Try to Look at Market Research as You Look at Advertising — As a Need

Most small business owners understand that advertising is necessary for a business to grow. If you ask a small business if they need to do any advertising they would say “Yes”. However, they are not informed about market research. Market research helps you increase profits, understand why you lose customers and retain them, improve employee performance, and successfully launch a new product or service. Thus, the bigger the participation in qualitative research, the better.

It is important to mention that qualitative research could be subjective. It usually is based on beliefs, opinions and thoughts of people. However, it opens for a researcher a completely different angle to the problem. Thus, it is crucial to know the differences between qualitative and quantitative research methods. If you do, you will be able to choose the most appropriate market research tool for your problem.

Reasons to invest in market research and boost qualitative research participation

Many firms might wonder why would they spend more on advertising and qualitative research. Well, market research is a driving energy for your company's profits, image, popularity and much more.

You’re Not Getting the Expected Return on Your Advertising 

If you’re constantly investing money in your advertising campaigns and getting no profits in return for those investments, you need to go towards market research, qualitative research in particular. Many advertising agencies use market research to improve their reach. Advertising research usually consists of message testing, creative testing, and customer persona development. To produce an effective marketing campaign, you need to identify your customers’ habits and lifestyles to reach them more effectively. Invest in market research and qualitative research in particular, if you’re not receiving the desired response from your advertising campaigns.

You’re Launching a New Product or Service

Market research is essential while launching a new product as it provides you with information through facts and helps you step into unfamiliar areas in business. Feasibility studies and online surveys can assist you with a new business concept and product launches to better understand the market. Market research can also help with price testing through the Westendorp pricing model. Market research is the way to go when launching a new product.

Your Employees Aren’t Performing as You Expect Them To

Your market research shouldn’t focus on your customers only but also on your employees. An employee survey would help you better understand their motivations and priorities. Employee surveys would mean satisfied employees, which leads to satisfied customers. If you’re facing problems regarding employees, you should conduct an employee survey to satisfy them. Qualitative research in this case, will help you get crucial data to adjust the employment structure. Additionally, studies prove that happier employees lead to greater profits.

You Don’t Understand Why You’re Losing Customers

If you are constantly losing customers to your competitors, you should opt for a Voice of Customer Survey. A simple email survey to your customers would help you understand the reason you’re losing customers. Then, you can work on improving your customer service to prevent customers from leaving. Moreover, this approach with qualitative research will attract new customers as well.

Are you worried about how to do these different surveys for different circumstances? You don’t have to! GrapeData can conduct market research for you. They possess information from all groups of people to experienced professionals, providing you the best results for your market research. To add to this, qualitative research might help you grow your business exponentially.