- Blog Categories
- Software Development Projects and Ideas
- 12 Computer Science Project Ideas
- 28 Beginner Software Projects
- Top 10 Engineering Project Ideas
- Top 10 Easy Final Year Projects
- Top 10 Mini Projects for Engineers
- 25 Best Django Project Ideas
- Top 20 MERN Stack Project Ideas
- Top 12 Real Time Projects
- Top 6 Major CSE Projects
- 12 Robotics Projects for All Levels
- Java Programming Concepts
- Abstract Class in Java and Methods
- Constructor Overloading in Java
- StringBuffer vs StringBuilder
- Java Identifiers: Syntax & Examples
- Types of Variables in Java Explained
- Composition in Java: Examples
- Append in Java: Implementation
- Loose Coupling vs Tight Coupling
- Integrity Constraints in DBMS
- Different Types of Operators Explained
- Career and Interview Preparation in IT
- Top 14 IT Courses for Jobs
- Top 20 Highest Paying Languages
- 23 Top CS Interview Q&A
- Best IT Jobs without Coding
- Software Engineer Salary in India
- 44 Agile Methodology Interview Q&A
- 10 Software Engineering Challenges
- Top 15 Tech's Daily Life Impact
- 10 Best Backends for React
- Cloud Computing Reference Models
- Web Development and Security
- Find Installed NPM Version
- Install Specific NPM Package Version
- Make API Calls in Angular
- Install Bootstrap in Angular
- Use Axios in React: Guide
- StrictMode in React: Usage
- 75 Cyber Security Research Topics
- Top 7 Languages for Ethical Hacking
- Top 20 Docker Commands
- Advantages of OOP
- Data Science Projects and Applications
- 42 Python Project Ideas for Beginners
- 13 Data Science Project Ideas
- 13 Data Structure Project Ideas
- 12 Real-World Python Applications
- Python Banking Project
- Data Science Course Eligibility
- Association Rule Mining Overview
- Cluster Analysis in Data Mining
- Classification in Data Mining
- KDD Process in Data Mining
- Data Structures and Algorithms
- Binary Tree Types Explained
- Binary Search Algorithm
- Sorting in Data Structure
- Binary Tree in Data Structure
- Binary Tree vs Binary Search Tree
- Recursion in Data Structure
- Data Structure Search Methods: Explained
- Binary Tree Interview Q&A
- Linear vs Binary Search
- Priority Queue Overview
- Python Programming and Tools
- Top 30 Python Pattern Programs
- List vs Tuple
- Python Free Online Course
- Method Overriding in Python
- Top 21 Python Developer Skills
- Reverse a Number in Python
- Switch Case Functions in Python
- Info Retrieval System Overview
- Reverse a Number in Python
- Real-World Python Applications
- Data Science Careers and Comparisons
- Data Analyst Salary in India
- Data Scientist Salary in India
- Free Excel Certification Course
- Actuary Salary in India
- Data Analyst Interview Guide
- Pandas Interview Guide
- Tableau Filters Explained
- Data Mining Techniques Overview
- Data Analytics Lifecycle Phases
- Data Science Vs Analytics Comparison
- Artificial Intelligence and Machine Learning Projects
- Exciting IoT Project Ideas
- 16 Exciting AI Project Ideas
- 45+ Interesting ML Project Ideas
- Exciting Deep Learning Projects
- 12 Intriguing Linear Regression Projects
- 13 Neural Network Projects
- 5 Exciting Image Processing Projects
- Top 8 Thrilling AWS Projects
- 12 Engaging AI Projects in Python
- NLP Projects for Beginners
- Concepts and Algorithms in AIML
- Basic CNN Architecture Explained
- 6 Types of Regression Models
- Data Preprocessing Steps
- Bagging vs Boosting in ML
- Multinomial Naive Bayes Overview
- Gini Index for Decision Trees
- Bayesian Network Example
- Bayes Theorem Guide
- Top 10 Dimensionality Reduction Techniques
- Neural Network Step-by-Step Guide
- Technical Guides and Comparisons
- Make a Chatbot in Python
- Compute Square Roots in Python
- Permutation vs Combination
- Image Segmentation Techniques
- Generative AI vs Traditional AI
- AI vs Human Intelligence
- Random Forest vs Decision Tree
