- Blog Categories
- Software Development Projects and Ideas
- 12 Computer Science Project Ideas
- 28 Beginner Software Projects
- Top 10 Engineering Project Ideas
- Top 10 Easy Final Year Projects
- Top 10 Mini Projects for Engineers
- 25 Best Django Project Ideas
- Top 20 MERN Stack Project Ideas
- Top 12 Real Time Projects
- Top 6 Major CSE Projects
- 12 Robotics Projects for All Levels
- Java Programming Concepts
- Abstract Class in Java and Methods
- Constructor Overloading in Java
- StringBuffer vs StringBuilder
- Java Identifiers: Syntax & Examples
- Types of Variables in Java Explained
- Composition in Java: Examples
- Append in Java: Implementation
- Loose Coupling vs Tight Coupling
- Integrity Constraints in DBMS
- Different Types of Operators Explained
- Career and Interview Preparation in IT
- Top 14 IT Courses for Jobs
- Top 20 Highest Paying Languages
- 23 Top CS Interview Q&A
- Best IT Jobs without Coding
- Software Engineer Salary in India
- 44 Agile Methodology Interview Q&A
- 10 Software Engineering Challenges
- Top 15 Tech's Daily Life Impact
- 10 Best Backends for React
- Cloud Computing Reference Models
- Web Development and Security
- Find Installed NPM Version
- Install Specific NPM Package Version
- Make API Calls in Angular
- Install Bootstrap in Angular
- Use Axios in React: Guide
- StrictMode in React: Usage
- 75 Cyber Security Research Topics
- Top 7 Languages for Ethical Hacking
- Top 20 Docker Commands
- Advantages of OOP
- Data Science Projects and Applications
- 42 Python Project Ideas for Beginners
- 13 Data Science Project Ideas
- 13 Data Structure Project Ideas
- 12 Real-World Python Applications
- Python Banking Project
- Data Science Course Eligibility
- Association Rule Mining Overview
- Cluster Analysis in Data Mining
- Classification in Data Mining
- KDD Process in Data Mining
- Data Structures and Algorithms
- Binary Tree Types Explained
- Binary Search Algorithm
- Sorting in Data Structure
- Binary Tree in Data Structure
- Binary Tree vs Binary Search Tree
- Recursion in Data Structure
- Data Structure Search Methods: Explained
- Binary Tree Interview Q&A
- Linear vs Binary Search
- Priority Queue Overview
- Python Programming and Tools
- Top 30 Python Pattern Programs
- List vs Tuple
- Python Free Online Course
- Method Overriding in Python
- Top 21 Python Developer Skills
- Reverse a Number in Python
- Switch Case Functions in Python
- Info Retrieval System Overview
- Reverse a Number in Python
- Real-World Python Applications
- Data Science Careers and Comparisons
- Data Analyst Salary in India
- Data Scientist Salary in India
- Free Excel Certification Course
- Actuary Salary in India
- Data Analyst Interview Guide
- Pandas Interview Guide
- Tableau Filters Explained
- Data Mining Techniques Overview
- Data Analytics Lifecycle Phases
- Data Science Vs Analytics Comparison
- Artificial Intelligence and Machine Learning Projects
- Exciting IoT Project Ideas
- 16 Exciting AI Project Ideas
- 45+ Interesting ML Project Ideas
- Exciting Deep Learning Projects
- 12 Intriguing Linear Regression Projects
- 13 Neural Network Projects
- 5 Exciting Image Processing Projects
- Top 8 Thrilling AWS Projects
- 12 Engaging AI Projects in Python
- NLP Projects for Beginners
- Concepts and Algorithms in AIML
- Basic CNN Architecture Explained
- 6 Types of Regression Models
- Data Preprocessing Steps
- Bagging vs Boosting in ML
- Multinomial Naive Bayes Overview
- Gini Index for Decision Trees
- Bayesian Network Example
- Bayes Theorem Guide
- Top 10 Dimensionality Reduction Techniques
- Neural Network Step-by-Step Guide
- Technical Guides and Comparisons
- Make a Chatbot in Python
- Compute Square Roots in Python
- Permutation vs Combination
- Image Segmentation Techniques
- Generative AI vs Traditional AI
- AI vs Human Intelligence
- Random Forest vs Decision Tree
- Neural Network Overview
- Perceptron Learning Algorithm
- Selection Sort Algorithm
- Career and Practical Applications in AIML
