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Exploring the Types of Market Research Solutions for your Business
Nov. 22, 2024
Business growth in today’s times depends heavily on market research. By researching properly about your customers and their needs, you can get a competitive edge in your industry. Moreover, understanding the different types of market research is important for businesses, if they aim to make a wide range of informed decisions and stay relevant in the marketplace. But how can you make market research easier and more effective?
Meet QDegrees, a market research company that offers a wide range of innovative MR capabilities that are designed to meet your business’s unique needs. So, let’s discover the different types of market research and how QDegrees can elevate it and drive business success.
How to Choose the Right Type of Market Research?
Before selecting the right approach for your business, it is important to first understand the different types of market research. So, let’s find out the main options available and how they meet your unique business requirements.
Qualitative Research vs Quantitative Research
While conducting a market research, one needs to prepare a set of relevant questions that help to analyze the market sentiment. Then, to answer these specific business questions, you may either need Qualitative market research or quantifiable market research. Moreover, in some cases you may even need both.
Qualitative Research Focuses on understanding the characteristics of a subject, while quantitative research examines the measurable data like the amounts and potential outcomes. However, if you want the most effective market analysis, then the perfect option is to combine both-qualitative and quantitative research’s insights. Not only will it offer a holistic approach that helps to uncover the root causes of the issues but also help to make better informed decisions while planning your business strategy.
Self-Service vs Full-Service Market Research
If you want a quick and easy solution, then there are tools for self service. However, if your needs are advanced then you should opt for white-glove services that provide a more comprehensive solution. Now, a white-glove service is a MR service facilitated by experts. It includes designing the study, programming surveys, and gathering insights from diverse sources. This approach also helps to generate detailed reports for you.
Basically, your choice between self-serve and white-glove services will depend on the complexity of the market research that you want to perform.
Types of Market Research Studies
Businesses mainly try to focus on these three types of questions through market research-
- Ad-Hoc studies: These questions address one-time queries.
- Foundational studies: Focusing on core aspects of your business and customers.
- Ongoing studies: These help to examine the recurring questions to track trends and changes over time.
Your ideal service provider should be able to cater to all the three types of market research. Make sure that they align with your specific goals and inquiries. So, now let's focus on getting the right market research service providers for your business.
How to Choose the Right Market Research Partner?
Asking questions helps you to know whether you and your service provider are on the same page or not. So ask these important questions before selecting your market research partner to ensure that they will meet your needs-
- Do they offer the types of market research you require, like qualitative, quantitative or both?
- Will they ensure that participants align with your demographic and behavioral preferences? Moreover, can they access your specific non-customer segments?
- Do they have flexible support options like self service tools and full service solutions?
- Are they capable of helping you reach your target audience, including both customers and non-customers?
- Can they collect data through your preferred methods like surveys or focus groups?
- Is it possible for them to launch your study quickly, within days rather than weeks?
Evaluating potential partners with these criteria will help you find a provider who is capable of delivering actionable insights that align with your goals. But is there an option already available? Let’s see.