- Neural Network Overview
- Perceptron Learning Algorithm
- Selection Sort Algorithm
- Career and Practical Applications in AIML
- AI Salary in India Overview
- Biological Neural Network Basics
- Top 10 AI Challenges
- Production System in AI
- Top 8 Raspberry Pi Alternatives
- Top 8 Open Source Projects
- 14 Raspberry Pi Project Ideas
- 15 MATLAB Project Ideas
- Top 10 Python NLP Libraries
- Naive Bayes Explained
- Digital Marketing Projects and Strategies
- 10 Best Digital Marketing Projects
- 17 Fun Social Media Projects
- Top 6 SEO Project Ideas
- Digital Marketing Case Studies
- Coca-Cola Marketing Strategy
- Nestle Marketing Strategy Analysis
- Zomato Marketing Strategy
- Monetize Instagram Guide
- Become a Successful Instagram Influencer
- 8 Best Lead Generation Techniques
- Digital Marketing Careers and Salaries
- Digital Marketing Salary in India
- Top 10 Highest Paying Marketing Jobs
- Highest Paying Digital Marketing Jobs
- SEO Salary in India
- Brand Manager Salary in India
- Content Writer Salary Guide
- Digital Marketing Executive Roles
- Career in Digital Marketing Guide
- Future of Digital Marketing
- MBA in Digital Marketing Overview
- Digital Marketing Techniques and Channels
- 9 Types of Digital Marketing Channels
- Top 10 Benefits of Marketing Branding
- 100 Best YouTube Channel Ideas
- YouTube Earnings in India
- 7 Reasons to Study Digital Marketing
- Top 10 Digital Marketing Objectives
- 10 Best Digital Marketing Blogs
- Top 5 Industries Using Digital Marketing
- Growth of Digital Marketing in India
- Top Career Options in Marketing
- Interview Preparation and Skills
- 73 Google Analytics Interview Q&A
- 56 Social Media Marketing Q&A
- 78 Google AdWords Interview Q&A
- Top 133 SEO Interview Q&A
- 27+ Digital Marketing Q&A
- Digital Marketing Free Course
- Top 9 Skills for PPC Analysts
- Movies with Successful Social Media Campaigns
- Marketing Communication Steps
- Top 10 Reasons to Be an Affiliate Marketer
- Career Options and Paths
- Top 25 Highest Paying Jobs India
- Top 25 Highest Paying Jobs World
- Top 10 Highest Paid Commerce Job
- Career Options After 12th Arts
- Top 7 Commerce Courses Without Maths
- Top 7 Career Options After PCB
- Best Career Options for Commerce
- Career Options After 12th CS
- Top 10 Career Options After 10th
- 8 Best Career Options After BA
- Projects and Academic Pursuits
- 17 Exciting Final Year Projects
- Top 12 Commerce Project Topics
- Top 13 BCA Project Ideas
- Career Options After 12th Science
- Top 15 CS Jobs in India
- 12 Best Career Options After M.Com
- 9 Best Career Options After B.Sc
- 7 Best Career Options After BCA
- 22 Best Career Options After MCA
- 16 Top Career Options After CE
- Courses and Certifications
- 10 Best Job-Oriented Courses
- Best Online Computer Courses
- Top 15 Trending Online Courses
- Top 19 High Salary Certificate Courses
- 21 Best Programming Courses for Jobs
- What is SGPA? Convert to CGPA
- GPA to Percentage Calculator
- Highest Salary Engineering Stream
- 15 Top Career Options After Engineering
- 6 Top Career Options After BBA
- Job Market and Interview Preparation
- Why Should You Be Hired: 5 Answers
- Top 10 Future Career Options
- Top 15 Highest Paid IT Jobs India
- 5 Common Guesstimate Interview Q&A
- Average CEO Salary: Top Paid CEOs
- Career Options in Political Science
- Top 15 Highest Paying Non-IT Jobs
- Cover Letter Examples for Jobs
- Top 5 Highest Paying Freelance Jobs
- Top 10 Highest Paying Companies India
- Career Options and Paths After MBA
- 20 Best Careers After B.Com
- Career Options After MBA Marketing
- Top 14 Careers After MBA In HR
- Top 10 Highest Paying HR Jobs India
- How to Become an Investment Banker
- Career Options After MBA - High Paying
- Scope of MBA in Operations Management
- Best MBA for Working Professionals India
- MBA After BA - Is It Right For You?
