Einstein once said ‘The important thing is not to stop questioning’ But does the count matter? Does every question lead us to the desired learning? The trick is not in asking questions but knowing how to ask the right questions.
Holistic market research requires us to either own that skill or learn it. This is all the more pertinent now that businesses are becoming more and more consumer-centric. We can reach a consumer-oriented solution only by knowing what our consumers want, when they want, and how they want, and we need to ask them the right questions first.
Let us first understand what market research is. A new opportunity in a business and its related domains should be analyzed first through market research as it gives us an idea of the viability and feasibility of the decisions to be taken. As precisely explained in one of our previous blogs, market research plays a vital role when we have to spot business opportunities, to understand our consumers in-depth, to understand our competitors and their approach, to grow in business, and to identify the right channels of marketing for our business.
A very powerful form of market research is primary research, which is best described as an entirely new form of data collected by asking questions to the existing and prospective consumers of our brand. There are multiple types of primary research implemented depending upon our objectives - Interviews, Focus groups, Surveys, and Observations. When it comes to collecting information from a large number of people systematically with a decision orientation, a survey is highly effective.
After a market research survey has been generated, rolled out and after our data points are in place, the next logical step is to analyze these points and derive actionable insights. This is a lengthy process through and through. In fact, the data collection process alone can take months, even years sometimes, hence, it is all the more important to start off on the right note. Mind it, Surveying could be cumbersome and non-conclusive if the number and type of questions are not appropriate.
Hence, we have put down steps involved in making a successful market research questionnaire to ask meaningful questions to our audience.
First and foremost, we define our Research Problem & Target Audience
A simple way to define our research problem and target audience is to answer the following questions first.
What is the goal of this research?
What problem are we trying to solve with this data? What sort of decision will this survey lead to? Where will it be implemented?
How will it be useful to the consumers, brands and products? What information do I want from this market research questionnaire and why?
What do I hope to understand about my target audience through this research?
What market is this survey targeting? Which segment is the perfect fit and will help in the decision making process with reliable insights?
While answering these questions, we need to keep in mind the following - the size of our audience sample, the channel, and medium of our survey, and the detailed characteristics of our audience. Several data points with only a handful of them qualifying the characteristics is a waste of resources with no conclusive results.
We can use a few online tools to also build our consumers’ persona as explained in detail in one of our previous blogs.
Divide the information to be collected into Information Areas
After defining our research problem, we put down all the information that needs to be collected and group them in logical heads which are our key information areas. This list needs to be exhaustive, because a single missing piece can lead to an unsolved puzzle in the end and the process cannot be practically repeated. We also make sure that these key areas are not overlapping or contradicting each other.
Let us take an example to understand this better.
For a market research survey conducted to design a marketing strategy for an existing FMCG product, the information areas could be Usage of product, Purchase behaviour , Profile, Perception, and Brand health.
Logically sequence your information areas
After the information areas are in place, we order them as per logic to ensure that the survey nurtures respondent friendliness. The flow of the market research questionnaire is kept such that the respondent does not get mentally fatigued in between, hence, it is also a good practice to keep the questions about the core purpose of the study right in the beginning. Some common criteria to decide this order are chronology, expected bias, and the level of critical thinking.
Some of the common structures that are followed include -
Start asking questions now!
Now, we can start forming questions within the Information areas. An effective way to create questions is to divide the information areas further into Variables and Indicators.
For example, under ‘Category behaviour’ mentioned in the previous head, the variables are ‘Purchase behaviour’ and ‘Usage behaviour’. Furthermore, the indicators under ‘Usage behaviour’ are ‘frequency’, ‘purpose’, and ‘type’.
Within these heads and subheads, the questions belong to two categories - Open-ended and close-ended. When it is important to capture spontaneous answers or when we can’t put together an exhaustive list of responses as an aided list, we use open-ended questions such as ‘what do you particularly like about Product X?’ or ‘What are the reasons for not using Product X?’
On the other hand, Close-ended questions are easier and quicker to answer for a respondent as they have options to choose from. The respondents are given an aided list, which is an exhaustive list of all possible answers. Here, we make sure that the options are mutually exclusive and are not open to interpretation.
We always go for short, simple, and clear questions. For example, rather than asking,
‘Have you used the conditioner at least twice in the last two months?’,
we should be asking ‘Have you used the conditioner two or more times in the last 1 month?’
Similarly, ambiguous questions are avoided because they don’t lead to a thoughtful answer.
Proofing, and Piloting
Now, when we have put down our questions in the market research questionnaire, it is imperative to check for errors and test it once. We examine questions against the initial information areas in terms of completeness and we run a need test (for knowing if there is any question that is not required). Finally, we run it informally to know if the flow works, to check if any contradictory answers are emerging, or if any questions are heavy on the respondents' memory, and to assure the length of the survey is correct.
Before rolling out the market research survey online or online, it is crucial to examine the survey as a whole once. Hence, we ensure to provide context to the respondents in the form of reasons. Also, we set the expectations for the participants concerning length, time taken to complete it and a progress bar within the survey is always a great option.
While these are the steps involved in creating a market research survey, one wise thing to do not just while making it but also executing it is to follow logic and common sense. Remember, a true researcher should always remove his cloak of views and biases before starting to work on a survey because it is more important to know what others think.
Voila, our survey is ready to go!
Reach out to our research experts to know more about how you can create the right market research strategy for your business!
You don’t watch a show on Netflix without doing thorough research about it, do you? Then why compromise on research when it comes to marketing your product or brand digitally. While the internet has taken over the marketing world completely, good market research is still in trend. Market research plays an extensive role in digital marketing. It provides you with significant and vital information, and in a way can make or break your digital marketing campaign. This blog will give you an insight into some top market research tools to help you grow your brand.
