Curious about lifestyle market research? If you do not know much about lifestyle market research, you are probably on the right track just by reading the name. However, the opportunities gained from lifestyle market research may be more impactful than you realize!
In the post below, Drive Research answers (1) what is lifestyle market research, (2) what are the benefits of lifestyle market research, and (3) what the process is for conducting lifestyle market research.
What are you waiting for? Get in the know about lifestyle market research!
Curious about lifestyle market research? Our lifestyle market research company defines this type of research, the benefits, and the process below!
What is lifestyle market research?
Lifestyle market research is a tool to help understand and create customer and/or consumer profiles. The goal of lifestyle market research is to help organizations explain behaviors, attitudes, opinions, values, and beliefs.
Depending on the needs of the organization, lifestyle market research may be focused to customers, target consumers, or both!
Oftentimes, lifestyle market research gathers information on hobbies, activities, interests, and opinions from respondents. Ultimately, the information gathered by lifestyle market research is used by the organization as a whole as well as particular teams (leadership, human resources, marketing, etc.) to make data-based, strategic next steps.
What are the benefits of lifestyle market research?
Everyday, organizations make decisions based on gut instincts. Sometimes those decisions work out perfectly fine. Oftentimes, teams miss out on major opportunities. The benefit of lifestyle market research is to help teams make more strategic, impactful decisions.
For example, suppose a company decides to run a $100,000 spend on a Facebook advertising campaign. The team works with a digital advertising vendor to craft messaging, targeting criteria, as well as other details. Ultimately, the campaign leads to a 2% increase in sales, which is satisfactory. However, with the insight gathered from market research fueling the campaign, it could have led to a 20% increase in sales.
Companies that use lifestyle market research can see a much larger benefit. Take a look at a user experience (UX) study our lifestyle market research company, Drive Research completed. This study produced a return on investment (ROI) of 665%.
Remember the saying, "You don't know what you don't know." Lifestyle market research informs organizations on what it needs to know to be successful.
What is the process of this study with a lifestyle market research company?
The lifestyle market research process is similar to the process of other custom market research studies.
The six steps of a market research study include:
This step sets the project up for success. During the proposal phase, the details of the study will be defined. This includes goals, objectives, audience targeting criteria, details about the process, deliverables, timeline, and cost.
The kickoff occurs after the proposal is signed off on. Usually this includes a 30 minute to 1-hour meeting between the lifestyle market research company and project lead(s) on behalf of the organization. During the kickoff, the lifestyle market research company will walk the organization through all next steps and discuss any final details about the project before designing research tool.
During the design phase, the lifestyle market research company will use the information outlined in the proposal and discussed in the kickoff to create the research tool. This could include a survey, focus group guide, or research interview guide. Depending on the complexity of the project, the research tool may take a few days to one week to draft.
4. Testing and fieldwork
Once the research tool is finalized, the next step is to test it. Fieldwork begins after the research tool is quality tested. Fieldwork timing will depend on the research methodology used.
5. Analysis and reporting
Analysis and reporting is when data and findings come to life. The lifestyle market research company will dig into the information gathered to create findings and insights.
6. Debrief and next steps
The final step of the lifestyle market research process is to debrief on the results and discuss next steps. The debrief typically includes a 1-hour meeting between the lifestyle market research company and the project lead(s) on behalf of the organization. The goals of the debrief meeting are to walk through the findings to guide decision making and discuss actionable next steps.
Ultimately, depending on the scope of the study, a lifestyle market research study can be completed in as quickly as less than 2 weeks. Learn more about our market research process.
Contact Our Lifestyle Market Research Company
Drive Research is a lifestyle market research company serving organizations with market research needs worldwide. Our custom market research services include surveys, focus groups, customer insights analysis, and more.
Interested in learning more about our market research services?
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