- AI Salary in India Overview
- Biological Neural Network Basics
- Top 10 AI Challenges
- Production System in AI
- Top 8 Raspberry Pi Alternatives
- Top 8 Open Source Projects
- 14 Raspberry Pi Project Ideas
- 15 MATLAB Project Ideas
- Top 10 Python NLP Libraries
- Naive Bayes Explained
- Digital Marketing Projects and Strategies
- 10 Best Digital Marketing Projects
- 17 Fun Social Media Projects
- Top 6 SEO Project Ideas
- Digital Marketing Case Studies
- Coca-Cola Marketing Strategy
- Nestle Marketing Strategy Analysis
- Zomato Marketing Strategy
- Monetize Instagram Guide
- Become a Successful Instagram Influencer
- 8 Best Lead Generation Techniques
- Digital Marketing Careers and Salaries
- Digital Marketing Salary in India
- Top 10 Highest Paying Marketing Jobs
- Highest Paying Digital Marketing Jobs
- SEO Salary in India
- Brand Manager Salary in India
- Content Writer Salary Guide
- Digital Marketing Executive Roles
- Career in Digital Marketing Guide
- Future of Digital Marketing
- MBA in Digital Marketing Overview
- Digital Marketing Techniques and Channels
- 9 Types of Digital Marketing Channels
- Top 10 Benefits of Marketing Branding
- 100 Best YouTube Channel Ideas
- YouTube Earnings in India
- 7 Reasons to Study Digital Marketing
- Top 10 Digital Marketing Objectives
- 10 Best Digital Marketing Blogs
- Top 5 Industries Using Digital Marketing
- Growth of Digital Marketing in India
- Top Career Options in Marketing
- Interview Preparation and Skills
- 73 Google Analytics Interview Q&A
- 56 Social Media Marketing Q&A
- 78 Google AdWords Interview Q&A
- Top 133 SEO Interview Q&A
- 27+ Digital Marketing Q&A
- Digital Marketing Free Course
- Top 9 Skills for PPC Analysts
- Movies with Successful Social Media Campaigns
- Marketing Communication Steps
- Top 10 Reasons to Be an Affiliate Marketer
- Career Options and Paths
- Top 25 Highest Paying Jobs India
- Top 25 Highest Paying Jobs World
- Top 10 Highest Paid Commerce Job
- Career Options After 12th Arts
- Top 7 Commerce Courses Without Maths
- Top 7 Career Options After PCB
- Best Career Options for Commerce
- Career Options After 12th CS
- Top 10 Career Options After 10th
- 8 Best Career Options After BA
- Projects and Academic Pursuits
- 17 Exciting Final Year Projects
- Top 12 Commerce Project Topics
- Top 13 BCA Project Ideas
- Career Options After 12th Science
- Top 15 CS Jobs in India
- 12 Best Career Options After M.Com
- 9 Best Career Options After B.Sc
- 7 Best Career Options After BCA
- 22 Best Career Options After MCA
- 16 Top Career Options After CE
- Courses and Certifications
- 10 Best Job-Oriented Courses
- Best Online Computer Courses
- Top 15 Trending Online Courses
- Top 19 High Salary Certificate Courses
- 21 Best Programming Courses for Jobs
- What is SGPA? Convert to CGPA
- GPA to Percentage Calculator
- Highest Salary Engineering Stream
- 15 Top Career Options After Engineering
- 6 Top Career Options After BBA
- Job Market and Interview Preparation
- Why Should You Be Hired: 5 Answers
- Top 10 Future Career Options
- Top 15 Highest Paid IT Jobs India
- 5 Common Guesstimate Interview Q&A
- Average CEO Salary: Top Paid CEOs
- Career Options in Political Science
- Top 15 Highest Paying Non-IT Jobs
- Cover Letter Examples for Jobs
- Top 5 Highest Paying Freelance Jobs
- Top 10 Highest Paying Companies India
- Career Options and Paths After MBA
- 20 Best Careers After B.Com
- Career Options After MBA Marketing
- Top 14 Careers After MBA In HR
- Top 10 Highest Paying HR Jobs India
- How to Become an Investment Banker
- Career Options After MBA - High Paying
- Scope of MBA in Operations Management
- Best MBA for Working Professionals India
- MBA After BA - Is It Right For You?
- Best Online MBA Courses India
- MBA Project Ideas and Topics
- 11 Exciting MBA HR Project Ideas
- Top 15 MBA Project Ideas
- 18 Exciting MBA Marketing Projects
- MBA Project Ideas: Consumer Behavior
- What is Brand Management?
- What is Holistic Marketing?
- What is Green Marketing?
