03 Types of Market Research to take up in 2022

Marketing research services are abundantly available to today’s company decision-makers, allowing them to make informed decisions.

When it comes to reaching your target customers and maximizing ROI, knowing what market research is and how to use different approaches to your benefit is critical.

Here are the top 03 types of market research to explore in 2022.

1- Online Surveys

In quantitative research, online surveys are a type of research that is used to gather input and insight on a given topic or target. Exactly as the name implies, web surveys are created, developed, and administered entirely online. Because of technological advancements, most online surveys are now designed to be completed on mobile devices such as smartphones and tablets.

Online surveys have a number of advantages:

● A significant advantage of conducting surveys online is the ability to reach a large number of people at a low cost and in a short amount of time. When it comes to traditional survey techniques such as phone or mail, a considerable investment is often required to produce successful and reliable results.

● In exchange for little or no financial outlay, a web-based questionnaire can help an organization collect immediate feedback from clients. Companies can generate, send, and receive findings from market research surveys in a couple of days using a variety of free market research platforms.

● Respondents to online surveys may be more likely to provide candid comments than they do in-person surveys.

● Because there is no moderator or interviewer present, survey participants are more likely to express their true feelings and thoughts about a firm, its products, or its services. This eliminates any bias that may have been introduced by the interviewer.

2- Email Surveys

Emails, text messages, and voicemails are all forms of communication. They’re inundating our inboxes at the moment. What about regular postal mail? The return of mail surveys, which were once considered an archaic mode of communication, has been met with enthusiasm.

The mailing of questionnaires is a quantitative marketing research data gathering approach in which respondents fill out questionnaires on paper and send them back to the surveyor via the postal service.

Find the advantages of email surveys below:

● An email or online survey is much easier to dismiss than a written letter.

● Mail surveys may appear to be a quaint means of gathering information, but they provide a number of surprising advantages.

● Businesses may be unable to access their target audiences through internet channels depending on their industry, for example, banks and credit unions, due to organizational limits. To address this issue, mail surveys provide a tailored and genuine solution.

● Respondents to direct mail surveys are likewise in high demand.

● An average response rate of 10–15 percent has been observed by postal survey companies such as Drive Research in areas where most people expect a 1–2 percent response rate from direct mailings. In many cases, when potential participants actually open and hold the mail survey in their hands, they will choose to participate.

3- Focus Groups

Focus groups are a type of qualitative research that entails an open dialogue between four to twelve participants with the assistance of a professional moderator to direct the topic.

● A focus group company will frequently recommend that two different groups of people answer the same questions in two different locations.

● It is possible to have three ax grinders guiding the topic in one direction when only moderating one focus group, which will lead to unreliable results.

● With a second focus group, you may perform an internal check to ensure that the findings from your first group were accurate.

Participants in focus groups are frequently asked to respond to questions like:

1. Would you purchase X product in the following manner:

2. What aspects of X product would you change?

3. So, what aspects of X goods did you find appealing? What aspects of X product did you find lacking?

The advantages of a focus group discussion are as follows:

● It is possible to go through thoughts, reactions, and sentiments with a focus group of people who are specifically targeted about a product, commercial, or advertising campaign.

● This narrowly defined group of people can often provide valuable insight into how the wider public might react to the same marketing approaches in a more general setting.

● This type of group conversation should take place in an environment with a one-way mirror, as opposed to a traditional classroom setting.

● The benefit of doing so is that you get an inside look into the process of conducting research — an opportunity not afforded by many other types of research methods.

Let 2022 be the year you make some groundbreaking breakthroughs in your sector, powered by some incredible research. Follow the above guide and if you need more assistance IBI is always at your service.

With more than a decade of experience in the world of market research, we have just the right expertise and experience needed to ace the sweet spots for innovations in your sector. We’d be more than just happy to accelerate this process for you.

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