Types of Market Research (What is it)

The market research It is a discipline that has contributed to business and marketing development, it has been fed with various branches, economics, sociology, anthropology, psychology, statistics, communication among others.

Market research is one of the steps to follow within a business plan, and it is that if you want your company to develop a product that is successful and therefore your company also it is, you must carry out a previous investigation on the products of the competition and the behavior a target group or target.

Market research helps companies to make the best decisions, in the development and in the market of each of its products, in addition to the market research it is the voice of customers within companies.

Market research techniques

Within the different market research techniques that can be found, we can develop them in two large, quite specific points:

Qualitative research

Try to know the depths of the consumer, their thoughts, their feelings and their culture. For this type of research, methods such as focus groups, which is the meeting of several people with similar characteristics to talk about various topics, in addition to interviews and polls.

This part of the research is very important because the qualities of a target group are studied, and in this way to be able to offer the shortest way for your need to be covered according to your assessment.

Tools used

Within this research, a series of information tools are used that will determine the success of said campaign, of which we can name interviews, panels, surveys, etc.

It should be noted the use of electronic information gathering tools, this is where social networks come in and the whole issue of the era of information, since only with being a user of Instagram or Facebook, there is a lot of information about your tastes and preferences uploaded to the network giving way to big data.

Big data is what companies want to know about you thanks to your activity on the internet. Big data means big data and is defined as the management and analysis of huge volumes of data that cannot be treated in a way conventional and is that they exceed the capacity and limits of the software tools used for the treatment, processing and analysis of data.

The objective of this data is to convert it into information for decision making in the short term, long term or Even in real time, this data is so important that it has sometimes been referred to as the oil of the future.

And it is that companies usually use them to know and understand the profile of users and how they feel about the products and services they offer, this acquires special relevance when companies want to anticipate the wishes of customers for future shopping.

Quantitative investigation

With this kind of investigation you can collect data that can be easily measurable and quantifiable, such as, where you buy, when you buy, how many times do you buy a certain product, for this, methods such as the survey and the observation between others.

Research characteristics

All market research must be accurate, the analysis methodology We must know it very well, since we determine what type of research we need to make the best decisions for the company.

Efficient investigation

It must be efficient, in time and money, since the money that we spend must be stipulated in the budget, as well as that it must be managed within the times established in the market plan. If market research is inefficient, there is a high probability that our campaign will extend into the time and this would lead to an increase in the initial budget increasing the cost of the product and affecting the plan initial.

Timely and accurate

Market research must be timely, a novelty is useless if we delay two years in solve it, it must also be relevant in time that the information is necessary for decision-making in the company.

Get to know your customers

Companies with market research only seek to know their customers, what they buy, how they buy, where they buy, In addition to knowing how the competition is moving in the market, knowing the opportunities offered by the threats.

Know the best and most effective communication channels to publicize your products or services.

Know the reasons for liking and disliking your product as well as knowing the positive or negative reactions of the consumer and the feelings that inspire your brand.

Define the problem

Market research must define the problem to be investigated, this is the most important process of the investigation since that determines what we want to know, what are the information requirements to make the best decision.

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