All About Market Research: Methods, Modern Approaches and How to Brief a Research Company

Let us explore the latest approaches towards market research for a better understanding of how you can use it to the best of your marketing advantage.

Understanding Market Research 

Market research involves systematically gathering, recording and analysing data about customers, competitors and the market. This research provides valuable insights that help companies make informed business decisions, from product development to marketing strategies. 

Traditional and Modern Methods of Market Research 

Traditional Methods of Market Research

1. Surveys and Questionnaires: These are among the most common tools used to collect data from a specific group. They can be conducted in person, over the phone, via mail or online. 

2. Focus Groups: A moderator-led discussion with a small group of people from the target market. Focus groups are great for getting more data and insights into buyer opinions and attitudes. 

3. Observational Research: Involves watching how consumers behave in real-world settings, providing data that surveys might not capture. 

4. Interviews: One-on-one conversations that allow for in-depth discussions about the consumer's views and experiences with a product or service. 

Modern Methods of Market Research

1. Social Media Monitoring: Utilising AI tools to analyse conversations and trends on platforms such as Twitter, Facebook and Instagram to gather real-time consumer insights. 

2. Big Data Analytics: Using large datasets to identify patterns, trends and consumer preferences. Big data can be sourced from online interactions, transaction histories and more. 

3. Mobile Ethnography: Using smartphone technology to gather data on consumer behaviours and experiences in real-time and in their natural environment. 

4. Online Communities: Building dedicated platforms where businesses can interact with and collect insights from consumers continuously.

How to Conduct Effective Market Research in the Modern Day 

1. Define Your Objectives: Clear objectives guide the research process and determine which methods are best suited for gathering the data you need. 

2. Choose the Right Methodology: Select a methodology that aligns with your objectives, budget and the specificity of the information you require. 

3. Collect Data: Implement the chosen methods to collect data. Make sure the data is collected ethically and legally. 

4. Analyse and Report: Analyse the data to uncover patterns and insights. Prepare a report that summarises the findings and provides actionable recommendations and suggestions.

Briefing a Market Research Company 

When outsourcing your market research, briefing the research company properly is the most important step in the entire process. A good brief makes sure that the research team understands your objectives, scope and specific needs. 

Key Elements of a Good Brief 

1. Background Information: Provide context about your business, including past research, market challenges and objectives. 

2. Research Objectives: Clearly articulate what you want the research to achieve. Be specific about the questions you need answered. 

3. Target Audience: Define who your target customers are. Detail demographic, psychographic and behavioral characteristics. 

4. Methodology Preferences: If you have any preference or need for specific research methodologies, mention those in your brief. 

5. Timeline and Budget: Specify the timeline for the project and the budget constraints. 

6. Expected Deliverables: State what you expect in terms of reports, data files and presentations. Be clear about the format and depth of the reporting you need. 

Tips for Working with a Market Research Company 

• Communication is Key: Maintain open lines of communication. Regular updates can help address issues as they arise.
• Be Flexible: Be open to suggestions from the researchers. Their expertise might guide you to adjust the methodology or objectives for better outcomes.
• Confidentiality: Make sure that confidentiality agreements are in place to protect your data and information.

Market research is an indispensable part of smart decision-making for businesses aiming to stay ahead in their industries. With the advent of modern research methodologies, companies now have access to a wider array of data sources and tools to gain these insights. By understanding how to effectively conduct and utilise market research – and how to expertly brief a research company – your business can make the most of your marketing initiatives and drive successful outcomes. For a future-ready market research report powered by AI, get in touch with our expert team today!