There is never a wrong time to do market research.
However, most research projects are birthed because a company or organization is at a crossroads. Whether you’re a startup or Fortune 500 company, you’ll have critical decisions to make.
This blog will detail common market research examples and how our clients have used them to fuel decision-making.
There is not a definitive nor one-size-fits-all approach to market research, but most projects are similar and based on past studies.
General Market Research Data
Collecting market data just for current industry knowledge is very valuable. Maybe you’re trying to determine future industry demographics and trends or just collecting data to understand the current industry.
These results are meant to provide you with some perspective on how to navigate your business. Nothing super specific but nevertheless, the data is still very applicable and useful.
For example, you have to decide where to spend your marketing dollars for the upcoming holiday season.
You have a good understanding of how to market your product(s) but you’re trying to make sure you get the best ROI on your marketing spend.
So, you conduct an online marketing survey among a general or targeted audience to determine what social media platform consumers’ eyes and ears will be on for the upcoming months.
Therefore, you can determine where your advertising budget can be better utilized.
General market research data applies to basically anything and everything.
Whether your company/industry is B2B (Business to Business), B2C (Business to Consumer), or BaaP (Business as a Platform), a market research study can help you make decisions, big or small.
💡 The Key Takeaway: Collected data can help you in a variety of ways, from planning future endeavors to simply understanding your industry.
New Product Development Data
Developing and launching a new product for new or existing companies can be very stressful.
A lot of investment, both time and financial, goes into the product development process -- and unfortunately, the odds are not always in the developer's favor.
According to Harvard Business School, each year more than 30,000 new consumer products are launched and 95% of them fail.
With this statistic in mind, many organizational and project leaders search for ways to help ease worries and focus on making data-driven decisions.
Market research for new product development is the answer to receiving valuable data throughout this process.
For example, you could conduct an online survey to understand which demographic(s) would be most interested in your product.
Or, for a more advanced study, you could design an in-home usage test (IHUT) or focus group to have your product reviewed by participants.
No matter how many studies you choose to invest in, the data will certainly help you in a variety of ways.
Below are some of the common new product development studies we have conducted.
Product Placement Tests
In-home product placement tests ask consumers to try products in their own homes.
This allows research participants to use the product as they normally would, producing very reliable data and product feedback.
Product Demand and Feasibility
Before developing a physical product, you should conduct a new product demand or concept testing survey.
The answers you’ll obtain will help you determine if the product’s concept solves a problem and if the idea is welcomed by consumers.
Product feasibility studies go even further and can provide you with valuable information such as the product’s target audience, competitors, price range, and more.
These studies tend to involve the following five components:
- Demographic Analysis: This studies the current demographic breakdowns in the country or states the product will be launched. A demographic analysis includes breakdowns of race/ethnicity, gender, age, and/or household income.
- Competitive Assessments: The competitive assessment investigates what competing products currently exist and how they’re priced and marketed.
- Pricing Analysis: A pricing analysis simply determines what consumers would pay for the proposed product or service.
- Online surveys: The online survey would analyze several factors such as awareness of competitors, consumer product interest, target audiences, and marketing/pricing strategies.
- Stakeholder IDIs: As the qualitative component, stakeholder interviews would provide more in-depth information on the topics in the online survey. This qualitative data is very helpful when formulating the next steps for your product.
Product Positioning and Competitiveness
Product positioning surveys measure your product against the competition. This can include product perception, attributes, benefits, and key performance indicators (KPIs).
Being able to identify your product’s strengths and weaknesses (as well as your competitor’s) is a tremendous asset.
Product positioning surveys will guide you on where to position your product in terms of price, target audience, features offered, etc.
No matter if your product has been launched yet, conducting a product feedback survey is a proven way to gain consumer insights regarding your product.
It can tell you things such as how well the product functions or what features need to be improved.
Product feedback surveys are a scaled-down alternative to in-home product placement tests. They offer a faster turnaround time and are less costly.
For more insight, watch our video where we discuss 3 Tips for Product Development Research.
💡 The Key Takeaway: There’s a huge variety of data gathering opportunities to promote your goals. New product development data is vital to your business because it reveals what consumers want–and don’t want.
Employee or Customer Satisfaction Data
We’ve all heard the common expression that there is always room for improvement. This especially applies to companies and organizations.
Determining areas of improvement for your business among employees and/or customers is another benefit of market research.
In fact, many of our current and past clients have invested in employee and customer satisfaction studies to improve several aspects of their organization.
Employee studies will ask current employees a variety of topics such as:
- Job satisfaction
- eNPS (Employee Net Promoter Score)
- Company culture
- Training practices
- Management/leadership perspectives
- Company goals/policies
Employees are one of the great assets for an organization so understanding their needs and feedback will help them, and in turn, your company, be successful.
These studies are often conducted annually in the form of online surveys as well as in-depth interviews.
Recommended Reading: Using a Third-Party for Employee Surveys
Customer Satisfaction Studies
A customer satisfaction survey examines how satisfied customers are with your company, products, and/or employees.
The most common customer satisfaction study is an online survey.
The survey will cover topics such as net promoter score (NPS), product reviews, company reviews, and event/promotion feedback.
These surveys are periodic like employee surveys but are conducted more frequently, usually every one to three months.
The most popular approach for sending the survey out is via a customer email list because it is economical, fast to turn around, and produces reliable data.
💡 The Key Takeaway: Both employee and customer satisfaction surveys determine happiness levels related to your brand. Employee feedback can help you fix and target problem areas, or build on good practices. Customer feedback can offer invaluable advice on your products or services.
Contact Our Market Research Company
Drive Research is a full-service market research company specializing in custom-designed quantitative and qualitative methodologies. Our team of senior market research professionals partners with organizations across the country to deliver fresh insights that help fuel their business growth.
To learn more about our services, contact our team today!
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
As a Research Assistant, Justin works directly with all team members on client projects. His intrigue in market research formed during his time at Marist College, where he studied business and entrepreneurship.
Learn more about Justin, here.