Top 10 Types of Market Research for 2021
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.
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.
