Market Research

A market research is a must when we are planning for embarking of a new project, product or service. It applies to the digital world as well. There are many kinds of research that can be implemented in order to gather data on the online customers. All of them, however, aren’t suitable for all situations.

 

 

Let us first look at the two basic types of data we might want to gather. First, there is the primary data. That is the data we gather specifically for our case and we gather it ourselves or we have it gathered. The other type – secondary data – is the data, which was collected neither by ourselves nor by anyone we hired. Secondary data research is basically using someone else’s research results and interpreting it for our case.

Primary data research can take either a qualitative or a quantitative form. The quantitative research focuses on measurable data, which is supposed to prove or disprove a previously stated hypothesis. The qualitative research focuses on exploring consumers’ opinions and feelings and it is more concerned with the large picture of the problem.

The most common methods in the primary research are the questionnaires and surveys. What is the difference? Survey is used when we have very little or no information about the subject, and we want to get some basic insight and overview of main issues. Questionnaire, on the other hand, is used when we want to focus on some particular issue.

There are six steps to a successful market research: First we decide what exact area we mean to investigate; than we come up with a draft of questions; third step is to trial the questions among our closest reference groups (family, friends); after that, we refine the questions; then we carry out a more formal pilot research; after we correct all the remaining bugs, we can launch our final survey. The questions can be open or closed. The open ones require a written answer, whereas the closed questions normally offer several options, from which we choose.

The sample should be accurate in representing various demographic groups. As far as the secondary research types, we can choose from statistical analysis and information research.

A great way of presenting research outcomes is the infographics. It combines the boring data and makes it visually interesting through various graphs, which can take nearly any form. Since it catches the viewer’s attention, it makes the viewer comprehend and remember much greater amount of info.

An infographics concerning the over-century long battle between Coca Cola and Pepsi is available at bitrebels.com. It clearly shows that there are many forms of use for infographics, but even more so, it proves how attention steeling the infographics can be.

Microsoft presents various infographics on its website. For instance, there is a visual interpretation of the International Youth Foundation’s Opportunity for Youth report commissioned by Microsoft.

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