Welcome to Market Research Guide
Market Research Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
How to Know Which Market Research Method Is Best For You
from:Market Research is a systematic, orderly and analytic method to know and understand the wants, expectations and performances of prospective customer or buyer. There are many methods that can be used to perform this process. The methods most extensively used are surveys, questionnaires, telephonic interviews, focus groups, online polling etc.
However before choosing and investing in a market research methodology, it is good to understand and answer a few critical questions, like who are the customers? How they can be best reached? What is the customer profile i.e. in what age group they fall? What is the ratio of male and female in the consumers? What is your budget?
The best method can be zeroed in once you answer the following questions:
1. What is the target market(s)?
The understanding of customer database should be done to draw out some conclusions about whom and what types of people are purchasing from you. The answer to this question enables you to choose the right media and to get a good feel of your best target market.
2. What are the media sources that my target market watches listens to or read most?
To find answer to this question, the best step is to do some research about what specific media is used by the target market most often. The answer to this question can be best sought by simply paying attention to the consumers or to ask them straight about their choice. You can inquire about the names of publications that they subscribe to, the specific associations or groups that they belong to, their favourite radio stations, their most watched cable television programs, or the mails that they usually choose to open up and read.
3. Which media can convey the message at the lowest cost?
This is perhaps the most critical question .To answer this question you can compare the relative investment that you will have to do for marketing while using one media or the other. A commonly used measurement related to media buying is the “CPM”. It allows you to break down your media investment into cost per 1,000 “exposures.” So this tool can be used to effectively analyze all the media package options that you can consider.
4. What are your advertising objectives and how well will the chosen media help you to accomplish them?
The CPM measurements do allow the selection of an effective medium, but the question still remains unanswered that whether it would meet the advertising objective .For example if you wish to distribute pamphlets for your brand promotion, then you should understand that your advertising requirement is that people note down and remember your brand and the place from where it can be purchased.
Market Research Specific links
Market Research News
Infonetics: Operators Using Residential Gateways to Boost Broadband Revenue via Home Automation, Video
Market research firm Infonetics Research today released excerpts from its new Residential Gateway Deployment Strategies: Global Service Provider Survey. The report delves into serv
Read more...Infonetics Research: Ethernet Access Device (EAD) Market to Grow 81% from 2012 to 2016
The Ethernet access device market grew 17% in 2011 over 2010 and is forecast to grow 81% between 2012 and 2016, reports market research firm Infonetics Research in its new Ethernet
Read more...Infonetics Research: $186 billion to be spent on carrier Ethernet equipment over next 5 years
The global carrier Ethernet equipment market grew 13.4% to $31.7 billion in 2011, following a 43% hike in 2010, reports market research firm Infonetics Research in its latest Carri
Read more...MarketsandMarkets: Global Electro-Active Polymers Market Worth $3.4 Billion by 2017
DALLAS, May 24, 2012 /PRNewswire/ --According to a new market research report, "Global Electroactive Polymers Market Trends, Applications and Forecasts (2012 - 2017)" published by MarketsandMarkets ...
Read more...Fortune 500 Food Group Spends Six Figures on Market Research, Only to Watch Cookie Study Crumble
NEW YORK -- One of the world's leading food manufacturers commissioned a six-figure international market research segmentation study for a top cookie brand from a prominent West Coast research firm; the ...
Read more...