10 Types of Market Research to Consider in 2023

There are different types of market research to consider for an effective  business decision-making.  To know,  what market research is and how to use research methodologies in the best way is important in reaching your target customers and increasing ROI.

In this guide, we will discuss 10 types of market research as well as their pros and cons. As a market research company, marketgenics.co is involved in providing various types of market research services, inclusive of data collection through various ways. As a market research company, we are previledged to be   

Online Surveys

Online surveys are a type of quantitative research to help to gain feedback and insight on a specific objective. These surveys are designed, programmed, and administered online. With the rise of technology, most surveys online are equipped to be taken on smartphones. A major benefit of doing online surveys is reaching a mass audience at low costs and in less time. 

Phone Surveys

This is a core market research methodology. This form of qualitative or quantitative research focuses around collecting deeper feedback from a two-way active communication between the interviewer and respondents.

Omnibus Surveys

Omnibus surveys are a type of online survey, where instead of one organization sponsoring the market research, the survey includes questions from multiple different companies.

This type of market research allows several brands and businesses to purchase a few questions as part of a much larger survey. 

When the survey is complete, each company is only given access to results from the questions they sponsored. It takes a week to complete such surveys.

Mail Surveys

Mail Surveys are a quantitative marketing research data collection method in which respondents complete questionnaires on paper and return them via the mail.

Intercept Surveys

Intercept surveys are a form of quantitative research focused on capturing real-time, in the moment feedback from respondents.

Usually conducted at an event or restaurant to collect perception information.

Mystery Shopping

Mystery shopping is a form of market research using professionally trained shoppers to assess an experience in a natural storefront or retail environment. It is both qualitative and quantitative and is a perfect research to test all areas of customer service.

Focus Groups

Focus groups are a form of qualitative research that involves an open discussion between 4 to 12 participants and a trained moderator is there to guide the discussion. This targeted group of respondents generally offer insight into how the larger market would react to a new product. 

In-depth interview

This is a qualitative market research method involving a direct, one on one discussion with individual participants.

Feasibility Studies

This is a type of market research that predicts the success or failure of a new business venture utilizing both primary and secondary market research data to analyze the outcome of an idea or potential concept.