Market Research

Desk, qualitative and quantitative

Market research is the compass that guides businesses through the turbulent seas of consumer preferences, industry trends, and competitive landscapes. It is not a one-size-fits-all endeavour. It encompasses a diverse range of segments, including Business-to-Business (B2B) and Business-to-Consumer (B2C) research. But that’s just the tip of the iceberg. The journey begins with desk research, which involves mining publicly available data. This initial step helps familiarize researchers with the subject matter and avoids redundancy.

To conduct effective market research, you need robust data sources. These sources can be classified into three categories:

• Publicly Available Data: The internet is teeming with information. Tap into articles, journals, and search engines to gather data relevant to your research.
• Existing Research: Scientific papers and industry reports can be goldmines of data. Reach out to researchers who have already delved into your field of interest.
• Structured Databases: Specialized companies meticulously collect and structure data, offering valuable insights. While these often come at a cost, they can save you time and provide critical information.

A well-crafted questionnaire is at the heart of the quantitative research. Tools like Survey Monkey, Google Forms, Alchemer, and MailChimp can assist in creating questionnaires efficiently.

Qualitative research is about diving beneath the surface. It involves in-depth interviews and focus groups, where quality and content outweigh quantity. Different methods such as focus groups, observation, online forums, and diaries can uncover valuable insights.