Gathering data, especially about one’s target market, is crucial for many businesses offline and online today. To save you time, Lisnic has created a list of the best companies who offer marketing research for your brand. The above list of industry-leading agencies has provided outstanding marketing research analysis to a global client base.
Market research involves the process of identifying how viable or feasible a particular product or service is by gathering enough data about its target market. One way to do this is by directly asking for the opinions and feedback of your potential customers, scary we know!
This type of research will allow you to learn more about what your target market wants, which can help you improve your services to better cater to your audience.
Market research combines two types of information: primary and secondary. Primary information is the type of data you have gathered directly. Secondary data is the information you have collected from other sources.
Market research also deals with both quantitative and qualitative types of research, which helps gives you a more comprehensive view of your target market.
Businesses can opt to conduct market research with an in-house team or enlist the help of third-party services to help collect the necessary data.
Market research can impact several aspects of a company's operations, including marketing, branding, and costs.
Conducting market research can give your business enough critical information about who your potential customers are - your target market - and your specific industry or niche.
Market research allows you and other business owners to determine how your audience perceives your brand. This perception can affect how well they receive your company and how likely they will be to purchase your products or services.
This type of research can also help your business reduce costs by ensuring the viability and feasibility of your business idea before you spend any time, effort, and resources on it…did somebody say genius?
The data gathered from market research can also help you optimize your company's marketing strategies to reach your target market, as well as persuade them to use your products and services instead of your competitors.
As its name suggests, this deals with the primary type of data, which means that all the information you have from this type of research was collected on your own. Primary research also involves gathering data directly from the source - your potential customers.
This type of market research typically uses four kinds of techniques (interrogation won't be necessary) to collect the necessary information:
Primary research allows companies to go directly to the consumers to understand why and how they think, which can help them address their concerns and improve their services.
Secondary research, on the other hand, involves collecting data from other indirect sources like books, articles, videos, infographics, and more. These are secondary or third-party data, and they contain already-existing information, which companies can use to boost their business's success.
This can help you get a better feel of your industry's existing market and customers, and you can potentially gain deeper insights into your field. Secondary research can also help you have a clearer view of your competition's performance and use that data to optimize your own operations.
This type of research involves collecting quantitative or numerical data, such as a company's number of social media followers, subscriber count, page views, and volume of website traffic.
The data collected from this type of market research can be analyzed statistically to gain deeper insights about your industry and target market. You can also use these figures to support your company's marketing strategies since they're considered empirical evidence.
This type of market research involves the non-quantifiable aspects of market research, such as what your customers think about a specific product, how they feel your brand can improve it, and how well your products fare against competitors.
It delves deeper into the reasons behind consumer behavior, which businesses can leverage to persuade more customers and increase their conversion rates. Qualitative research can also fall under both primary and secondary, depending on how you collect the data.
The best type of market research will depend on your company's ultimate goal for the information. Each one offers a different perspective on a business's target market.
For example, quantitative research is best if you're looking for a more concrete way to measure your target market's opinions. This is because empirical evidence like figures and percentages can more effectively show how well your company is performing.
However, if you're looking for a more in-depth understanding of your target market, qualitative research is your best bet. This type of research allows you to have deeper insights into why customers behave the way they do and why they choose the brands or products they do.
Still, if you're looking for a comprehensive view of your company and your customers, utilizing every type of market research is considered the best option.