Instruments and methods of market research
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Depending on the type of survey, the objective pursued and the form of market research, there are different methods and instruments for collecting valid data on the subject under investigation. In the following, we have briefly explained the most important instruments of market research:
Experiments:
Experiments make it possible, for example, to test the effectiveness of advertising measures as part of market and product tests or to investigate the extent to which packaging design promotes the purchase of products. Basically, an experiment serves to test the cause, effect and correlations under controlled conditions.
Measurements:
A measurement is always suitable as an instrument when it comes to researching facts with the help of fixed measures such as weight or time. These can be concretely recorded and compared with a measurement.
Surveys:
Whether conducted online, in writing, by phone or in person, surveys are still one of the most common methods in market research for collecting valuable data to investigate issues.
Surveys have the advantage that, depending on the form in which they are conducted, they are cost-effective, flexible to use and scalable, a broad mass can be addressed and the required data is available relatively quickly. There are many more advantages why surveys are not one of the most common survey instruments in market research for nothing.
Interviews:
Whereas surveys are about getting information from a broad mass quickly and easily, interviews can be used to conduct fewer, more qualitative surveys due to the greater amount of work involved.
Interviews can be conducted in person or by telephone and, depending on the course of the conversation, more in-depth questions can be asked of the participants.
Social Media Listening:
Do you know how your brand, product or service is perceived on social media? Social media listening is a way to track company- or product-related likes, comments, tweets and more on social media.
“Listening” and collecting this information helps companies explore their brand’s image, learn about consumer expectations and needs for the company and product, and use the knowledge to identify areas for improvement and better target marketing campaigns.
Focus groups:
A focus group is a flexible research method in which several people meet together with a trained moderator – for example, at a neutral location or via a digital channel – to discuss a specific topic. The moderator’s role here is to guide the conversation of the focus groups and thus obtain as much valuable feedback as possible.
Research with focus groups in particular makes it possible to obtain honest and direct feedback and to delve deeper into the topic.
Panels:
If you want to survey a constant group of people on the same topic at regular intervals and over a longer period of time, then the panel survey is suitable as a representative research method. Repeatedly surveying this group of participants makes it possible to measure and study changes over time, for example, when researching consumer behavior.
Diary studies:
If products are to be observed with regard to use and utilization over a longer period of time, diary studies are a valuable research tool. Here, research participants are asked to record their behavior and usage habits with regard to a specific product in the form of a diary. There, they write down everything they do in connection with the product.
These diaries are then analyzed and evaluated in terms of frequency of use, functionality, mention of problems during use, and much more.
Document Analysis:
Document analysis is a research tool in which data from previous projects and developments are collected, managed and stored. These data are formed from different and already existing sources of information such as text files, images, videos, sketches, books and more, and interpreted in relation to the research question under investigation.
The particular advantage of this data collection technique lies in the low effort required for the collection of the data itself, since all sources of information are already available and no subsequent or further documentation may be required. Furthermore, the operational process is not disturbed and the data analysis can be interrupted and continued at any time.
However, with this type of research, it must be questioned whether the sources of information used fit the object of investigation, how current or up-to-date they are, and whether the interpretation of the data does not perhaps allow too much leeway.
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