Market Research Glossary
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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
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What is Market Survey Research? | Defining the Benefits and Process of a Market Survey
Posted at: 4/1/2022 12:30 PM
Entrepreneurs developing a product or service often create exciting strategies to advertise and introduce their new concept to the market. Unfortunately, their marketing and advertising efforts are not always met with a successful outcome. Before moving forward with spending advertising dollars on their new brand, product, or service, entrepreneurs or brands need to take a step back and properly evaluate the market or space they are trying to enter. Market survey research assures the succes
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B2C and B2B Market Research: What's the Difference?
Posted at: 10/19/2021 12:30 PM
Before conducting any type of market research, it is first important to determine your target audience. One of the most basic audience breakdowns is business-to-consumer (B2C) and business-to-business (B2B) audiences. As easy as a decision as this may be, they are two varying audiences that therefore require two varying approaches to market research. In many instances, the methodology, timeline, rewards, and costs for conducting market research with each audience are completely different. For
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What Is a Mobile Diary? | Market Research 101
Posted at: 8/25/2021 12:30 PM
Are your market research methodologies stale? Focus groups have been around since the Mad Men era of advertising in the 1950s and 1960s. So much has changed since then. Marketing has evolved, communication has evolved, consumer behavior has evolved, why hasn't your market research? The mobile market research (MMR) movement is growing at an incredible adoption rate over the past 12 years. Drive Research talked about 4 key drivers to the growth of mobile years ago and the trend has only persiste
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What is an Online Bulletin Board in Market Research?
Posted at: 8/18/2021 12:30 PM
Market research offerings are constantly evolving, which is great because innovation tends to lead to better insights. With online resources becoming more advanced, easy to use, and accessible to participants, businesses are in a great spot to harness market research to make better decisions. Take online bulletin boards for example. It combines the in-depth feedback of qualitative market research while utilizing virtual resources to make accessing participants more accessible and cost-effectiv
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Posted at: 8/3/2021 12:30 PM
Businesses often measure perception among customers and non-customers for their products and services to remain competitive. It tells brands how their organization is viewed and how this may differ from internal stakeholders. A result of gathering this insight is a perception score. To reap the most benefits of this calculation is to measure it over time and compared to key competitors. Looking for more? Find details on what perception score is, how to ask perception in a survey, how to calcul
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What is the ROI on Market Research? The Answer is a Tricky One
Posted at: 6/16/2021 12:30 PM
Return on investment or ROI. It is a ratio all of us in business and marketing seek but rarely take the time to calculate. Are you trying to determine the ROI of market research? It is hard, if not impossible to calculate. Here are 5 ways of how ROI is produced by using market research. Why Calculating the ROI on Market Research is Challenging When it comes to ROI in market research, it's not as easy to calculate as it is in other marketing arenas. For example, take paid search, SEM, or