Market research is an essential concept in business. It is an organized process of collecting useful information about consumer needs and wants from the market using specialized methods. It is the critical element for the success and growth of any business. Large organizations have an organized R&D Research and Development department to target potential consumers. For useful market research, different methods are used. Some modern market research methods are mentioned below.
QR Code Surveys:
This method is used in mobile phone market research. QR refers to the Quick Response matrix barcode used for the transmission of information. It is a one-question survey where people answer a simple question on a poster with two QR codes given below to choose one from them. People answering the survey have to scan the QR code of their choice. It is an easy and exciting survey method that is also time-efficient. A webmaster then collects the aggregated response data. Companies are using this method widely as it generates more responses from people than traditional surveys.
Online communities facilitate Peer-to-Peer P2P communication between different members of the community. There are no traditional obstacles like geographical constraints to join the community. Participants can freely share their views and ideas with other members. A researcher closely monitors these specialized online communities formed for market research to collect data and information. Participants are involved in different activities, like performing various tasks or having online discussions. The researcher gathers data from these activities and functions that are later used in marketing their offering. These online communities are not only cost-effective but also super-efficient and provide in-depth market insights. The researchers love these communities of Nursing Essay Writing Service UK too.
Another widely used interesting research method is known as gamification. It is enabled by Augmented Reality AR and Virtual Reality VR. It merely refers to incorporating gaming techniques and principles in a non-gaming activity to make it more engaging and exciting for the participants. This method encourages many people to participate in the research and thus is a source of a large quantity of data obtained from the analysis. In this process, the respondents are encouraged to share candid, detailed, and accurate feedback about a product or service. The quality of the data obtained through gamification is higher than other methods. It is unnecessary to conduct this type of research through AR or VR; instead, simple computer games can also serve the purpose with equal effectiveness at a low cost.
Vox pops (also known as vox populi) represent short interviews conducted by the general public, usually on the street. These are informal short interviews that provide a more casual response from the public about a specific market offering or a need. These interviews may be conducted on talk shows, radio, and most commonly on the streets. This is an effective method because it provides data from various audiences and reduces selection bias. There is a low barrier to the participation of respondents. A reason for the popularity and adaptability of this method is the convenience it provides to the participants. They participate in the survey on free will. A limitation of this method is that it considers the respondents from a specific geographical location only unless conducted on a large scale.
Biometrics Market Research Techniques:
The use of biometrics techniques in market research is a modern research method used by organizations. They use this method to measure and calculate people’s physiological reactions to stimuli like ideas, websites, products, or experiences. It is an effective method to know the natural response and response of people towards a particular thing. It gives more accurate results by measuring an individual’s response to a product, advertisement, website, or idea. Biometrics includes specialized programs to measure physiological and emotional changes in a human reaction to a particular object or experience. It collects data using heart rate, Galvanic Skin Response (GSR), sweat gland activity changes, or other measures to record human physiological and emotional response.
Prediction Markets, also known as information markets, betting markets, and predictive markets, are stock markets where people buy and sell intelligent predictions instead of stocks. Participants participate by supporting the prediction they think is closer to reality. The surprisingly accurate results of these markets are a reason for the popularity of these markets. Organizations utilize their employees’ wisdom to bid on a prediction market related to product or service concepts, industry trends, or competitors. It is helpful in the determination of marketing actions and strategies having the highest succeeding probability. This data is crucial for decision-making in an organization.
The concept of virtual shopping in market research refers to providing participants with a replication of a real shopping experience to observe consumers’ actual behavior rather than asking questions and collecting their responses. It is regarded as a breakthrough in market research methods. It is an excellent way to point out store layout, packaging, product placement, etc. This method of research is enabled by Virtual Reality VR. This method’s effectiveness lies in recording the real and simultaneous behavior of the respondents to have a better understanding of fundamental issues and see the picture from their point of view.
This is an artistic natured method of useful market research. This method is more engaging and attractive for the participants. It can be done online as well as offline, as per the choice of the company and the geographical location of its customers and participants of research. The decision to perform this method individually or in groups is based on the research’s objective. The artistic feelings of the participants and their real emotions and feelings will be evident from their work.
The method of eye-tracking uses biometrics technology to measure consumer attention by tracking their vision. It helps researchers know about the items that attract the customers the most. It also builds an understanding of how a consumer perceives an advertisement or product’s environment. In this method, two primary concepts lie, namely on-screen eye-tracking and in-store eye tracking. The in-store eye tracking method is considered the most effective among all. For this process, simple eye-tracking glasses are used that a customer wears and walks through the store. The data collected from these glasses reveal which items capture the most attention of the respondent.
Using the above-mentioned modern market research methods, you can have better market research results to ultimately help in business growth and development.