You’ll be glad to know that when it comes to researching your market, the internet is your friend. No matter if your customer is exploring a topic, comparing prices, or just having fun, the internet provides new and innovative avenues for acquiring and analyzing information. Blogs and brands can now understand who their customers are, what are their interests if they feel positive or negative towards the services and products they acquired. This leads to understanding how you should communicate with them. Today, I’ll explore a few key issues related to market research, especially online.
Data sentiment analysis
I’ll start with sentiment analysis, this relatively modern approach allows you to understand, based on language, how customers feel about a specific subject, their attitudes, and emotional communication. This creates an opportunity to provide better service and improved products. Every day it gets easier to gather this data. Numerous new software tools allow you to create customized systems to acquire this data, or you could just go with a provider that makes the whole process much easier. The information needed for analysis can commonly be gathered through surveys or mining a social media platform.
These classifications can provide you with new insights to understand what your audience feels, to act accordingly.
What is a focus group?
Focus groups are market research tools that allow you to collect people’s ideas, opinions, and tendencies on a brand or offer. Sometimes surveys are not the best tool for the job, and this is where focus groups come into play. To capture what a group or person is feeling and thinking, you can gather people and follow a process to understand their position. You’ll be gladly surprised to know that focus groups can be performed online. You’ll find tools that allow you or a member of your team to moderate groups of people that may or may not find themselves in the same area.
Quantitative data is data that can be defined and measured. It’s related to numbers. It’s used to answer questions about how much, how often, and how many. This type of data is verifiable and is usually evaluated using techniques found in the world of mathematics and statistical analysis. Some examples of quantitative variables are mass, length, time, and temperature. Many industries and businesses use this data to test the quality of their products, the productivity of their machines, employees, and processes.
This information can be acquired through logs, sampling, questionnaires, interviews, and document reviews. One characteristic of quantitative data is its precision.
Qualitative data is usually the product of a description. It’s also data that is observable but cannot be measured. Although quantitative data is usually associated with numbers, qualitative data is associated with details. An example of this would be a professor that grades an exam where feedback about grammar and spelling would be provided instead of a score. Many answers inside a survey could be related to open-ended questions, and they would usually be cataloged as qualitative.
Qualitative data describes characteristics and qualities. With quantitative data, you could automate the process of analyzing the data, but a human being is usually required to understand qualitative information.
Is there a reason why I describe secondary research before primary research? Yes, and it’s very simple, the reason for this is that secondary research is usually conducted before primary research. You’ll find that a lot of information and studies are already out there. This provides you with powerful information that will answer many, if not most of your existing questions, especially those related to marketing. There is a whole industry that provides you with timely information and market research. The internet has democratized the availability of information.
You’ll also find many tools that provide you with existing data that will fulfill many of your needs.
What if conducting secondary research does not answer your questions? Or picture a much better scenario, what if through secondary research you now have even more questions? You can acquire information that didn’t exist before, and that is usually related to your blog, brand, or business. The result of this research is named primary research because the findings are original. The best results are usually obtained by combining secondary and primary research cohesively. You can collect this information through interviews, surveys, ethnographic research, focus groups, observations, visiting your competitors’ locations or websites, etc.
What is a hypothesis?
A hypothesis is a supposition proven with real facts. It’s a proposition that has its basis in reason but is not always assumed to be true. When you perform qualitative research, you’ll find that some questions arise. If you don’t find a ready-made answer, you may choose to perform primary research. Inside this type of research, you may want to include a hypothesis. With the proper process, you can get a solution to your riddle.
Maybe an example will illustrate these definitions: “If I drink caffeinated tea before going to bed, then I will be awake for a long time before falling asleep.”
Sampling, in statistical analysis, is a comprehensive topic because it’s crucial to determine the validity of the results when you are researching your market. It’s a process where a determined number of observations are gathered from a population of a certain size. There are many ways of performing sampling from a population that depends on the number of people in a group, how easy it is to find them, if random sampling is enough, among other considerations.
The good news is that sampling is a way to save a large amount of time and money when you perform your research.
Advantages of researching your market
Researching your market provides you with many advantages. First, there is the costly myth. The good news is that no matter your budget, you can perform great market research. It reduces risk since you will no longer be operating without understanding your customer. This predictability makes it easy to plan. You can avoid threats you weren’t aware of. Financially, it helps you to forecast revenue, which is a crucial element in any business and marketing plan.
If your market is online, then the internet is the perfect avenue to perform many, if not all the steps needed to understand them.