- Intro to Organizational Behavior Model
- Tech Skills Every MBA Should Learn
- Most Demanding Short Term Courses MBA
- MBA Salary, Resume, and Skills
- MBA Salary in India
- HR Salary in India
- Investment Banker Salary India
- MBA Resume Samples
- Sample SOP for MBA
- Sample SOP for Internship
- 7 Ways MBA Helps Your Career
- Must-have Skills in Sales Career
- 8 Skills MBA Helps You Improve
- Top 20+ SAP FICO Interview Q&A
- MBA Specializations and Comparative Guides
- Why MBA After B.Tech? 5 Reasons
- How to Answer 'Why MBA After Engineering?'
- Why MBA in Finance
- MBA After BSc: 10 Reasons
- Which MBA Specialization to choose?
- Top 10 MBA Specializations
- MBA vs Masters: Which to Choose?
- Benefits of MBA After CA
- 5 Steps to Management Consultant
- 37 Must-Read HR Interview Q&A
- Fundamentals and Theories of Management
- What is Management? Objectives & Functions
- Nature and Scope of Management
- Decision Making in Management
- Management Process: Definition & Functions
- Importance of Management
- What are Motivation Theories?
- Tools of Financial Statement Analysis
- Negotiation Skills: Definition & Benefits
- Career Development in HRM
- Top 20 Must-Have HRM Policies
- Project and Supply Chain Management
- Top 20 Project Management Case Studies
- 10 Innovative Supply Chain Projects
- Latest Management Project Topics
- 10 Project Management Project Ideas
- 6 Types of Supply Chain Models
- Top 10 Advantages of SCM
- Top 10 Supply Chain Books
- What is Project Description?
- Top 10 Project Management Companies
- Best Project Management Courses Online
- Salaries and Career Paths in Management
- Project Manager Salary in India
- Average Product Manager Salary India
- Supply Chain Management Salary India
- Salary After BBA in India
- PGDM Salary in India
- Top 7 Career Options in Management
- CSPO Certification Cost
- Why Choose Product Management?
- Product Management in Pharma
- Product Design in Operations Management
- Industry-Specific Management and Case Studies
- Amazon Business Case Study
- Service Delivery Manager Job
- Product Management Examples
- Product Management in Automobiles
- Product Management in Banking
- Sample SOP for Business Management
- Video Game Design Components
- Top 5 Business Courses India
- Free Management Online Course
- SCM Interview Q&A
- Fundamentals and Types of Law
- Acceptance in Contract Law
- Offer in Contract Law
- 9 Types of Evidence
- Types of Law in India
- Introduction to Contract Law
- Negotiable Instrument Act
- Corporate Tax Basics
- Intellectual Property Law
- Workmen Compensation Explained
- Lawyer vs Advocate Difference
- Law Education and Courses
- LLM Subjects & Syllabus
- Corporate Law Subjects
- LLM Course Duration
- Top 10 Online LLM Courses
- Online LLM Degree
- Step-by-Step Guide to Studying Law
- Top 5 Law Books to Read
- Why Legal Studies?
- Pursuing a Career in Law
- How to Become Lawyer in India
- Career Options and Salaries in Law
- Career Options in Law India
- Corporate Lawyer Salary India
- How To Become a Corporate Lawyer
- Career in Law: Starting, Salary
- Career Opportunities: Corporate Law
- Business Lawyer: Role & Salary Info
- Average Lawyer Salary India
- Top Career Options for Lawyers
- Types of Lawyers in India
- Steps to Become SC Lawyer in India
- Tutorials
- C Tutorials
- Recursion in C: Fibonacci Series
- Checking String Palindromes in C
- Prime Number Program in C
- Implementing Square Root in C
- Matrix Multiplication in C
- Understanding Double Data Type
- Factorial of a Number in C
- Structure of a C Program
- Building a Calculator Program in C
- Compiling C Programs on Linux
- Java Tutorials
- Handling String Input in Java
- Determining Even and Odd Numbers
- Prime Number Checker
- Sorting a String
- User-Defined Exceptions
- Understanding the Thread Life Cycle
- Swapping Two Numbers
- Using Final Classes
- Area of a Triangle
- Skills
- Software Engineering
- JavaScript
- Data Structure
- React.js
- Core Java
- Node.js
- Blockchain
- SQL
- Full stack development
- Devops
- NFT
- BigData
- Cyber Security
- Cloud Computing
- Database Design with MySQL
- Cryptocurrency
- Python
- Digital Marketings
- Advertising
- Influencer Marketing
- Search Engine Optimization
- Performance Marketing
- Search Engine Marketing
- Email Marketing
- Content Marketing
- Social Media Marketing
- Display Advertising
- Marketing Analytics
- Web Analytics
- Affiliate Marketing
- MBA
- MBA in Finance
- MBA in HR
- MBA in Marketing
- MBA in Business Analytics
- MBA in Operations Management
- MBA in International Business
- MBA in Information Technology
- MBA in Healthcare Management
- MBA In General Management
- MBA in Agriculture
- MBA in Supply Chain Management
- MBA in Entrepreneurship
- MBA in Project Management
- Management Program
- Consumer Behaviour
- Supply Chain Management
- Financial Analytics
- Introduction to Fintech
- Introduction to HR Analytics
- Fundamentals of Communication
- Art of Effective Communication
- Introduction to Research Methodology
- Mastering Sales Technique
- Business Communication
- Fundamentals of Journalism
- Economics Masterclass
- Free Courses
How To Do Market Research – [Ultimate Guide]
Updated on 26 September, 2022
5.54K+ views
• 8 min read
Today, consumers have the ultimate power to research any product or service and make the sole decision of whether or not they should go ahead with a purchase. As a result, they are more likely to go by the review and feedback from their peers or network connections rather than consult a business representative.
