Free market research tools

Free market research tools Market research refers to studying and analyzing the market scenario in connection with a product or service. It involves gathering and recording information regarding specific products and services. Every business owner wants his business to grow and flourish and market research plays a major role in that. Market research is imperative for any business to keep it in tune with the business competition.

Research Method A

Well, I am sure most of you would have heard of this method before, which applies to all kinds of research, even academic and not just market. It refers to doing a simple survey. Survey is the most common research tool and if done properly, almost accurate marketing conclusions can be made. A questionnaire which is concise and to the point and covers the aspects which require to be analyzed will do the trick. Then analysis of a sample group representing your target market is all you need to do. Costlier than the mail, it is cheaper than the one to one survey. But the glitch here is that people are very hesitating and these days with constant telemarketing, people are becoming increasingly averse to such calls. On the other hand, if you want to get responses from a large number of people, mail or online survey is an effective way. However, they generate the minimum amount of response. These are mainly quantitative market research methods.

Research Method B

In depth interview is another method aiding research. Detailed personal interviews give a better quality data, thus, one has credible conclusions than surveys. These interviews have open ended questions and are normally recorded. Even if these might not be statistically reliable perhaps, they are excellent to gain interesting and valuable insights in customer attitudes. You can conclude many things about new products or services.

Research Method C

Observation is another of the market research methodology. Sometimes, what people say and do are drastically different. So, observing potential customers or the already existing customers in action and recording that, is one of the best bets to get a clear picture of the habits of the customers and their shopping patterns.

Free market research tools