Having marketing research tools is invaluable to research professionals and business owners planning to conduct a market study. They provide an upper hand in understanding the dynamic nature of the market including customer demands, expectations, and level of satisfaction on the available product or service. Information gathered from market research, aided by the various available market research tools can be used in decision making and service improvement. Some of the research tools that can be applied in the market include the following.
This is the commonly used tool. It enables research professionals to gather information, opinions, and ideas from customers. This can be done in various ways such as emails, online platforms or by person. However, the anonymity of respondents should be a guiding factor. The survey questions should be guiding, simple and easy to understand. Additionally, coupons, gifts or free products can be offered to incline respondents towards taking part in providing the answers.
- One on one interviews
This is the other commonly applied market research tools. Interviews can be done either through phones, video conferencing or face to face. The researcher takes some time to inquire from various clients their honest opinions about a given product. This provides a wide base of data collection. They are effective if the research topic is somewhat sensitive and cannot be handled in a group setting.
- Focus groups
As the name suggests, this involves data collection from a cohort. It is similar to interviews only that data is collected from a group of people. It is the best strategy to employ when tailoring messages for sending to new potential customers or adverts of certain product or service. Information gathered include pricing options, packaging options, the naming of products and flavors that can capture a wide market. This tool can also be used by a company or entrepreneur who is on the verge of releasing a new product to the market. A set of questions is asked by the facilitator and the participants’ debate on the best answer.
- Blogs and social networks
The current society relies heavily on social media. These channels can form the best market research tools. With millions of users in various social Medias, you can collect valuable information about a product. People can express their views and true feelings about a specific product brand and services. On the other hand, blogs written by companies about their products provide a section for consumers to give their reviews and feedbacks. These are essential mediums through which vital information can be gathered from a large number of people thus increasing its authenticity.
There are numerous benefits associated with having a research tool when conducting a market research. However, this is influenced by choice of the tool. It is, therefore, important to choose the most appropriate tool to use. Finding a suitable one is however quite daunting. You should, therefore, consider several factors before purchasing one. This will ensure that you find one that meets your needs and serves your demands. This includes the cost, nature of the market and time frame available. Doing this will ensure success in your study.