From the business standpoint, this has essentially brought about a drastic change in marketing strategies which were earlier focused on flashy content and over-the-life portrayal of products. Business owners now need to understand the requirements of their target consumers and the factors that influence their purchase decisions. They need to devise strategies based on the research techniques of consumers and their mode of shopping.
Naturally, it boils down to the single most crucial aspect of doing business — performing market research. It is the backbone of businesses today and decides whether a given company will witness success or perish due to inadequate market research knowledge.
What is Market Research?
Market research is how companies gain insight into their target audience, their purchase habits, estimate the position of a business (product or a service) in the market, evaluate the competition, etc. In short, market research gives you an exact picture of whether or not your business can be ( or is) successful among your consumers.
According to the latest reports of ESOMAR, a reputed organization that conducts market, social, and opinion researches, over $40 billion is invested in market research annually throughout the world. This gives us a basic idea of how important market research is for a business’s long-term success.
Key Highlights of Market Research
Market research plays a role in:
- Identifying the viability and feasibility of a product or a service.
- Determining if the idea will work in a particular location.
- Identifying target consumers.
- Understanding the current trends in the industry helps in devising marketing strategies.
- Understanding the extent to which the marketing strategy has worked among the consumers.
- Gauging the market opportunity ( based on market size) for the business.
- Knowing how well your brand has succeeded over its competitors.
- Determining the target location ( a clear picture of where exactly the business would work).
- Advertising methods suitable for the target location.
- Identifying what is appealing to your target audience.
- Finding the factors that influence customer decisions.
Why is Market Research Important?
Gone are the days where entrepreneurs and companies made business decisions based on instincts and experience. The perception that only those who dare to take aggressive risks can succeed in business has also become obsolete.
In the technology-driven world where computers are trained to think like humans, mapping and studying human requirements is not a big deal. Market research helps business owners to make business decisions backed by data evidence that mitigates unnecessary risks.
Let us see a few reasons to validate why market research is vital.
- Market research guides effective business strategy: Starting a business could be financially and mentally exhausting. Huge capital is required to start any business, and with that comes the anxiety and stress of not losing money. Market research is the most effective way to make sure if your business is worth the investment. Business decisions driven by research and data are impervious.
- Market research helps avoid miscalculations: From what we know of business performance, one of the primary reasons why new products fail is poor or no market research. This has led to a lot of miscalculations, eventually leading to the loss. Well-conducted paid market research avoids such miscalculations and helps you secure a place in the winning list.
- Market research prevents stagnation: Market research is not just for a new business. Many businesses have gone down after a promising opening because of not conducting periodic market research to stay in tune with updated trends in the market. This is a costly error as it leads to stagnation that will leave any business in the dust. Market research raises an alarm when stagnation occurs and also guides in determining which product or campaign to launch next to stay relevant in the industry.
Types of Market Research
Market research is not a one-size-fits-all strategy. It serves a different purpose for different businesses or individuals. Based on the purpose, market research is categorized into two types:
1. Primary Research
When new information is collected for the first time, it is called primary research. The research is unique and has never been conducted before. Primary research could be quantitative or qualitative, depending on the requirement. It may include open-ended interviews or a survey carried out with a small group of people.
2. Secondary Research
It is a summary and inference made from already conducted research. Information on population, for instance, is secondary research as the details and statistics are already recorded. The sources for secondary research could be public (Government statistics), commercial ( private research agency reports), and internal ( already existing data from the organization).
