Focus groups, observation, personal interviews, surveys and field trials are the five basic methods of market research. Read more to find out which method will most suit your enterprise.
There are several ways to perform market research. However, most enterprises use one or more of the five basic methods of market research: focus groups, observation, personal interviews, surveys and field trials. How much money you are willing to spend and the type of data you need will determine the techniques you choose.
- Surveys – You can evaluate a sample group that represents your target market with concise and straightforward questionnaires. The larger your sample, the more reliable your results will be. You can choose from in-person surveys (one-on-one interviews carried out at high-traffic locations), telephone surveys (less expensive than one-to-one interviews), mail surveys (easy to reach a large audience) and online surveys (simple and inexpensive way to collect data, though not reliable).