Market Research Glossary
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What is Regression Analysis & How Is It Used?
Posted at: 3/8/2023 1:30 PM
Regression analysis helps organizations make sense of priority areas and what factors have the most impact and influence on their customer relationships. It allows researchers and brands to read between the lines of the survey data. This article will help you understand the definition of regression analysis, how it is commonly used, and the benefits of using regression research. Interested in using regression analysis? Drive Research can help with that too. Reach our market research company
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![What is a Pilot Study? [+ Benefits, Examples, & Process]](/media/5227/paper-plane-path.png)
What is a Pilot Study? [+ Benefits, Examples, & Process]
Posted at: 3/6/2023 1:30 PM
A pilot study sets the stage for a long-term successful market research project. Walk before you run. Don't bite off more than you can chew. Start small. You've heard them all and a pilot market research study employs the same approach. In this post, we'll cover everything you need to know about pilot surveys – their importance, examples, and steps to completing a successful study. Interested in conducting a pilot study? Get a quote from Drive Research. Contact our market research compan
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What is Net Promoter Score (NPS)? [+Benefits & Formula]
Posted at: 2/24/2023 1:30 PM
Net Promoter Score (NPS) is a critical metric in tracking customer loyalty. It is one of the most practical methods for gauging the attitudes and behaviors of customers. So, how can you measure net promoter score, and why is it so influential in customer experience management? In this ultimate guide, our net promoter score company thoroughly explains everything you need to know about this widely used customer satisfaction metric. Article Contents What is NPS? How to calculate NPS What is a
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What is Evaluation Research? + [Methods & Examples]
Posted at: 2/20/2023 1:30 PM
Every business and organization has goals. But, how do you know if the time, money, and resources spent on strategies to achieve these goals are working? Or, if they’re even worth it? Evaluation research is a great way to answer these common questions as it measures how effective a specific program or strategy is. In this post, we’ll cover what evaluation research is, how to conduct it, the benefits of doing so, and more. Article Contents Definition of evaluation research The purpose of pr
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Online Qualitative Research: What It Is & How to Conduct It
Posted at: 2/3/2023 2:43 PM
Spend any amount of time searching online or reading about modern market research, and you are bound to see talk of online qualitative research. But what is it? Online qualitative research is just that– qualitative research that is conducted remotely or virtually. And, in 2023, it’s arguably the most popular form of qualitative research and will only get bigger. There may be some hesitation when reshaping your market research for the digital world. But ultimately, it’s important to realize
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MaxDiff Analysis: What Is It & How to Use It
Posted at: 2/3/2023 1:30 PM
MaxDiff is a form of discrete questioning in market research that asks respondents to choose between the best and worst options out of a list of attributes. It is commonly used for new product ideas, ad concept testing, packaging designs, and more. In this post, we'll discuss MaxDiff analysis in more detail – what it is, when to use it, how to analyze MaxDiff survey results, and more. What is MaxDiff? Maximum Differential (MaxDiff) analysis is used in survey research and other forms of e
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Longitudinal Research: Definition, Process, and Benefits
Posted at: 1/6/2023 1:30 PM
When it comes to market research, many conversations often center around benchmarking. And longitudinal research helps brands obtain these benchmarks over time. A data point is just a data point in a vacuum. Without context, it does not provide a lot of value. A simple example would be a marketing consultant telling you that 64% of your customers are satisfied. Without any context, would that data point be usable for you? Is 64% good or bad? How does it compare to other competitors? Industr
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Common Types of Qualitative Research to Gather In-Depth Feedback
Posted at: 11/22/2022 1:30 PM
While both qualitative and quantitative market research methods have several unique benefits, there are some situations where one may suit a research goal more than the other. In many, there’s also a strong case for using both (AKA, “hybrid research”). However, for the research to be effective, it’s important to understand all of the options available. We’ve previously discussed common forms of quantitative research, but what about qualitative options? Below, we’ll discuss some of the most
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What are Ethical Practices in Market Research?
Posted at: 11/3/2022 12:30 PM
Anywhere in business, ethics play an important role. Ethical practices are what help establish trust between parties and provide structure for dealings. The market research industry is no exception to these ethical practices. Ethical practices in market research are moral principles that guide the responsibility to conduct and analyze research without deception to ensure authenticity. At every step of a market research effort, the organization takes measures to ensure both participants and
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What is Executive Interviewing? Surveying Hard-to-Find B2B Leaders
Posted at: 10/13/2022 12:30 PM
Generally, market research surveys aim to reach decision-makers, whether this is household consumers or corporate professionals. When comparing the differences between B2B and B2C audiences, corporate B2B professionals and customers can be much harder to reach. Executive interviewing is based on the notion of surveying high-level business professionals. However because this audience works in a business environment, high response rates can be much harder to achieve. This is perhaps the bigges
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Market Research vs. Marketing Research: What’s the Difference?
Posted at: 8/2/2022 12:30 PM
The two terms we will discuss today seem interchangeable at first glance. It’s only a difference of 3 letters, they can’t be that different right? Well actually, there are many differences between market research and marketing research. To put it more simply, market research pertains to events that occur in and around markets. Marketing research refers to the research tasks related to marketing. I know, it’s still a bit confusing. Throughout this blog post, we will discuss both market and m
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What is Unaided and Aided Awareness in Market Research?
Posted at: 7/21/2022 12:30 PM
One of the most common and sought-after metrics in market research is unaided and aided awareness. Whether it is awareness of a product, awareness of a brand, or awareness of advertising, businesses spend an exorbitant amount of money on understanding customers' familiarity. This is because in a consumer's path to purchase, awareness is the first step of an often long decision-making process. If customers are not at least semi-familiar with your product or service, they obviously cannot buy