Market research is a difficult task to do in Thailand, but if done correctly, it may greatly increase the success rates of any firm and its initiatives. This effort is frequently too much for businesses, so they turn to a third-party agency for help. Nobody understands your goods and consumers like you do, so doing the work yourself may be quite gratifying if you have the time and resources to do it well.
In this article, we’ll walk you through the basics of market research so that you can perform it on your own. Keep reading below to learn more about this here in Macromill South East Asia!
What is Market Research?
The basic objective of market research is to collect data on specific consumers to better understand their demographics, behaviours and preferences. The researcher uses several different techniques and methods to get statistically significant findings. These methods include observing, interviewing, and interrogating a sample that is typical of the community being studied.
Keep in mind that the end goal of the research project is to get a deeper comprehension of the purchasing public to enhance your ability to market and sell products to those individuals.
Types of Research
Depending on the objectives of the company, it may be appropriate to do either exploratory, descriptive, or causal research. They might alternatively be considered as stages in the inquiry of the problem, or as the fundamental cause for the existence of the study and the desire to pursue it.
- Exploratory research
Exploratory research is conducted to gain a general understanding of the environment, identify potential issues, and gather as much information as possible.
This study often makes use of in-depth interviews, focus groups, surveys with open-ended questions, secondary research, and observation as its methods of data collection. It is not possible to base decisions on qualitative data since they lack statistical significance and are thus unreliable.
- Descriptive research
When carrying out descriptive research, your primary objective should be to collect and quantify statistically significant data about the target demographic of your investigation. The use of interview questions and questionnaires that provide respondents with the opportunity to choose one of a variety of predefined replies is encouraged here.
The goal of the researchers in this type of research is to put the information they gathered during the exploratory stage to the test, determine the frequency with which certain patterns appear, and come to definitive findings. You will be able to monitor how the behaviour, perspectives, and choices of the sample have changed during the experiment if you continue the research for some time and then repeat it.
- Casual research
The purpose of causal research is to identify a chain of events that can be attributed to one or more of a set of factors. The fundamental purpose of this step is to establish the connection between the many factors that are present in a real-world environment. Because the variables may be altered in several different ways, it is feasible to make observations and draw conclusions based on the results of the experiment.
Market research categories
Primary and secondary research are two major categories that may be broken into one another depending on how the research is conducted.
- Primary research
First-party data may be collected in a variety of ways, including by doing in-person interviews, facilitating focus groups, or engaging in other types of active research, such as performing field research.
- Secondary research
The primary emphasis of secondary research is the analysis of results provided by third-party data sources such as corporations that do research, libraries, and educational organisations.
Market research data
Depending on how you carry out your research and the methodology you choose, you may find that your findings are qualitative or quantitative.
- Quantitative results
Quantifiable results can be evaluated using a numerical scale. To get this information, interviews and polls often use closed-ended questions. It assists you in recognising the usefulness and significance of the statistical data you have obtained.
- Qualitative results
Even if qualitative outcomes can’t be estimated with any degree of precision, qualitative data may nevertheless be useful as additional observational evidence. The value of statistics may be greatly increased by giving them a face and placing them in their proper context.
Market Research Methods
When doing market research, you have several different strategies to choose from, each of which is dependent on your goals and aspirations, as well as where you are in the investigation of the subject matter.
Keep in mind that if you just use one tactic, you won’t be able to acquire a whole picture of the people you are trying to reach. To get the most out of the procedure, you should consider combining some or all of the steps smartly. Learn more about the different market research methods below:
- Focus groups
Focus groups involve several people who are gathered in one location, and then they are questioned on any topic. The selection of participants is often determined by demographic factors, the participants’ interests, or their work. The most valuable aspect of a focus group is the free-flowing conversation and argument that may take place among its participants at any one time.
It is essential to bear in mind that participants in focus groups may be influenced by the presence of the researcher or other participants in the group to open up about topics that they normally would not bring up in conversation.
When carrying out a survey, respondents are questioned in a sequential fashion using a series of questions in person, over the phone, emailed or on an online form. Surveys are very versatile tools due to the many different kinds of questions they may include. Having the right setup is necessary to solve various challenges.
Remember that it is possible to get more accurate conclusions by asking direct questions without using confusing language or bringing respondents down a preset pathway. This is because direct questions do not need the respondent to follow a path that has been established.
- Social media listening
People increasingly communicate their thoughts, ideas, and “hot takes” freely on social media platforms because these platforms have become a digital extension of everyday life.
Consumer Research, for instance, is a social listening tool that enables researchers to unearth topics of interest and analyse social posts that are pertinent to the topic at hand. They could, for instance, keep an eye on any mentions of the brand as well as listen to what clients have to say about the products that are affiliated with that particular business.
An interview consists of the interviewer having a conversation with the individual they are attempting to learn more about. When doing this type of research method, open-ended questions are preferable since this method is less impersonal and makes room for debate and explanation. In addition, interviews provide the opportunity for the interviewer to go further into the responses than is just evident.
- Experiments and field trials
Field experiments are conducted in the real environments in which the test participants are being observed. To put a hypothesis to the test, researchers utilise a mix of independent and dependent variables, all of which are within the researcher’s direct control. The primary objective here is to establish whether or not there is a connection between the two factors.
Observational market research is one method that may be used to do qualitative research. In this method, researchers monitor their participants in either a natural or controlled environment. Through observational market research, one may learn a great deal about a person’s true nature and how they interact with others. However, if the participants are aware that they are being watched, they may alter how they conduct themselves.
Because the researcher can follow client behaviour depending on factors such as the day of the week, the season, and even whether or not discounts are being offered, this kind of study is extremely beneficial in the retail business. Just keep in mind that researchers have little influence over the variables being analysed, so this type of research method may take a significant amount of time.
- Competitive analysis
A competitive analysis is a kind of market research that places a strong emphasis on an organisation’s competitors and examines them in considerable depth. The process of competitive analysis starts by identifying a product, service, or brand in addition to a market category.
There are many different approaches to use when analysing how your business stacks up against the competition. A marketing strategy could include the production of content, the establishment of an SEO structure, the provision of public relations coverage, a presence on social media and involvement in platforms of this kind, and so on.
Kickstart your market research journey now!
Now you know what market research is here in Macromill South East Asia, it is high time to apply what you have learned and see the growth your business will reach in Thailand!