations. However, a number of statistical techniques provide more in-depth analysis of the data. 

The wide availability of information and tools on the internet for collecting information from and about customers means many more businesses are using DIY research techniques - subscribing to companies like SurveyMonkey or simply working through the collected market intelligence that is available.

The Internet has become the main method of carrying out market research. Research can be fast, light and iterative to test-develop-test, questionnaires have innovated with new question types and video and images, and more realism in understanding choices.

The main sources for online samples are either specialist panel providers, or internal contact lists with emails, or possibly mobile numbers for text or messaging. Panel providers are excellent for broad scale consumer campaigns, and can target down to some specialist subgroups and geographies.

The main source of respondents for internet research among consumers are online panels. Panels are pools of willing participants who have opted-in to do surveys in return for an incentive of money or points. Panels can also be used for specialist audiences, such as physicians or medical practitioners, some business professions and other hard to reach groups.

The Internet is the prime method for conducting market research from online surveys to focus groups and depth discussions providing a fast, convenient means of getting feedback from consumers and customers.

For the qualitative researcher, the range of technological tools available to probe deeper and to report more creatively has increased dramatically, with the arrival of technologies such as video capture, online-meeting tools, and high quality sound recording.

Qualitative research relies on a number of basic tools to be able to structure and plan the research, regardless of whether the research is face-to-face, focus groups, online, via webinar or via telephone.

The objective of market research and insight management to help an organisation create and tune products and services for customers. What the customer wants and needs has to be balanced against the feasibility and capabilities of the business, and the costs of delivering what the customer wants.

The way in which market research is carried out can have a greater impact on the usefulness of the insights and the success of a project. Sometimes a survey or research will need to be conducted extremely quickly, at other times the research is part of a longer period of exploration, investigation and decision making.

Our research and insight process is designed to fit with your business, but works best when we understand more about the business background, the aims for decision making and the internal picture and people involved in making the decisions. We are fully cloud-based, from sharing documents to live access for monitoring research online, or sharing results.