Market Research: Common Business Issues along with their Respective Research Methods

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Sizing a Market – This type of market research is designed to create approximately the market size (measured by units or dollar volume) that a new product is expected to garner out there. In general this is usually accomplished for entirely new product category or anticipating the creation of a new product that substantially changes the competitive landscape in which customers are already familiar (for instance, I would suspect that the new premium chewing-gum category containing emerged in the last Eighteen months might have upset the typical wisdom of analysts for the reason that industry). Conducting such a market research can be expensive, hence the best place to start is generally by evaluating the off-the-shelf syndicated market research reports that are available for just about any market of a reasonable size. Sizing a market is almost always a quantitative survey study, although with respect to the market specifics it is possible that there might be a qualitative lead-in activity or even a qualitative follow-up to get more details on a specific portion of the market.

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Product Concept Development – Product concept survey is typically designed to provide customer input to help product-marketing managers develop goods that more directly meet the requirements of the target customer. Typically you’ll find tradeoffs involving ease of use, price, industrial design decisions and bundling options. For that product marketing manager, conducting general market trends allows them an opportunity to get feedback through the group who is going to decide whether they’ll settle the bills or not, the customer. Product concept market research can be done either qualitatively or quantitatively. Normally the direction hinges on the shoppers familiarity with the product or changes being considered, and a terminology that is good enough understood by the potential respondents in order that clear communication is taking place without significant uncertainty the definitions match might know about believe them to mean. If the product category is known, and the terminology is sufficiently defined, quantitative research is possibly the best bet. Otherwise it’s likely to fall to qualitative ways to ensure a complete knowledge of the concepts and to the respective reactions.

Customer Profiling – The intent of customer profiling general market trends is to create a profile of many customer who purchases a certain product or service. Having a complete profile of your customer can be very helpful when defining a design center to formulate the next generation of a product category also to ensure that the engineers and marketers have the right person in mind since they make those decisions. Creating a customer profile often includes collecting the subsequent:

Demographics (age, title, physical town of location),
Firmographics (company industry, variety of employees, decision making structure throughout the product category being studies) and
A quantity of questions about the particular product was purchased, the way was being used, what product it replaced, the amount of people using it…

On many occasions, customer-profiling research becomes the “bible” being a product development team makes decisions as to what features or capabilities can be desired and which other ones would be passed over. For smaller companies conducting profiling market research is often the first kind of research that a company does as it’s straightforward and it’s tough to argue with “who are our customers?”.

Positioning Research – Positioning studies often closely related to branding market research, becasue it is function is to understand the positioning of one product when compared with another. Much larger companies actually conduct positioning research in order to understand whether or not their “line logic” is obvious or understandable by their clients – and doesn’t even get into the complexity of how customers relate their production with other company’s products. This can be very interesting research since it is often the case that the positioning put together by marketing managers may also be different than the way customers view weaknesses and strengths of different products relative someone to another. Sometimes, for the chagrin of marketing managers, the phrase ‘perception is reality’ comes up continuously in this type of research, as marketing managers know that it takes more than words on the brochure to change customers’ perceptions of a products positioning. Consider whether a Jaguar holds greater status than will a Mercedes. Which car can you expect to be more comfortable? Which car would you expect to be faster? Using a portfolio buy-up strategy, which calls the benefits of the next product, without having to say derogoratory about the product just later on, is a challenging task, but that’s where positioning research really shines.

Messaging Research – Messaging studies very closely related to advertising research, even though it tests the most basic concepts of your advertising campaign – the most basic idea that is believed to be the primary motivator for any product. As an example, exactly what do you see when you watch a Rolex advertisement? Will they tout the increased accuracy of a Rolex watch over others? Would they talk about how much more shock resistant a Rolex is than another watch? Do they talk about how much deeper inside the ocean a SCUBA diver will go with a Rolex than another watch? No, they don’t message on any of these points, instead when you attend their website they show handsome people directing their billion dollar yachts through rough seas, they deomonstrate close-ups of the meticulously detailed watches, they deomonstrate brave men, obviously risking their lives, climbing up of a snowy, distant peak. Their messaging is around living the good life and being ready for almost any adventure – you may be made of that stuff or not – as though creating a watch that costs thousands of dollars puts you just a little bit closer to intrepid. With the crux of messaging researching the market is, what are the few stuff that we should emphasize if we’re lucky enough to get get a few seconds of consideration coming from a potential customer? Messaging market research is about finding the blend of unique capabilities or parts of our product and framing that in ways that makes sense to the people who’re somewhat inclined to purchase our product. Messaging research is usually qualitative because non-verbal communication is an enormous part of communication and many people want to be capable to “read” the respondents since they first try to digest our schpeel.

Industrial Design – Industrial Design (or ID as it’s more typically called) typically refers to the shape, feel and texture of your product. You could state that the ID from the RAZR phone is a big hit, big enough that other companies are quickly copying it. ID research is focused on understanding what effect the industrial design may participate in the purchase of a certain category of product, and how to optimize a product’s industrial the perception of the target audience. Whenever we all own precisely the same products, it appears that ID is now one of the fundamental techniques companies are trying to differentiate products which are otherwise quite similar. ID market research has generally considered best handled in face-to-face qualitative research (often in-depth-interviews with one person at a time). However online capabilities have raised significantly in the last a long period and there is a reasonable case for conducting ID research with a web site. If you’re looking for an example of how strong online capabilities came take a look at the Audi site – where you can view their cars, pull back, zoom in, view the car from the angle just by positioning the mouse. The capabilities can be purchased from some of the more advanced online research houses. Usually the one caveat is that people often wish to feel the heft of your product to understand if it’s plastic, metal or wood, appreciate how quality the finish looks, glance at the quality of moving parts. In many cases online research is capable of supplementing face-to-face methodologies as well as some product categories just might replace it entirely.

Customer Segmentation – Segmentation general market trends studies attempts to know what groups of customers appear in a product category in order to more precisely target their needs or to target the needs of an more attractive group (most likely the high quality group, rather than the value driven customers). While these customers may be purchasing the same products, because they have different perspectives, they’re responses to product changes might be entirely different, therefore it is a good idea to understand how large your groups, or segments are, and exactly how they’ll likely respond to the changes that you’re company is considering. It is a type of market research that generally ends which has a large quantitative bang. Segmentation research is often rather simple – discovering how customers in the Eastern the main country dress compared to those down South, or it may involve very high-end statistical analytics that could be very costly. However, good customer segmentation can greatly improve a companies developing the site and target customer efforts.

Channel Research – This research can take a number of forms with regards to the critical business issue. Channel research might be conducted to understand what sort of company’s channel partners have been behaving, as opposed to what it is believed that they’re behaving. Channel research can be conducted to understand what is motivating channel partners, as well as to understand whether a whole new channel partner that is certainly being considered would be an appropriate choice for a particular product category. It is a very broad group of possible research techniques that can span from efforts like “mystery shoppers” – who walk through a typical customer process and report on their behavior on the experience, to cost checks or product offering reports.

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