4 common market research methods — Konema Mwenenge Business Analyst
There are lots of different ways you could conduct market research and collect customer data, but you don’t have to limit yourself to just one research method. Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.
Which method you use may vary based on your business type: ecommerce business owners have different goals from SaaS businesses, so it’s typically prudent to mix and match these methods based on your particular goals and what you need to know.
1. Surveys: the most commonly used
Surveys are a form of qualitative research that ask respondents a short series of open- or closed-ended questions, which can be delivered as an on-screen questionnaire or via email. When we asked 2,000 Customer Experience (CX) professionals about their company’s approach to research, surveys proved to be the most commonly used market research technique.
What makes online surveys so popular? They’re easy and inexpensive to conduct, and you can do a lot of data collection quickly. Plus, the data is pretty straightforward to analyze, even when you have to analyze open-ended questions whose answers might initially appear difficult to categorize.
We’ve built a number of survey templates ready and waiting for you. Grab a template and share with your customers in just a few clicks.
2. Interviews: the most insightful
Interviews are one-on-one conversations with members of your target market. Nothing beats a face-to-face interview for diving deep (and reading non-verbal cues), but if an in-person meeting isn’t possible, video conferencing is a solid second choice.
Regardless of how you conduct it, any type of in-depth interview will produce big benefits in understanding your target customers.
What makes interviews so insightful?
By speaking directly with an ideal customer, you’ll gain greater empathy for their experience, and you can follow insightful threads that can produce plenty of ‘Aha!’ moments.
3. Focus groups: the most dangerous
Focus groups bring together a carefully selected group of people who fit a company’s target market. A trained moderator leads a conversation surrounding the product, user experience, and/or marketing message to gain deeper insights.
What makes focus groups so dangerous?
If you’re new to market research, I wouldn’t recommend starting with focus groups. Doing it right is expensive, and if you cut corners, your research could fall victim to all kinds of errors. Dominance bias (when a forceful participant influences the group) and moderator style bias (when different moderator personalities bring about different results in the same study) are two of the many ways your focus group data could get skewed.
4. Observation: the most powerful
During a customer observation session, someone from the company takes notes while they watch an ideal user engage with their product (or a similar product from a competitor).
What makes observation so clever and powerful?
‘Fly-on-the-wall’ observation is a great alternative to focus groups. It’s not only less expensive, but you’ll see people interact with your product in a natural setting without influencing each other. The only downside is that you can’t get inside their heads, so observation is no replacement for customer surveys and interviews.
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