Popular Methods of Market Research
While there are many ways to conduct market research, there are two methods that are commonly used by various industries. Below is a summary of some key factors in choosing between two of the top modes of market research, provided by Survey Monkey.
Focus Groups: Focus groups are great ways to get feedback from consumers in a relatively controlled setting.
· Small response pool
· Qualitative data
· Discover new consumer opinions
· Real-time responses
· More time-consuming
· More expensive
Surveys: Surveys are a convenient and simple way to reach a larger audience in a short amount of time.
· Quick way to get many responses
· Quantitative data
· Easily gain demographic and psychographic information
· More private and anonymous setting
· Easier to run comparison tests
Impact of Market Research
Targeted Advertising: Knowing how to advertise is just as important as knowing what to advertise. The best way to advertise to your target population will depend on results from your market research. Analyzing your results will help you create the most effective advertising plan. Pictures may be worth a thousand words or testimonials may ring more true with your specific target audience. Whatever your consumers are wanting, make sure you're listening to them, taking what they have to say, and acting on it.
Better Consumer Understanding: Consumers want to feel special and recognized instead of being treated all the same. Relating to your consumers will be beneficial to you and them. By analyzing your data you'll be able to better understand your consumers' needs and be able to be a business that puts its consumers first.
If you want to better connect with your target audiences and make the most of your advertising, Integrated Advertising can help.
Integrated Advertising is a full-service agency based in Jacksonville, FL., known for its expertise in strategic planning and negotiating, its award-winning commercial production, and promotional and event management. At Integrated Advertising, we help each client strategize the right plan to place the right ads, in the right spot, at the right time, so you can have a profitable company. Visit Integrated Advertising or call (904) 296-2585 for more information.