Researching the market determines the viability of a new service or product by interacting with potential customers directly. Market and sociological research provide precise and timely information about a population’s requirements, views, and motivations. It also serves an important societal function by supporting the Australian government and various enterprises in developing services, regulations, and products that respond to a specific need. So, ensuring that organisational solutions to these demands are relevant and correctly targeted add to Australia’s economic well-being. For instance, an Australian market research agency can help educate decision-makers on various significant issues, including major transportation and infrastructure planning, reactions to climate change, tax policy, etc. On the other hand, they help companies better market their products.
You’ll most likely come across four different sorts of market research. In different ways, each of these can assist you in extracting information about your market.
1. Primary Sources
First-hand data or knowledge is referred to as primary research. Here, you’re not citing any other source’s work; thus, first-party data is all the information you’ve gathered on your own. So, the examples of primary market research include:
- Focus groups
With data and information directly from your customers, this form of market research can help boost your marketing approach. And since it is specific to your consumer group, it is possibly the most valuable sort of market research. This enables you to obtain truthful information about the company’s strengths and faults to understand the whole client experience better.
2. Secondary Sources
Second-party information is referred to as secondary research. Here, data from second and third parties are gathered from what is currently available on the market. Also, other firms or groups conduct the study, and not you.
The following are some examples of this:
This form of market research might assist you in gaining a deeper understanding of your entire business. You’ll learn how competitors operate, essential sector statistics, and other useful information that you can utilise to develop a more educated marketing plan in general. Moreover, secondary research is the most effective technique to understand the data and information already available in your sector and among your rivals. Identifying that information offers you a better picture of not just what you’re up against in terms of marketing but also where you can improve.
3. Qualitative Research
The collection of information that cannot be measured is referred to as qualitative research. Qualitative study can be performed in two ways: primary and secondary. You may find out how people feel about the product or service through primary marketing methods, including interviews, polls, and surveys, and the idea is to figure out what they’re thinking. This form of market research allows you to learn what your customers are thinking, and it’s the only method to know why they choose to trust your brand.
4. Quantitative Analysis
Quantitative research is the process of gathering data for statistical analysis. Quantitative research, like qualitative research, can be either primary or secondary. It’s important to have the numbers to support your marketing approach in this form of market research. Meanwhile, the numbers are empirical facts, not interpretations, and this information can be used to determine where you should invest more time, money and effort.
Keep in mind that the nature of your market might shift quickly and without warning. And that’s why it’s critical to make sure you’re conducting market research frequently. So, contacting an Australian market research agency for your research needs will keep you informed about your customers, industry, and competitors at all times. Besides, this allows you to develop more effective marketing plans.