Methods of Conducting Marketing Research
There are many methods available to undertake the conduct of market research, most organizations have resorted to one or more or all the five basic market research methods such as forming a focus group, undertaking of surveys, a conduct of interview, conducting field trials or through observations. The techniques and methods adopted in the conduct of market research are usually influenced by the following two factors:
- The kind of data that an organization needs.
- The amount of money that an organization is willing to spend on the conduct of market research.
Many clients and suppliers believe in adopting newer research techniques and methods in the conduct of market research. A survey conducted in the study about the conduct of market research reveals that though no significant change has taken place n the last one year; there has been an inclusion of two new research methods in the conduct of market research. One is Micro survey and the other is Big Data Analytics.
New Trends in the Methods of Conduct of Market Research
The survey throws up some interesting revealing facts about how clients have resorted to Social Media Analytics and Big Data Analytics at a greater level than the Market Research Suppliers. The study of the data further reveals that no specific research method of conduct of market is right for every given situation. Also, difficulties may arise due to incapability in understanding a new technology or even in finding the traditional approaches to be very slow and even costly.
The potential consumers were handed with a list of new approaches and asked to tick the ones they were using or the ones which they considered was actively used. The survey revealed a startling fact that conduct of online market research and mobile surveys was no longer considered as an upcoming technique as it was already extensively used by many of researchers. In fact, the increase in mobile surveys has been quite dramatic over the last year. Going by the trend, social media analytics is likely to jump to the regular stream of market research method surveys.
Over and above the mobile survey, social media analytics and big data analytics, other research methodologies are also in vogue such as the following:
- Self-analytical or evaluation research method
- The anecdotal method of conduct of research
- Observational method of conducting research
- Mechanical observational method of conduct of market research
- Contrived observational way of conduct of market research
- Conducting interview to undertake research with the help of psychologist
- Using A and B version to carry out market research, and last but not the least Panel research method
How the new trend of mobile surveys, social media analytics and big data analytics help in the conduct of market research?
The three new techniques in the method of conduct of market research help in providing a better understanding of the consumers’ needs, habits, and interests. These techniques are a great help in identifying better opportunities to increase the sales and to better consumer service and relationship.