Market Research Glossary
-
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
-
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
-
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
-
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
-
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
-
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
-
Business Competitive Analysis: What Is It and How To Conduct a Successful Assessment
Posted at: 5/20/2021 12:30 PM
Most businesses are well aware that they compete with others for a share of their market. But how many really understand the full picture of their competition? Enter a business competitive analysis. There may be plenty you have learned about your competitors over time through... Hearsay through customers Intel from industry contacts Your own informal research and poking around Because of this you probably have shaped a general profile of your top competitors. However, there is real value
-
Posted at: 5/5/2021 12:30 PM
Michel Porter first introduced the value chain analysis framework in 1985 in his influential book, “Competitive Analysis”. Using value chain analysis can be extremely useful and gives businesses a clear idea of how to adjust their activities in order to increase revenue and profit margins. Using value chain analysis provides businesses with a clear idea of how to adjust their activities in order to increase revenue and profit margins. Learn more about the process of using value chain analysis
-
What is Coolhunting in Market Research?
Posted at: 4/23/2021 12:30 PM
Initially, coolhunting was meant to focus on fashion and design. However, it has expanded to include other sectors such as technology and is a great tool to use in market research. In this blog post, our market research company will discuss what coolhunting is, what methodology to use, and what results gained from coolhunting reports can be used for! What is Coolhunting in Market Research? Coined in the 1990s, coolhunting is a market research method that seeks to predict trends and style
-
Company Acquisition Surveys: How to Earn Loyalty from New Customers After a Merger
Posted at: 3/26/2021 12:30 PM
Some industries are no strangers to business mergers and acquisitions. One such industry is banking and financial services, which commonly experiences consolidation with so many regional and local players in the market. A sometimes overlooked piece of a merger or acquisition, though, is the transition of new customers to your business. We never want to assume everything will proceed smoothly and that the obtained customers will just give you their loyalty. A great way to check-in with these ne
-
Stated Importance Versus Derived Importance: What’s the Difference?
Posted at: 3/1/2021 1:30 PM
Directly asking respondents about how important factors are is formally referred to as stated importance. Whereas derived importance is the indirect way of measuring which factors matter the most to respondents by using other answers from the survey. In this blog post, our market research company provides an overview of both approaches as well as which one is better to use. But wait...why do we need stated or derived importance in market research? Researchers trust respondents to provide the
-
Custom Online Research Panels: 4 Reasons to Choose Third-Party Panel Recruitment
Posted at: 1/11/2021 3:53 PM
Custom online research panels are an increasingly popular tool in the market research world. They are effective, practical, and worthwhile. Oftentimes companies will attempt to reinvent the wheel with new projects throughout the year; projects that are laborious and time-consuming. That’s where market research panels come in. They provide a pool of qualified individuals who can participate in research studies at a moment’s notice. We know third-party panels can be confusing, especially for th