What Is Market Research And Its Types

If are you looking for what is market research and its types then in this blog you will understand the types of market research easily.

Introduction

Starting a new business means doing a lot of work creating a product that your target audience will love and solving their problems creating a perfect marketing plan and executing it correctly and many other things.

But have you ever asked yourself what a perfect product is for the customers and how you’re going to define it?

On what basis will you decide how your marketing plan should be and which marketing channel should you focus on?

You may think that you can do these things by just simply guessing. But creating a product and creating a marketing plan solely on your understanding may not be a good decision.

The best way here is to do market research to help you make the correct decision.

Don’t know what market research is no worry because in this blog we’ll explain to you what market research is and the different types of market research that you can conduct.

What is Market Research?

So now let’s first understand what market research is. As per the dictionary, it simply means the study of what people want to buy and why.

But if I elaborate it to you it’s research that aims to collect information about the market you want to target.

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This helps your brand in many different things like understanding what’s going on in your target market.

See what the perception of the product is in your customer’s minds understand your competitor’s growth in the market and much more.

In more simple words it helps you collect data and get an opinion from your customers which is much more valuable to your understanding as it enables you to understand the customer’s problems and the solution it requires.

Now market research is the one which is further divided into two different categories primary market research and secondary market research.

So let’s just know what these categories are.

1. Primary Market Research:

First primary market research primary research is basically data you get directly from the customers and potential customers and that is why this type of data actually has huge importance.

You either have to collect it by yourself or outsource or hire someone to do so to get this information.

Also, let me tell you that the primary research is also further divided into two parts explanatory research and specific research.

Exclamatory research is where you find the problems your potential customer may be facing. It is good for the product you’re looking to launch.

On the other hand, specific research is actually in-depth research of information you received in exploratory research.

The problems and concerns that exploratory research shows scientific research will try to research the specific problems.

Here there is a possibility of segmentation of the audience for a more precise understanding.

2. Secondary Market Research:

Talking about secondary research it’s basically related to the publicly available research of data.

Like primary research is more suitable for understanding the customer of the market and the concerns secondary data can help you understand the market’s general condition.

The data used for secondary research are market resource statistics market trend data etc.

This data helps you understand the condition of your market and can also help you analyze your competitors.

Types of Market Research:

 After understanding the market research and the categories let’s just dive into all the types of market research.

1. Buyer’s Persona:

 The first is to buy a persona or customer avatar research we all know that not everyone will buy a product or service.

There will be only a set of customers who will buy a product and the best way to understand your product’s potential customers is by creating a buyer’s persona.

A buyer’s persona is a statistical presentation of your ideal customer in which the demographic interest education and many other things are taken into consideration.

And to create these buyers’ personas you need to do the buyer persona research where you find the required details.

2. Segmentation Research:

The next type of market research is segmentation research your ideal customers are not going to fit into one persona.

Hence there is a need to divide the customers into groups where segmentation research comes into the picture.

It helps you create a different segment with different personas where they will have different requirements interests etc.

The segmentation is done for the same product and various products which even helps in product creation and marketing.

3. Competitor Analysis:

The next is competitor analysis in a business keeping an eye on competitors is very essential.

You need to know the position of your competitors in the market and for that competitor analysis is crucial.

It helps you find what your competitor is doing and what your customers think about your competitor’s product.

How can you uniquely define your business for more competitors and much more?

4. Pricing Research:

Another type is pricing research pricing a product is a very very crucial thing. It can make your business and can even break your business.

Hence your brand needs pricing market research where you find out what a specific product costs in the market and what consumers are willing to pay.

You can also find if you can sell a product at less price than your competitors with a considerable profit margin.

5. Customer Satisfaction Research:

 In customer satisfaction research to stay in business, it’s essential to be fully satisfied with your product.

And to know you can do customer satisfaction research where you find the customers happy and willing to buy a can from the company.

If not then you have to find the core reason for the dissatisfaction of your customers.

You can do this research by carrying out a survey with your customers where you ask them a few questions regarding the product.

You can even ask them to rate your product. And that’s the blog now you probably understand what market research is and how important it is for every brand to do market research.

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