- Best Online MBA Courses India
- MBA Project Ideas and Topics
- 11 Exciting MBA HR Project Ideas
- Top 15 MBA Project Ideas
- 18 Exciting MBA Marketing Projects
- MBA Project Ideas: Consumer Behavior
- What is Brand Management?
- What is Holistic Marketing?
- What is Green Marketing?
- Intro to Organizational Behavior Model
- Tech Skills Every MBA Should Learn
- Most Demanding Short Term Courses MBA
- MBA Salary, Resume, and Skills
- MBA Salary in India
- HR Salary in India
- Investment Banker Salary India
- MBA Resume Samples
- Sample SOP for MBA
- Sample SOP for Internship
- 7 Ways MBA Helps Your Career
- Must-have Skills in Sales Career
- 8 Skills MBA Helps You Improve
- Top 20+ SAP FICO Interview Q&A
- MBA Specializations and Comparative Guides
- Why MBA After B.Tech? 5 Reasons
- How to Answer 'Why MBA After Engineering?'
- Why MBA in Finance
- MBA After BSc: 10 Reasons
- Which MBA Specialization to choose?
- Top 10 MBA Specializations
- MBA vs Masters: Which to Choose?
- Benefits of MBA After CA
- 5 Steps to Management Consultant
- 37 Must-Read HR Interview Q&A
- Fundamentals and Theories of Management
- What is Management? Objectives & Functions
- Nature and Scope of Management
- Decision Making in Management
- Management Process: Definition & Functions
- Importance of Management
- What are Motivation Theories?
- Tools of Financial Statement Analysis
- Negotiation Skills: Definition & Benefits
- Career Development in HRM
- Top 20 Must-Have HRM Policies
- Project and Supply Chain Management
- Top 20 Project Management Case Studies
- 10 Innovative Supply Chain Projects
- Latest Management Project Topics
- 10 Project Management Project Ideas
- 6 Types of Supply Chain Models
- Top 10 Advantages of SCM
- Top 10 Supply Chain Books
- What is Project Description?
- Top 10 Project Management Companies
- Best Project Management Courses Online
- Salaries and Career Paths in Management
- Project Manager Salary in India
- Average Product Manager Salary India
- Supply Chain Management Salary India
- Salary After BBA in India
- PGDM Salary in India
- Top 7 Career Options in Management
- CSPO Certification Cost
- Why Choose Product Management?
- Product Management in Pharma
- Product Design in Operations Management
- Industry-Specific Management and Case Studies
- Amazon Business Case Study
- Service Delivery Manager Job
- Product Management Examples
- Product Management in Automobiles
- Product Management in Banking
- Sample SOP for Business Management
- Video Game Design Components
- Top 5 Business Courses India
- Free Management Online Course
- SCM Interview Q&A
- Fundamentals and Types of Law
- Acceptance in Contract Law
- Offer in Contract Law
- 9 Types of Evidence
- Types of Law in India
- Introduction to Contract Law
- Negotiable Instrument Act
- Corporate Tax Basics
- Intellectual Property Law
- Workmen Compensation Explained
- Lawyer vs Advocate Difference
- Law Education and Courses
- LLM Subjects & Syllabus
- Corporate Law Subjects
- LLM Course Duration
- Top 10 Online LLM Courses
- Online LLM Degree
- Step-by-Step Guide to Studying Law
- Top 5 Law Books to Read
- Why Legal Studies?