There are other types of market research which include:
- Product/ service research
- Observation-based research
- Buyer profile research
- Market segmentation research
- Pricing research
- Competitive Analysis research
- Customer satisfaction research
- Customer Loyalty research
- Brand awareness research
- Campaign research
All these types of market research are intended for focused needs. Most of them are conducted by existing businesses to know their market value and understand what their clients expect. Customer satisfaction research and Loyalty research, for instance, are carried out to know if the customers are happy with a particular product or service. This is usually done through online customer feedback and reviews.
How to do Market Research?
Market research is all about asking relevant questions at the right time to stay on top of the consumers’ demands and expectations. Inferences obtained from market research could be used to:
- Start a new venture and devise a marketing strategy
- Quantify the extent to which your existing marketing strategy has worked.
Below are the steps to carry out effective market research:
Step 1: Have a defined research motive
It is important to define the research objectives like:
- What is the key information to be deciphered through the research?
- Whether the information is required to know about your customers or your current position in the industry.
This helps in avoiding deviations and staying focused all through the process.
Step 2: Ask questions relevant to the objective
Once the objective is set, we need to prepare a list of questions related to your market, customers, and competitors. Examples for each are provided below.
1. For the Market
- Key statistics of the target market( like gender, age, location, etc.).
- If you are looking to launch a new product, how will it influence the market and customers?
- Does the target location have a promising economy?
2. For Customers
- Who can be your target customers? What are their behavior patterns?
- What is the location of your target customers?
- What should be the profile of an ideal customer?
3. For Competitors
- What will be the profile of your strong business competitor?
- What are the factors that give them an edge?
- What are the vulnerabilities of your competitor?
Step 3: Collect research data
Data can be collected either quantitatively or qualitatively.
- Qualitative research: This is an investigative mode of collecting information that involves a small group of respondents.
- Quantitative research: The information collected is used to make inferences and often involves a large group of respondents ( surveys).
There are other ways of collecting data like:
- Online polling
- Questionnaires through emails.
- Online surveys
- Interviews
- yes or no surveys online
- Paid market research
- Focus groups
Enroll in a Digital Marketing Certificate course online from the World’s top Universities to fast-track your career.
Step 4: Summarize the research inference
This stage of market research involves organizing the collecting information and making an interpretation. Grouping and organizing information based on the research objective will help to make conclusions.
The following steps will help in better data organization:
- Looking for striking trends and placing the obtained information in tables, maps, diagrams, and lists.
- Using the data to make a SWOT analysis ( Strength, Weakness, Opportunities, and Threat). This also helps in devising an impressive marketing strategy.
Step 5: Derive conclusions for business decision-making
This is the final part of the market research. Based on the findings, it is now on you to draw conclusions and make a final decision. The conclusions drawn should be in sync with the research objective. It is essential to review and revisit all the findings before concluding. The following is the list of things you should keep in mind before making a decision:
- The data should be reviewed to make sure there is no gap.
- Any major trends or problems in the market should be deliberated.
- Reviewing SWOT analysis and considering what can be done to make things better.
Market research is a lengthy process, and each process needs dedication and deliberation. So, it is going to add up to the stress if you are doing it yourself. Instead, you can go for a paid market research and hand over the job to the professionals.
If you’d like to learn about market research and other digital marketing concepts, we recommend joining our Advanced Certificate in Digital Marketing and Communication course from MICA. The 32-50 weeks program comprises four specializations – Branding and Communication, Social Media and Content Marketing, Marketing Analytics, and Marketing Communications – PR. In addition, it includes separate tracks for executive and management studies, each consisting of 180+ hours of content, 15 case studies and projects, 15 live sessions to help you build competence in 70+ tools like Google Ads, Facebook Ads, Google Analytics, to name a few.
Contact us today to enroll in the course!
Frequently Asked Questions (FAQs)
1. What are the primary objectives of market research?
Market research can help you achieve the following business goals:
1. Making data-backed crucial business decisions.
2. Convincing the investors about the viability of the business project.
3. Exploring new business opportunities and diversifying the existing business.
4. Reduces the risk thereby preventing major business failures.
2. What are the different types of market research questions?
The market research questions fall under three categories.
1. Descriptive: These questions address the ongoing market trends.
2. Relational: These questions establish a relationship between two variables.
3. Causal: These questions determine cause and effect.
3. Why is market research very important?
Market research helps in identifying important trends that enable you to judge the future of the market. This is particularly important to explore new arenas in the market, creating new products and determining the target consumers. Well-performed market research helps in developing a strategic plan for a business.
RELATED PROGRAMS