Market research projects come in many shapes and forms. So, what is a typical day like in market research? The answer is: "it depends". What does it depend on? It depends on the type of market research team you work for (client side or supplier side), your role and title in your organization, the industries or methodologies your organization specializes in, and a number of other variables.
In market research there are two core types of studies: (1) longitudinal or long-term projects and (2) ad hoc market research projects. What is ad hoc market research? Ad hoc market research projects are typically unique short-term projects designed to tackle a specific objective. Whereas longitudinal or long-term research is designed to study participants over a longer period of time or aimed to continually measure a specific objective. In short, ad hoc is usually one-and-done while longitudinal projects are more continual research programs.
Here are some examples of long-term projects and ad hoc market research projects.
Longitudinal Market Research Example 1: A local bank wants to track the satisfaction of its customers over-time. Each month the bank commissions a study to collect 100 survey completes from a random set of new customers using an online survey. Month-to-month and year-to-year results are compared.
Ad Hoc Market Research Example 1: A local bank reviews its monthly data report and recommendations it received from its market research company in Syracuse, NY. The report has identified in-branch experience ratings have continually declined over the past 6 months across its four regions. The bank commissions a study to conduct two focus groups in each of four different regions in the country to further explore and dig into these issues.
Continual Market Research Example 2: A chain restaurant commissions a massive mystery shopping program which involves secret shoppers visiting the restaurants to dine. Following their experience they fill out an evaluation online which asks them to rate their visit. A total of 4 shops are done each month at each of the restaurant's 78 locations nationwide each year.
Ad Hock Market Research Example 2: One of the restaurant's locations in Connecticut is widely out-performing the other 77 locations nationwide. Revenue at the location has been continually improving in the past 12 months and no data exists to explain why. The management team commissions a 400 complete image and awareness survey of residents who live within 15 minutes of the location. The survey tests the awareness of the chain and its competitors, perceptions of the restaurant in relation to nearby competitors, and likes and dislikes if they have dined there. This study provides the management team with specific data to understand why the restaurant in Connecticut is a profit-leader.
Drive Research is a market research firm in Watertown, NY. Our company manages both ad-hoc and longitudinal market research projects for our clients. For more information about our market research services contact us at 315-303-2040 or email us at email@example.com.