There are numerous ways to conduct marketing research. The marketing research methods that a business will choose to employ all depend on how much money is available for these processes to take place. Surveys, observation, and field trials are the marketing research methods that are the most favored among business owners
Taking surveys is the most favored marketing research method because it is not only statistically reliable, but it is the easiest. Surveys that are conducted in person in high traffic locations, like shopping malls, train stations, or busy coffee shops, are the most successful because they yield a response rate of more than ninety percent. Much money is needed to conduct in person surveys. Business owners can look at spending up to $100 per interview. Telephone and mailed surveys are easier and less expensive to conduct; however, response rates are much lower. Phone surveys yield a response rate of 50 to 60%, and the response for surveys by mail is significantly lower because many people just throw out the mail they do not recognize. Online surveys are the cheapest; yet, results are difficult to measure because there is little to no control over the pool of people who are being surveyed.
Observational Research
Observations are the second most favored research marketing method because this method produces measurable results and is less expensive and easier than conducting surveys. This particular method involves the business owner or someone that he or she hires observing people belonging to a particular niche market in their normal environment. For instance, an observer may watch how children in a certain demographic live in order to learn how to target them with specific products or services. Observations can take place over a period of days or weeks, and results can be carefully noted. Once the business owner has learned what he or she wants to know about the niche market that is being targeted, then he or she can determine which products or services they can offer to meet their needs and solve their problems.
Field Trial
Finally, there is the field trial method. The field trial method allows business owners to test out their products and services in select locations for a period of time. This will allow business owners to analyze real life purchasing trends. During the time business owners are conducting field trials, they can make adjustments according to the results that they receive. A couple of examples of adjustments that business owners will make are tweaking products and services or offering something completely different altogether.
In order to insure that any marketing research method is successful, a quantitative project management process must be established. Quantitative project management will focus on quantifiable attributes that can be analyzed and measured so as to statistically manage the processes or techniques for research that have been selected. Quantitative project management facilitates success and optimal project control. It is fitting to have one of these processes in place before employing any of these methods to insure that every aspect of marketing research runs smoothly
This article was written by Winning Research Groups - Your trusted provider of quantitative project management and qualitative project management services.
