3 Kinds Of Market Research You Can Conduct And Why

In a world full of finicky consumers, you want to be sure that a new product will explode with popularity. That requires some market research. There are three kinds of market research you can conduct, and there are reasons why you might only choose one type of research instead of two or all three.

1. The Survey

The survey is the most basic form of market research. You do not need a market research facility for this type of research; just a web address and/or a web survey hosting company. Essentially, you target a group of people from various backgrounds, ages, etc., and you ask them to complete a survey on the product you wish to launch. If they are willing to complete the survey, you get a really good idea of how well the product may be received.

2. The Testing Site

If a product is to be used in or on the body for a period of time, you need people to volunteer to test the product for you. In this case, the volunteers would go to an assigned research facility, receive an examination and either move on to the testing phase or be sent home. If they move on to the testing phase, they test the product as intended to see how well the product performs. These tests are usually conducted prior to getting approval from the government to manufacture, package, and sell the products in question.

3. The Home Trial

Home trials are typically reserved for food products, but they can also be used for in-home trials of paper toweling, toilet paper, home cleaners, etc. This is the final testing stage for new products that have cleared all previous tests and are essentially ready to go, but you want to know what consumers think of them first. It is like the survey test in that you are seeking acceptance or responses that tell you how to make something better, but unlike the testing site research, you need no facility to conduct this research. It is done entirely from the homes of consumers who have volunteered to do this.

Research Compensation

Volunteers for any of the above may or may not be compensated for their willingness to participate. If you hire a market research facility, the staff are paid for their time to collect and record data. Regardless of which type of market research you choose, be prepared to compensate those involved, even if the volunteers do not expect it.

For more information, contact a company like Murray Hill National.