Basic Market Research Types

Updated: Jun 21, 2021

Pick the right research type that goes hand in hand with your marketing strategies.


Market research is all about gathering information about your industry, customers, and competitors in order to make informed decisions.



Market research is an quintessential component of market analysis. It could be quite useful while:

Launching a start up business,

Making an audience list,

Measuring customer satisfaction,

Or, Hypothesizing the competitors in an industry.



Market research is important because it aids in identify the positives and false positives of your marketing strategy. Although, it’s vital to build your own marketing intuitive business, you also require to seek the analytical comprehension of your customer's interests and your competitor's success or survival mantra.


Market research do provides us an insights of target audience and their preferences. The located data could assist the business to serve a targeted group of audience in a better way and introduce new products or offers that might attract them in the future.


Market research could be considered as one of the vital driving force in a product purchase journey, as it helps businesses understand what they customers want and need.


 

There are four broad classified types of market research that you’ll likely come across:



Primary Research a.ka. first-party data, is data you collect on your own. The data could be about your potential customers, or competitor businesses.

This is usually collected through conducting online surveys and customer feedbacks. This is helpful at times of launching a new product in the market.

By primary it means that you solely own this data and manage it all by yourself.


Secondary Research refers to 2nd-party or 3rd-party data (or information).

2nd & 3rd-party data is collected from the pre-existing data in the targeted market. Businesses hire other businesses or organizations to conduct this research for them. This set of data helps a businesses identify their scope of improvement and betterment.


Qualitative Research refers to the collection of data which does not have a measurable quantity. This data is illustrative and focuses on understanding user behavior, their motivations, and various other human qualities. It can be primary or secondary or sometimes tertiary too. The objective goal is to receive as many customer feedback possible, for your brand new product and understand how the customers think. A research is considered as Qualitative research, when you're trying to figure out your buyers' psyche and attitude.


Quantitative Research refers to gathering numerical figures for statistical analysis. Quite similar to qualitative research, quantitative research could also be primary or secondary in data collection process. The stats aren’t interpretations—they’re empirical evidence. This collected data can considered as a benchmark to understand where to spend time and money to develop an efficacious marketing strategy.



Adspolitan could assist you with market research for your business or its websites, sharing data such as important engagements, website traffic and audience reach to help you gauge the performance of your product or service in relevant markets.