There are many different types of market research that cover different areas and subjects, and unfortunately, it can often be confusing. Whether you want to learn more about your customers’ buying habits or how much they’re willing to pay for a new product, market research can be a big help (if you use it correctly).
To help you determine which type of market research is right for you, let's look at the different types, their purposes, and when they might be best used.
Market segmentation
When conducting market segmentation research, we typically uae cell phone number list ask questions that capture needs, values, behaviors, and demographics. B2B research can also collect company data such as size, revenue, and product category, among many others that can help break a company down into meaningful groups.
Marketing cannot effectively reach every type of person or business with just one set of goals and methods, so one of the primary goals of market segmentation is to provide more effective marketing tactics for each distinct subgroup of potential customers.
Without market segmentation, companies are shooting in the dark, without seeing the target. They may accidentally "hit" the right target audience, but more often they miss and waste a lot of resources and time on it.
Common Types of Market Research
By “types of research,” I don’t necessarily mean how you collect data. Instead, I mean the procedures and methodology used to analyze the data collected.
These procedures include:
product testing,
advertising testing,
analysis of key factors of satisfaction and loyalty,
usability testing,
product awareness and usage studies,
as well as price research (using methods such as conjoint analysis)
and many others.
Let's look at some of the most important ones: