Market Research Methods: An Overview
Though there are many market research methods that are widely used by players across industries, most businesses prefer using one or more of these basic methods- market surveys, focus groups, field trials, observations, and interviews.
- Market surveys: Market surveys comprise of concise and straightforward questionaries’ which help you analyze specific market segments.
- Focus groups: It involves the use of a scripted series of questions in order to initiate a discussion among a group of people.
- Interviews: Like focus groups, personal interview comprises of unstructured, open-ended questions which offer more subjective data when compared to a market
- Observations: The individual response to market surveys generally don’t align with the actual behavior of the people, while a detailed observation of the customer’s behaviors offers detailed insights into their buying behavior.
- Filed trials: Gauging customer response in real-life selling situations can help make accurate modifications to improve product reach.
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The visual effects company was looking at an effective way to assess the potential use of Wearable Augmented Reality (AR) Systems in the maintenance and service departments across the end-use industries such as manufacturing, F&B, and energy and utilities. To do so they were inclined at implementing a comprehensive approach based on market research insights to make better market research backed business decisions.
Infiniti’s ability to leverage the use of market data obtained from primary and secondary channels along with an in-house team of experienced market research pros helps to deliver actionable, well-rounded, and high-quality market insights to support better decision-making. Our market research process involves the use of innovative qualitative and quantitative market research methods, industry best practices, and a detailed analysis of market data which empowers our clients with accurate and holistic market intelligence.
Our Approach and Business Impact
Analyzing a market’s true potential can be daunting. But to gain a winning edge it is necessary to develop an R&D roadmap to make strategic business decisions. However, without a detailed market research report, navigating a business landscape may seem to be challenging with a high possibility of business failure.
Facing similar challenges was a visual effects company who was looking at implementing the right market research methods to gain in-depth insights into the market landscape. The adopted research process helped the visual effects service provider to gain in-depth insights into the technological advancements in the market. The adopted market research process turned out to be the backbone of accurate decision making which in turn helped them to make precise business decisions.
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