Types Of Market Research

Brand Research

 Brand research helps with creating and managing a company’s brand, or identity. A
company’s brand is the images, narratives, and characteristics people associate with it.

 Brand advocacy

 Brand loyalty.

 Brand penetration. What is the proportion of your target market using your brand?

 Brand perception. What do people think of as your company’s identity or differentiating

 Brand positioning. What is the best way to differentiate your brand from others in the
consumer’s mind and articulate it in a way that resonates?

 Brand value. How much are people willing to pay for an experience with your brand over
another?

Campaign Effectiveness

 This type of market research is designed to evaluate whether your advertising messages are
reaching the right people and delivering the desired results. Successful campaign
effectiveness research can help you sell more and reduce customer acquisition costs.

 If the folks at market research firm Yankelovich, Inc. are correct, people see up to 5,000
advertising messages each day. That means attention is a scarce resource, so campaign
effectiveness research should be used when you need to spend your advertising dollars
effectively.

 Campaign effectiveness research depends on which stage of the campaign you use it in
(ideally, it’s all of them!). Quantitative research can be conducted to provide a picture of
how your target market views advertising and address weaknesses in the advertising
campaign.

Competitive Analysis

 Competitive analysis allows you to assess your competitor’s strengths and weaknesses in the
marketplace, providing you with fuel to drive a competitive advantage.

 Secondary sources such as articles, references, and advertising are excellent sources of
competitive information; however, primary research, such as mystery shopping and focus
groups can offer valuable information on customer service and current consumer opinions.

Consumer Insights

 Consumer insights research does more than tell you about who your customers are and
what they do. It reveals why customers behave in certain ways and helps you leverage that
to meet your business goals.

 Knowing your customers deeply is integral to creating a strategic marketing plan. This type
of market research can help you anticipate consumer needs, spark innovation, personalize
your marketing, solve business challenges, and more.
  Various market research methods can be used, such as interviews, ethnography, survey
research, social monitoring, and customer journey research.

 Purchase habits

 • Interests, hobbies, passions

 • Personal and professional information

 • How they consume media and advertising

Customer Satisfaction Research

 Customer satisfaction research is a type of market research that measures customers’

 Customer satisfaction is a strong indicator of customer retention and overall business

 Net Promoter Score surveys can help you measure customer loyalty. NPS is two questions.
One quantitative, one qualitative.

 Market researchers use four characteristics to segment customers.

 • Demographics. Demographic information such as age, gender, family status, education,

 • Geography. Where people live, from cities and countries to whether they are city dwellers
or suburbanites.

 • Psychographics. Socioeconomic status, class, lifestyle, personality traits, generation,

 • Behavior. Brand affinity, consumption and shopping habits, spending, etc.

Product Development

 Market research for product development involves using customer knowledge to inform the
entire process of creating or improving a product, service, or app, and bringing it to market.

 Innovation is hard work. A quick Google will tell you that 80 – 95% of new products fail every
year. Conducting market research for product and app development helps minimize the risk
of a new product or change going bust as it enters the market. There are four stages where
you can use market research:

 Conception. The moment you’re thinking about adding something new, market research can
find market opportunities and provide insights into customer challenges or their jobs-to-be-
done, so you can find a way to fill the gap.
  Formation. Once you have an idea, market researchers can help you turn it into a concept
that can be tested. You can learn more about strategizing pricing, testing advertising and
packaging, value proposition, and so on.

 Introduction. Market research can help you gauge attitudes towards the product once it’s in
the market and adapt your messaging as it rolls out.

 Keep making the product better or find opportunities to introduce it to new markets.

Usability Testing

 Usability testing is concerned with understanding how customers use your products in real
time. It can involve physical products, like a new blender, or digital products like a website
or app.

 Usability testing is helpful when you need to detect problems or bugs in early prototypes or
beta versions before launching them. It typically costs far less to test a product or service
beforehand than to pull a flawed product off the shelves or lose sales because of poor
functionality.

 Journey testing involves observing the customer experience on an app or website and
monitoring how they perform. This type of study can be done online.

 Eye tracking studies monitor where people’s eyes are drawn. Eye tracking lets you see how
consumers react to different marketing messages and understand their cognitive
engagement, in real time. It minimizes recall errors and the social desirability effect while
revealing information conventional research methods normally miss.

 Learnability studies quantify the learning curve over time to see which problems people
encounter after repeating the same task.

 Click tracking follows users’ activity on websites to evaluate the linking structure of a
website.

 Checklist testing involves giving users tasks to perform and recording or asking them to
review their experience.