Market Research 101 - Basics that Every Marketer Needs to Know [FREE DOWNLOAD]

Market research is the first step to getting your marketing strategy right. It allows you to uncover more insights in the market you're trying to tap into. Whilst its importance is undeniably obvious to marketers, there are 100 different ways to execute it properly. This leads to confusion amongst marketers to figure out which method is the best way to do market research to achieve the business objective.

This article aims to declutter the confusion and help you navigate the world of market research - from which one you should choose, to how to execute them properly.

If you prefer to watch it in video format, watch it below. If you'd prefer to read, then scroll below. We also provide a full in-depth guide for market research here.

Why market research 

• Removes guesswork and personal biases that might exist
• Helps identify trends, opportunities, gaps and challenges
• Helps guide the decision-making process with facts before significant investments are made
• Reduces the chances of failure – although it cannot be eliminated

Two main types of market research

• PRIMARY RESEARCH 
  When the information is sourced first-hand by doing the research yourself or commissioning a research partner, e.g: interviewing consumers or creating a survey

• SECONDARY RESEARCH
  When the information is sourced from pre-existing sources that have conducted and published the research, e.g: published reports, newspapers/ magazine articles

Two approaches in doing market research

• QUALITATIVE RESEARCH
  When you try to find anecdotal evidence or observational evidence by asking others or deducing your answers based on what people say or do, e.g: direct interviews, shop-along
  

• QUANTITATIVE RESEARCH
  When you find statistically representative and significant data which is then analyzed further to find answers to your questions, e.g: surveys, consumer panels

Get more in-depth explanations along with examples of how companies do their market research here

Setting research objectives

1. ISSUE

• Historical context to the issue
• A detailed description of the current business and marketing challenge backed with data or evidence
• Any other findings from previous research studies that clarify the issue

2. AMBITION

• The business and marketing objectives that need to be achieved
• Breakdown the objectives in as much detail as possible – short-term of long-term, business versus marketing, sales versus perception, etc

3. REQUIREMENT

• What is information or solution that research needs to deliver to help you overcome the issue and achieve your ambition

Writing a Market Research Brief

1. ACTION

• What are the next set of actions or decisions that will be taken on the basis of the research findings

2. AUDIENCE

• Who is the audience that you want the research to cover?
• Who is not the audience that you want to research to avoid?
• What demographics, psychographic, usage, attitudinal or other information is available about this audience?

3. OTHERS

• Project timelines
• Budgets
• Concepts/ Stimulus available for research

Market Research Design and Types

Research Design is the overall strategy that you want to use to carry out the different parts of your research study in a coherent and logical way so that you will be able to find the answer to the research question/ problem.

Your plan should cover methods, collection, interpretation, analysis and discussion of data and information.

Here are some examples of market research designs:

• Exploratory research design
• Descriptive research design
• Causal research design
• Experimental research design
• Historical research design
• Observational research design
• Longitudinal research design

If you want to learn more about market research design along with case studies on how different businesses use market research to inform their marketing decision, download our in-depth Market Research Guide for FREE here