In doing business, preparing capital is indeed crucial. However, capital alone is not enough to make a business run smoothly. Business actors must make efforts so that their products can be accepted by the audiences. Therefore, when you want to launch a new product, you should do market research so you can understand what customers need. So, before starting to do market research, let’s get to know what types and research methods you can conduct!
Types of Market Research
1. Primary Research
When doing primary research, you will seek information directly from customers. Therefore, this research is very important because you can get opinions, ideas, and other feedback that customers need. Of course, you can use this information to optimize your product. Usually, primary research is done face-to-face, but in a pandemic situation, primary research can be done online. Primary research itself consists of two types, namely:
2. Quantitative research
When you look for data in the form of numbers, such as prices, product sizes, and product usage trends, it means that you are doing quantitative research. For example, if you want to run a fast food business, then you can ask customers about the types of food they like and how big the portions they usually eat.
3. Quantitative research
Unlike quantitative research based on numbers, qualitative research focuses on explanations from customers. This explanation can be in the form of responses, reasons for buying, impressions, and customers they get when they shop. To facilitate quantitative research, you can prepare specific data such as income, lifestyle, gender, and age.
4. Secondary Research
If primary research is conducted directly, secondary research uses research data from outside parties. Therefore, secondary research can be done more quickly. There are several ways you can do secondary research, for example, such as finding reference sources from several articles, market trends, to statistics. You can take secondary research sources from the media, educational institutions, and the government.
Market Research Methods
When doing primary research, one of the methods you can do is through distributing questionnaires. On the questionnaire, you must determine what criteria for respondents you need. Then, write down some questions that are relevant to your research goals.
Like the questionnaire method, surveys are part of market research. Unlike questionnaires where the questions require more in-depth answers, survey questions are usually made shorter. So, it is sufficient for the respondents to determine the several options that have been provided.
Focus Group Discussion (FGD) was conducted by directly discussing with several selected research respondents. Through these discussions, you can record customer opinions which can later help you make decisions in business.
This method is a support for the survey method and the questionnaire method. Through interviews, you can confirm whether the data provided by respondents during the survey is appropriate or not. You can do this question and answer via telephone or online platform.
Different from the interview method, you don’t need to ask questions while making observations. So, you only need to observe the activities of the respondents.
Through market research, you can find a lot of information about the field of business you are running. And of course, the risks in doing business can be minimized.