Business

Few Different Types Of Market Research That You Should Know

Today’s market scenario is too dynamic and any business cannot survive for a long time by adopting the same business approach. One has to change their strategy based on the current situation of demand.

A good example can be taken by illustrating the case of Kodak film and Fujifilm, both were a few years back competitors and were ruling the market of film rolls. However, when digital photography came into the market, Kodak still continued with their same product, and today they do not exist anymore. While Fujifilm changed its approach and still today it is a successful company.

So, if you are doing the same type of survey and asking the same questions to the same group of people then you cannot get any new idea or approach. You need to take a different approach for your market research

With a solid survey strategy reach financial decision makers and business leaders for forecasting, opinions, and feedback. Adopting a different approach based on the current market scenario.

Let’s discuss here a few different approaches for market research in this article:

  1. Brand research

By doing brand research one can know the identity of the brand on the market and it should be done during every cycle of your business. By surveying within a focus group it can be done.

2. Campaign effectiveness

Normally it is done to check the effectiveness of your advertisement among the people to know whether you need to change your approach or not. It should be done after enough time has passed.

3. Competitive analysis

By doing a little analysis of the performance of your competitor you will know where you stand in the market. it should always be an ongoing exercise to stay ahead in the competition.

4. Consumer insights

Research must be done to know more about your customer so that you know what their expectations are from you.

5. Customer satisfaction research

From time to time, you need to find out how satisfied your customers are with your product and services. This can be done through a survey by asking a few sets of questions.

6. Customer segmentation research

There must a different segments among your customers and you need to know which segments are your major consumers and what are their demands and aspirations.

7. Product development

The majority of products fail on the market if proper opinions are not sought from different segments of the market. Therefore before making any change or developing a new product a survey will be very important.

8. Usability testing

It is also essential to know whether your products are properly used or not to make them more effective. By conducting only a suitable survey it can be revealed.

If you want to improve customer retention then it will be a good idea to ask B2B professionals and know their thoughts on how you can improve your products.  Actually, it is your B2B clients who are among the most intelligent global buyers who also represent large B2C buying audiences.