Using a comprehensive market research insights platform, businesses can easily obtain data about their target market. With just a few clicks, researchers can access crucial data about customer preferences, behavior, and emerging trends. Think of these insights as the secret sauce that gives your business recipe an extra “oomph,” compelling customers to return for more!
However, even with some of the best market research analysis software solutions out there, getting reliable data sometimes feels like trying to find a needle in a haystack. Thankfully, a market research platform like PureSpectrum makes the process easy while unlocking the secrets to driving business growth.
Whether you’re wondering how to do market research for a small business or a major enterprise, we’ll show you the ropes. In this article, we’re exploring market research data collection, basic questions in market research, and how to get started with your own data gathering.
How Are the Sources of Data for Marketing Research Determined?
To determine the sources of data for market research, you should first identify your research objectives and questions. What are the questions about your ideal customers that keep you up at night? What data do you need to guide winning business decisions?
Once your research goals are clear, you can start to identify the most relevant sources of data. Here are some popular market research examples for business plans in all industries:
- Brand or Industry Tracker – Stay on top of current trends to keep your brand relevant.
- Ideal Customer Profile Feedback – To find out what your ideal customers are thinking, just ask! Surveys, focus groups, and interviews are popular ways to collect feedback, giving you the inside scoop on customer needs, preferences, and pain points.
- Sales Data – If your business is a living organism, then your sales data is its heartbeat. This valuable information can reveal customer purchasing patterns, product preferences, and even pricing sensitivity, giving you the pulse on what’s working and what’s not.
Whom, exactly, do businesses gather this data from? And how can they rest assured the respondents are reliable? These challenges are why researchers need The PureSpectrum Marketplace Platform. With the power of PureSpectrum, businesses have access to multiple sources of high-quality respondents globally.
Plus, PureSpectrum’s fraud prevention technology, PureScore™, ensures data quality at the respondent level, while the panel deduplication system essentially guarantees unique and engaged participants every time. With advanced online market research technologies, automation, and sampling expertise, PureSpectrum makes it easy to launch projects quickly and efficiently.
What Are the 7 Basic Questions in Market Research?
After identifying your data source, it’s important to determine what specific information you need. To help guide you, consider these seven vital market research questions:
- Who are the customers? Who are the ideal customers that you’re trying to reach? What makes them tick? Understanding your target market’s demographics, psychographics, and buying behavior is foundational to creating a successful product or service.
- What do customers buy? Do they want the latest and greatest technology or something tried and true? Knowing what products or services they’re already using and what features they love can help you create something new they’ll adore.
- When do customers buy? When is the prime time to pitch to customers? Timing is everything! Find out the time of day, week, or year when they’re most likely to make a purchase.
- Where do customers buy? Where do customers prefer to do their shopping? Online? In-store? Through a third-party retailer? You need to know the channels they prefer to make purchases through to create the most effective marketing strategy.
- Why do customers buy? And how can you meet those needs? To connect with customers, businesses must uncover the emotional, rational, and functional drivers behind their purchases. By tailoring messaging to their specific values and desires, engagement deepens and conversions soar.
- How do customers buy? Do they undergo extensive research, or do they rely on word-of-mouth recommendations? Understanding the decision-making process can help you create a seamless customer journey and remove any barriers to purchase.
- How satisfied are customers? Find out how they feel about your product or service and if they’re likely to recommend or repurchase. This feedback can help you improve your offering and create a loyal customer base—one of the many benefits of market research.
After narrowing down your efforts with these questions, you’ll find that The PureSpectrum Insights Platform will further your understanding. The platform offers end-to-end solutions for quantitative consumer insights, market research, and customer behavior, all with unparalleled data quality.
How Do You Collect Data for Market Research?
When it comes to collecting data for market research, look no further than PureSpectrum. The PureSpectrum Insights Platform offers an agile solution for obtaining instant information from real people. With our exceptional data quality and access to respondents in 60+ countries, you can trust that the data you collect is reliable and representative.
Researchers especially enjoy PureSpectrum’s transparent pricing model. The platform shows the cost per interview, or CPI, and these costs update as you alter your market research parameters. This feature means that you can accurately budget and plan for your research without worrying about unexpected costs or fees.
What else can you look forward to with PureSpectrum?
- Unique field management features, ensuring a quality experience from project inception to final insight reporting.
- No licenses, minimums, or hidden fees for access to all of The PureSpectrum Marketplace and Insights Platforms.
- Customizable survey design creation
- Automated fielding technology to ensure that the target respondent gets to the survey as soon as it’s launched.
- Connections to any survey platform that accepts redirects and/or offers API integration.
- Multiple market research panels with the ease of one simple and intuitive interface.
- Automated analytics dashboard with the Insights platform which enables a deeper understanding and analysis of the findings
Don’t waste time and resources on outdated research methods. Let PureSpectrum help you collect the data you need to make the most informed business decisions. Get started today by scheduling a demo.
PureSpectrum offers a complete end-to-end market research and insights platform, helping insights professionals make decisions more efficiently, and faster than ever before. Awarded MR Supplier of the Year at the 2021 Marketing Research and Insight Excellence Awards, PureSpectrum is recognized for industry-leading data quality. PureSpectrum developed the respondent-level scoring system, PureScore™, and believes their continued success stems from their talent density and dedication to simplicity and quality.
In the few years since its inception, PureSpectrum has been named one of the Fastest Growing Companies in North America on Deloitte’s Fast 500 since 2020, and ranked for three years in a row on the GRIT Top 50 Most Innovative List and the Inc. 5000 lists.