While market research is often mentioned as a way to assist a business in its growth, the various ways it can be used to attain this goal are not always understood or even known.
As data collection techniques embrace a more digital approach, researchers and marketers alike find themselves increasingly inundated with data from different sources- whether first party, second party or third party data. Whilst there is inherently value in all data sources, it would be naïve to assume that all three hold equal value across different contexts.
Some sixty years ago, Wendell R Smith developed the idea of segmenting consumers in a bid to better understand their purchasing patterns and motivations. Since then, the concept has become firmly entrenched in the fields of marketing and market research. As technology continues to revolutionize consumers’ shopping habits however, some are beginning to question whether segmenting consumers on the basis of demographics is still relevant today?
Market research can take a number of shapes and forms, from general market studies to employee or customer satisfaction surveys to feasibility studies and business plans, etc. Once the initial decision to conduct market research has been made, another key decision relates to whether the research should be conducted in-house or whether a third-party provider should step in.
In July 2016, an augmented reality game took the world and social media by storm. Launched by Niantic Labs, Pokémon Go became the most downloaded mobile app within the first week of its release in the history of the App Store. Twelve months on, no app launch has come remotely close to taking its place.
Although the terms research “panels” and “communities” are often used interchangeably, especially by those new to the market research field, these two tools do differ in important ways and one is often more appropriate than the other depending on specific research objectives.
An exploratory study is typically carried out when there is no clearly-defined problem or hypothesis. When properly conducted, good exploratory research can facilitate the discovery of new ideas and concepts. Often taken as a preliminary step within a wider research process, adopting an exploratory frame of mind can help deepen the findings of any qualitative research. Brands that are looking to conduct research that is exploratory in nature however, should be wary of three common pitfalls.