What Are The 4 Types Of Market Research

Market research is at the nucleus of each enormous marketing strategy. It’s the simple way to actually comprehend your industry, customers, and competitors on a cherished level. In general, every market research execution can be divided into one of four overarching types of market research. 

To create it easier to purify your marketing research efforts, we’re breaking down the four types of market research to be assured you have all the compulsory data and information to boost-up your marketing strategies and make them triumphant. 

Different Types Of Market Research

There are four main categories of market research that you’ll probably come across. Each one of these can assist you extract data and information about your market in dissimilar ways. 

1. Primary Research 

Primary research refers to most essential data or information. Initial statistics or information is all the statistics and information you’ve composed on your own, you’re not citing any former source’s work. 

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This type of market research can help strengthen your marketing strategy with data and information that comes directly from your customers. It’s debatably the main valuable kind of market research because it’s particular to your customer base. This allows you to get candid details on business strengths and weaknesses to realize the overall customer experience. You can transmit your investigation or poll on a social media channel or add it to an email newsletter you send to subscribers. A larger response like this will assist you establish what your customer base is thinking, and you can identify shared pain points or praise they may have. 

2. Secondary Research 

Secondary research refers to second-party or third-party data or information. Second- and third-party data is collected from what already exists within the market. The research is not done by you, but by other businesses or organizations. 

This type of market research can help you get a better understanding of your industry as a whole. You’ll be able to identify how competitors operate, important industry statistics, and other valuable insights that you can use to help create a more informed marketing strategy overall. Secondary research is the best way to get a feel for the data and information that already exists within your industry and among your competitors. Identifying that data and information not only gives you an improved initiative of what you’re up against from a marketing point of view but also where you might be able to improve. 

3. Qualitative Research 

Qualitative research refers to the assortment of data that can’t be measured.  Qualitative research can be primary or secondary. You can employ primary market research methods such as interviews, polls, and surveys to find out how customers think about your product or service. The aim is to appreciate how they believe. You can ask open-ended questions 

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This kind of market research gives us insight into what customers are thinking; it’s the only way to discover why a customer decides to rely your—or another—brand. When you conduct customer research, you can ask customers precise questions about your product or service. The replies to these questions will assist you form enhanced marketing strategies that take all their feelings and thoughts about your product or service into consideration. An immense way to utilize qualitative research is to do it during a product launch. The aim is to get as much customer feedback about your novel product as possible. Qualitative research can aid you estimate whether it has met customer prospects or not. 

4. Quantitative Research 

Quantitative research refers to collecting numbers for statistical analysis. Like qualitative research, quantitative research can be primary or secondary in nature. This type of market research is all about having the figures to back up your marketing strategy. The stats aren’t interpretations; in fact they’re observed confirmation. 

This information can act as a yardstick for where to spend more time and money in your marketing efforts. Once you know where you stand in a market among certain dimensions like your page views or subscribers, you can adjust your marketing strategy accordingly to reflect your findings. Unlike several of the other types of market research featured in this piece of writing, quantitative research has an extremely distinct advantage in that you’re able to use analytics platforms to track your development.