Introduction:
Marketing research is not just about asking people questions and taking answers it is about
gathering information about potential customers and the market.
That information is then used to create products and services that meet the needs of their target audience
- For example, to help you understand: before reading the menu of the restaurant we check rating or reviews online.Like that before doing business,we do research of market,customers and competitors
Why is market research needed ?
- Is there any need for your product?
- How many people are interested to buy your product?
- Where they live?
- What is their age?
- What is their income?
- How saturated is your market?
- Is there any similar offering available?
- How much are customers paying for the same offering?
- Are there any future threats?
1.Behavioral research:
Behavioral research is about that what people do matters more than what they say they will do.
behavioral research looks at real actions such as clicks, scrolling and purchases
examples:
Funnel analysis: A data-driven method used to track the steps users take toward a goal
Website heatmaps:Website heatmap is a data visualization tool that users use. a color-coded overlay (mostly red for high activity and blue for low activity) to represent user behavior and engagement.
Purchase behavior patterns: Consistent habits and preferences that consumers do when buying products.
2.Social listening research:
Social listening research is the process of monitoring, collecting and understanding online conversations to better understand customers.
The following tools are used
- Hootsuite insights
- Google Alerts
- Brandwatch
3.Predictive research:
Predictive research tells you what may happen in the future by using:
- Historical data
- Statistical modeling
4.Micro moment research:why customers buy in seconds
Micro moment research studies about the exact moments when someone picks their device usually a smartphone, to learn, go, do or buy something now.
5.Customer journey research:
A process of analyzing every interaction a customer has with a brand
Its purpose is to collect data on how customers purchase the product.
The stages of journey
Awareness: How do they find your brand
social ads or google
Consideration:Now the customer compares your product with your competitors.
Purchase: When the customer decides on a product, they then proceed to purchase it.
Retention: Now here your company can understand why customers are leaving or they coming back again
Advocacy: Here, customers share their feedback with others.
6.Pricing Sensitivity Research:
Pricing sensitivity research measures
how price changes affect consumers purchasing behavior.
Methods
- Van Westendorp Price Testing
- A/B Pricing Experiments
- Competitor Pricing Anchoring Analysis
7.Trends and horizon research:
This method of marketing research studies the future possibilities by analyzing and understanding emerging patterns (trends).used for innovation planning, market entry timing,and long term strategy
sources
- Industry reports
- Patent filing
- Startup ecosystem
8.Experiment-Driven research
Experiment-driven research is a method
in which ideas are tested through controlled experiment to determine what causes specific result.
examples
- Landing page experiment
- Ad creative testing
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