- Pursuing a Career in Law
- How to Become Lawyer in India
- Career Options and Salaries in Law
- Career Options in Law India
- Corporate Lawyer Salary India
- How To Become a Corporate Lawyer
- Career in Law: Starting, Salary
- Career Opportunities: Corporate Law
- Business Lawyer: Role & Salary Info
- Average Lawyer Salary India
- Top Career Options for Lawyers
- Types of Lawyers in India
- Steps to Become SC Lawyer in India
- Tutorials
- C Tutorials
- Recursion in C: Fibonacci Series
- Checking String Palindromes in C
- Prime Number Program in C
- Implementing Square Root in C
- Matrix Multiplication in C
- Understanding Double Data Type
- Factorial of a Number in C
- Structure of a C Program
- Building a Calculator Program in C
- Compiling C Programs on Linux
- Java Tutorials
- Handling String Input in Java
- Determining Even and Odd Numbers
- Prime Number Checker
- Sorting a String
- User-Defined Exceptions
- Understanding the Thread Life Cycle
- Swapping Two Numbers
- Using Final Classes
- Area of a Triangle
- Skills
- Software Engineering
- JavaScript
- Data Structure
- React.js
- Core Java
- Node.js
- Blockchain
- SQL
- Full stack development
- Devops
- NFT
- BigData
- Cyber Security
- Cloud Computing
- Database Design with MySQL
- Cryptocurrency
- Python
- Digital Marketings
- Advertising
- Influencer Marketing
- Search Engine Optimization
- Performance Marketing
- Search Engine Marketing
- Email Marketing
- Content Marketing
- Social Media Marketing
- Display Advertising
- Marketing Analytics
- Web Analytics
- Affiliate Marketing
- MBA
- MBA in Finance
- MBA in HR
- MBA in Marketing
- MBA in Business Analytics
- MBA in Operations Management
- MBA in International Business
- MBA in Information Technology
- MBA in Healthcare Management
- MBA In General Management
- MBA in Agriculture
- MBA in Supply Chain Management
- MBA in Entrepreneurship
- MBA in Project Management
- Management Program
- Consumer Behaviour
- Supply Chain Management
- Financial Analytics
- Introduction to Fintech
- Introduction to HR Analytics
- Fundamentals of Communication
- Art of Effective Communication
- Introduction to Research Methodology
- Mastering Sales Technique
- Business Communication
- Fundamentals of Journalism
- Economics Masterclass
- Free Courses
Understanding and Conducting a Market Research like Experts
Updated on 24 November, 2022
5.62K+ views
• 12 min read
Table of Contents
In a market study conducted in 2015 by Think with Google 89% of buyers use the internet during the B2B research process, 71% start with a generic search query and 57% of their evaluation is done before they’ll perform an action on your site. The insights from the study clearly reflect that today’s buyers make informed decisions about purchasing. So, does your marketing plan and strategy aligns with the buying thought process of your target audience? If not, get to know the importance of market research to design a customer-centric marketing strategy.
Best Digital Marketing Courses Online
Go where your consumers are going, speak their language and emote their emotions to connect with your target audience. Yes, this is what most marketer’s do. Yet, knowing your target audience in a deep fashion by learning what they would learn to know. And, to do this, market research is the best tool to know the buyer’s journey. Every sales and marketing professional must look beyond just offering a sales pitch to the consumers. All sales and marketing professional must know to conduct a methodical and professional market research and analyse the data gathered from it for the benefit of the business.
A market research is a method of collecting data about the consumers and to determine whether a particular product or service would satisfy the needs of the audience. An effective market research can be the fertile seeds in every stage of the business cycle. Business organisations can gain information about the performance of the company in the market, target persona, competitors, economic shifts, current market trends and the changing needs of the consumers from a compelling study.
In-demand Digital Marketing Skills
Learn digital marketing courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career.
The competitive business ecosystem ensures firms possess the apt knowledge about the changing concerns and preferences of the consumers. Market research is the best way to augment the customer satisfaction and get to know the factors that make or break the business. Identifying the problem areas of the business, minimise the loss in business, seek new business opportunities and reach to new global markets through a compelling market research.
Irrespective of whether you are a newbie or an established marketer in the industry, this blueprint and a step-by-step guide to understanding to conduct a market research is going to be helpful and handy to get a deeper vision into the consumer’s journey.
There are two main types of market research. Once the plan and the hypothesis of the research are decided, it is time to decide on which type of market research should be conducted. The two types are:
Primary Research:
This research includes the researching about the product of the company, product of the competitors, what is the audience needs and how the product would connect with the audience, what is the value proposition, etc. This is usually done internally.
Digital Marketing Free courses to Learn
Secondary Research:
This is the field or external research where the sample target audience is involved to understand the real-time needs of the consumers.
Sales 101: An Optimum Approach to Find a Happy Customer
Key Attributes of a Market Research Study
Some of the key attributes of a professional market research study are survey research, survey questions, survey distribution models, survey analysis, and survey report.