But before we move any further into, let us understand -
Market research or marketing research is a technique that is employed not just by market research companies but sole traders as well, to collect information and gather insights about another company/brand’s target audience. If you own a business you would want to know where your customers spend most of their time, what are their pain points and preferences, what pushes them to buy your product, what holds value for them, and so on. Market research helps you to answer all these questions, design better products, and improve user experience. Market research analysts play a key role in market research companies as they are designated individuals who are experts in creating market research reports and essentially carrying out the market research process from start to finish.
Most of us shut our minds on hearing the word research and “geek-shame” it. I just came up with that term, but I am sure you know what I mean. All of us have million-dollar business ideas that we want to bring to life and market research never finds space in that to-do list. But let me tell you obsessing over your customers and getting them to know them up and close, is the only way to win.
Now if you are one of those who isn’t big on research but still wants to leave a mark which is not limited to your carbon footprint, you have landed on the right page. There are so many market research tools out there that will make your lives easier and help you maximize market research efforts. Lucky for you, I have done thorough research on them.
SiteProfiler, from Mangools.com, as the name suggests is one of a few market research tools that analyze websites, and compiles all your competitors' website statistics and SEO metrics in one place. All you need to do is enter a website URL and SiteProfiler will provide you with all the statistics about that website.
It shows all aggregated data - domain authority, page authority, citation and trust flow, rank, and so on. It also provides you with all the backlinks with top referring domains directed to a site.
Along with this, the market research report by SiteProfiler will also show you the top content the site has generated and where their major traffic comes from.
The main advantage of this market research tool is that it also breaks your audience by age, location, gender, interests, and so on. When it comes to competitors, SiteProfiler shows you the competitive landscape of the website along with relevant keywords.
One of the simplest and easiest market research tools that visualize data in the form of charts and statistics, making it extremely easy to decode it. SiteProfiler also has a google chrome extension and hence you can find insightful information about any website as and when you browse.
Other tools to measure statistics - Tableau, Statista
Originally an online search tool, Google trends is also known to be a great market research tool as it allows you to see how often specific keywords and phrases have been searched for over a period of time. It analyses Google searches and provides you with information as to how many searches were made for the particular terms and keywords along with geographical information about the users. It can also be used for comparative keyword studies and to discover spikes caused in keyword search volume due to certain events.
The best part is that Google updates the data on Google trends daily, but I would suggest that you take this information with a pinch of salt owing to the data sampling issues and approximations that might be employed to compute results. One more advantage that makes Google trends one of the more effective market research tools online is that it provides you with real-time data inclusive of the latest trends from across the globe. Many market research companies find the user-interface also extremely easy to use and navigate.
How to use it? Enter a search term in the search box at the top and see how the search volume has varied for that keyword over different locations and periods of time. You can produce more fine-grained data by changing the location, time frame, category, and type of search.
The data found in Google Trends can be used for several different marketing purposes :
Other tools for content research - Flipboard, Slideshare, Google alerts
Answer a series of questions about your ideal customers and this market research tool will generate buyer personas for you. Make My Persona is a free online market research tool by Hubspot that aids your buyer persona research and helps you organize and understand better. After answering a few strategic questions you will be presented with a personalized shareable persona sheet providing you with significant details about your target audience. Research and market to your ideal customers on a platform they spend most of their time on! You cannot get any more specific than this.
How to go about this -
Other tools to get social insights - Facebook and LinkedIn analytics, Social mention
This blog lists a few of the top market research tools available and I urge you all to take out some time and try your hands at each of these tools before you start your online market research as it will help you to identify your target audience efficiently, know what digital areas and platforms you should be active on, study the market, and identify the key influencers. It teaches you to keep a watchful eye on the market while providing a direction to your brand.
And since the digital landscape is changing ever so rapidly, consumer research is extremely vital. Without using the right resources to maximize market research efforts, your business can become lost and more so, become a prisoner of your assumptions. So put on your research hat, channel your inner geek, and get started!
Happy Researching! :)
Reach out to our research experts to know more about how you can create the right market research strategy for your business!
“Running a company on market research is like driving while looking in the rearview mirror”, says Anita Roddick and we couldn’t agree more. To break down what market research is in a simpler form, it is considered the backbone of any business. When you first think of a business idea or come across a business opportunity it is important to understand the market landscape, who your competitors are in addition to knowing your consumers. The first few months can prove to be precarious to any new business and if you haven’t spent enough time and effort into market research, then you’re not going to have a business model strong enough to ensure that those customers don’t stop coming to you. Let’s look at what market research entails and why it is important for businesses to invest in it.
What is Market Research?
Market research is the simplest and most efficient way for businesses to keep up with the industry trends, identify consumer problems and track realistic competitors while maintaining an edge by sizing up a business opportunity. It isn’t a specific activity or a method, it’s just an attempt for businesses to learn more about their target audience to maintain relevance and longevity of their business. Market research can be carried out in different stages depending on different objectives - for instance, if your business is launching a new product or service, conducting research from the pre-launch stage makes sense as it will help you gain a sense of how your target market may respond to your product/service and help you establish a sound business strategy to grow your brand and leave your competitors behind.
Now that we have a better understanding of ‘what is market research’, let’s look at how it could prove to be fruitful to a burgeoning business and ensure it’s growth and longevity, or simply put - the importance of marketing research for businesses.
In conclusion, all we’d like to say is that if you are a business that’s just starting out, ensure you spend enough time and resources to get a better understanding of the market landscape as it guarantees success and growth. We have put together this article to help you understand what is market research and to elucidate the importance of marketing research for your ambitious business plans.
Reach out to our research experts to know more about how you can create the right market research strategy for your business!