Answer: Trends differ across demographics, so the answer depends on who you are targeting. For example, if you are marketing online and trying to influence 18-24 year olds, focus on mobile. But if you want to speak to business owners, they may be easier to reach by phone. The more you know about your target group, the easier they are to find.
Answer: Conjoint analysis is a research tool/technique that allows you to test, potentially, hundreds of combinations of features to find the right mix of features at the right price to best appeal to your target market. Consumers are asked to choose among different options, much like they would in the real world. Based on their choices, a conjoint model is developed to assess how different configurations will perform in the market. Conjoint analysis allows you to gain key insights into consumer choices and predict which combinations will do better in the market.
Answer: Qualitative research is used to ‘deep dive’ into current and developing trends. It provides context around products, problems, issues or trends. Quantitative research is about getting the numbers to track, measure, and analyse trends that are happening in your market. Your vision and objectives determine what market intelligence is needed and which tools are best suited to meet your needs.
Answer: There is more focus in conducting research online. However, while the internet provides some new ways to gather intelligence, challenges in knowing how to manage the volume of data, interpret the results, and produce unbiased market insights remain.
Answer: The most important thing is to learn as much as possible about your product/service and the challenges it has. Understanding the factors you currently face is often the first step towards knowing how your consumers feel you measure up in a competitive market place.
Answer: The frequency of your market research (MR) will vary according to your business’s needs. Some businesses do continual market research to monitor trends/events in their market while others use market research only when they make a change in their business or discover a problem that needs to be understood. Your business and its objectives determine how often you should do market research.
Answer: An omnibus provides a relatively low cost and quick way to ask the general public a very limited number of questions.
Answer: Big data provides key learnings about what people are doing. However, it does not provide the “why” they are doing it which is what marketers need to effectively position and promote their products/services. Consumer research specifically designed to focus on people’s underlying motivations provides the “why”.