Survey Research
An online or offline questionnaire which has set of questions that would be answered by the potential consumers. This could be given to the audience either in hand or emailed or SMS to them through the digital world.
Survey Questions
This is the most critical part of any market research. The language, tone, important and valid questions that pertain to the traits of the audience is important aspects of focus.
Survey Distribution Models
Ensure you opt for the best survey distribution model. Emails are considered to be the best distribution channel to collect data irrespective of B2C or B2B business.
Survey Analysis
The final analysis is the climax of any survey. While excel sheets and pie-charts were the past analysis methods, there is a swift evolution of inbuilt market research software platforms that automatically provide live survey analytics, all in real-time!
Survey Report
The survey report is the complete set of conclusions drawn from survey analysis. This includes what the current trend is and what projections appear to be. A good survey report forms a complete thesis based on the market research objectives and survey data analysis.
Get an Edge in your Management Career: UpGrad and IMT Ghaziabad
An Ideal Process to do Market Research: Step-by-Step Method
#1 Define Your Personas
Before knowing how your audiences are making decisions, the first step is to know, ‘Who are the consumers?’. The process of knowing and defining consumers are Target Persona Research. To know this, crafting a buyer persona is essential. Buyer personas also referred as marketing personas, are the fictional, generalized traits of the ideal or potential customers. Buyer personas aid to visualise the audience, streamline the consumer communications and help in designing an effective marketing strategy.
In order to create target personas, use different target persona templates available in the market and easily organise the audience segments. Some of the most important fragments of the persona are; name, age, demographics, professional qualifications, passion and interests, challenges of their life, and how would be they connected to the business and the brand. These information’s would help to classify the audience as per their needs and the business could target them accordingly.
Be thoughtful while brainstorming about the target personas. Be specific and clear about the needs of the audience. Remember, you are optimizing information for designing and executing marketing campaigns that would lead to attract potential customers and generate business leads.
#2 Sampling of the Audience
Once defining the fictional target personas, it is necessary to check with the real audience. It is time to match the brainstormed ideas with the with the real audience. A representative real audience to understand the buyer’s journey is important.
The participants of the market research experiment must possess the characteristics of the fictional buyer persona. A minimum of 10 participants in the sample group is a must. It is vital to select people who have currently interacted with the brand. These people could be who have made the purchase, who were making a purchase and people who might be potential customers. This mix of participants would lead to an effective and insightful study. A simple recruiting process of participants includes various steps such as: making a list of customers who made the purchase, call for participants from the social media world, and create incentives for participation.
#3 Planning & Preparation of the Discussion Guide
Being prepared for conducting the experiment and survey is essential. Whether it is an email, telephone or a focus group interviews, being prepared to ask and handle different questions in different scenarios is essential. A good planning and preparation for the discussion would help in the asking the right and important questions and use the time of the participants and the business professionals wisely.
The discussions need to be free flowing, natural and conversations. Yet having a guide to different questions, and probable answers for different situations would help to keep the conversation lined to the objective of the research. The discussion guide must be a parameter and an outline format for the experiment with the audience along with the information of time factor and list of questions to be addressed in the discussion.
Asking yes or no question is leading the audience to a particular answer. In the initial stages of buyer persona study, it is always recommended to know have all open-ended questions. These questions will restrict the one-word response and give a better picture of the audience. The questions could be framed in the chronological order such as the introduction of the participant, the professional details, passion, and interests. Then specific questions that would connect the brand and the buyers. This would give an insight into why people would buy the product or service and why wouldn’t they do so.
Classify the questions as per Awareness, Consideration, and Decision stage of the cycle. It is essential to know when does a buyer make a purchase and what are the factors that influence these purchasing decisions. Lastly, ask questions that help the business understand what their expectations from the brand and the business product or service are.
upGrad’s Exclusive Digital Marketing Webinar for you –
What’s new in Marketing?
#4 Leading the Conversations
It’s time to directly talk to the participants through the survey questions. Whether it is an online or an offline survey, understand when and how to talk to the participants once the questionnaire is given to them. Never accept short answers. Gently and politely make sure they open up and have long interactions. Allow participants to think and give them their space and time. It is always essential to keep the focus group on track with the persona objective and traits. Never mislead them or if they go off-track, ensure they are back to the purpose of the market research.
