An Overview of the Types of Market Research Methods
Today, there is an abundance of market research methods that cover various areas of market study making it difficult to select one that best suits your needs. The core of this lies in understanding customer needs, customer retention strategies, growth optimization techniques, and establishing a strong brand presence. Though several changes have been brought about across enterprises, owing to the recent shift to online platforms, market research still remains an important factor in the physical world. To explore the impact of organizational tactics and marketing campaigns, it is not only essential but necessary to understand different market research methods. The two basic types of market research methods include- Primary Research and Secondary Research.
Primary Research Methods:
- Market Surveys
- Focus Groups
- Test markets
Secondary Research Methods:
- Sales data analysis
- Competitor benchmarks
- Commercial market data
- Government Publications and Statistics
The client- a leading international bank headquartered in the US.
Our client-the international bank was facing predicaments in expanding its reach globally. The client had established a strong presence as an institutional administrator in the Southern US but failed to capture a significant mindshare in the developing European markets. With global expansion being the international bank’s strategic priority, they wanted to focus on establishing a new name and market presence by addressing the specific needs of clients in the market.
The market research experts at Infiniti Research conducted an in-depth market research study by employing the best methods to measure the client’s competitive position based on the core equity metrics, brand awareness, and customers groups. We adopted a systematic approach to market research in order to help the client understand the key attributes that are most important for its brand to convey in each new market.
Within weeks of developing the market research report, we were successful in delivering significant results that helped drive market growth. This also enabled the international bank to establish their brand presence in the European market by catering to the needs of players across industries. Also, the market research report empowered the international bank to position themselves in the new market and capitalize on the global market opportunities that lay ahead.