Do You Really Need an Offline MBA to Become a Great Manager
#5 Analysis & Inferences of the Market Study
It would be quite overwhelming to collate all the data from the participants. It is usually recommended to look for common themes and thoughts that could be expressed as a story, leading to a specific plan and process for marketing strategy. The summary of the market research should have details about the background of the study, which includes the goals and reasons for the study. It must also have information about the participants, the main inferences from the different stages such as awareness, consideration and stage. At the last, the final inference and the action plan to design a successful marketing campaign.
The advantages of a quantitative market research are fully data-oriented decision making, zero scopes of analytical errors and timely and concrete projections. Some of the statistical analysis techniques of market analysis are; Total Unduplicated Reach and Frequency (TURF) Analysis, Conjoint Analysis, MaxDiff Analysis, GAP Analysis, Strength, Weakness, Opportunities and Threat (SWOT) Analysis, Trend Analysis and Text Analysis.
A qualitative market research is cost-effective, gives in-depth insights about the target audience of the business, flexibility to know the different business products which would fit the audience taste and answers the ‘why’ for all the business problems.
Whether you are an entrepreneur who is planning to start a business or an established business professional who has a target audience, market research is critical for the business organisation. The results and inferences from the market research could help in optimizing the brand strategy and positioning, elevate the communication strategy with the consumers, innovate the impact of the product and assess the performance of the business in the market when compared to the competitors. In short, elevating the business operations.
Key Skills Required to Excel as a Market Researcher
Some of the key skills needed to succeed as a Market Researcher are commercial awareness, strong and exceptional data analysis skills, brilliant organisational skills, pleasing and approachable interpersonal skills, and clean and clear communication skills. A great market researcher must always look out for something new in the consumer, must be curious by nature, methodical in work culture and always prioritise and focus on consumers first and then the process.
Mistakes that Most Market Researchers Make
Some of the common mistakes that most market researchers make are: doing only primary research or doing only secondary research, using the only web for research, not being able to identify and connect with the audience, and giving zero incentives for the consumers to communicate with the brand. Ensure you do not make these mistakes. Every research must be a blend of all types of research that gives inferences from different dimensions and perspectives.
The Ultimate Sales and Marketing Resource Guide
Popular Digital Marketing Blogs
As a process, market research would feel and look like an overwhelming operation. Having said that, the more you conduct market research, the easier it gets. It is a very eye-opening experience which would sometimes amaze the marketers. The study unquestionably would help in knowing the audience better, enhance the communication channels and improve interactions with the consumers. The renowned marketing professionals and market research scientist recommend business organisations to conduct market research studies at regular intervals of time to stay abreast and ahead of the competitors.
Frequently Asked Questions (FAQs)
1. What is SWOT Analysis?
SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis seeks to assess the health of a business based on these 4 aforementioned parameters.
SWOT Analysis helps businesses optimally utilize their resources. It also helps companies eliminate hazards and reduce the chances of failure.
By helping companies to create a distinct business strategy that helps differentiate their products and services from those of their competitors, SWOT analysis enables organizations to reach their marketing goals and objectives.
2. What is a focus group?
A focus group is a technique in research that uses group interaction to collect data. A small group of carefully selected people is given a topic to discuss.
Marketers use focus groups to gauge the behavior of their key demographics. It helps them answer vital questions in the product development stage and offers invaluable insights into a possible interaction between the soon-to-be-launched product or scheme and its intended audience.
Focus groups can be used in one of 3 ways in a research design. They can be used as a standalone source where they are the sole method of collecting data. They could be a supplementary source of collecting data that could lead to a more rigorous quantitative stage.
They could also be a part of a multi-pronged approach where data is collected through various means without any one method of the collection being given special preference.
3. What are pie charts?
A pie chart is often referred to as a circle chart. It comprises a circular statistical graphic that is divided into slices or sectors to represent numerical problems. Each slice stands for a pre-defined subset of the whole. Pie charts are an efficient way to represent a whole that is made up of distinct and separate parts.
Besides pie charts, numbers and figures can also be statistically represented in the form of histograms, line plots, bar graphs, etc.
RELATED PROGRAMS