Market Research with Braxton Group
Market research is the process of gathering, recording and analysing information about a particular group of customers, market sectors, competitors, regions or people’s opinion. It is the process of finding out what people think, believe, need, want or do.
Businesses and organisations increasing rely on market research to help them make better, more informed, business decisions. They use market research to help them design, test and launch a new product or service, for improving existing products, for testing advertising, for measuring customer or employee satisfaction, for understanding consumers behaviour in retail environments, for understanding public opinion, and expanding into new markets.
Market research is used for: understanding customer needs; predicting trends; enhancing or developing products; and for assessing risks.
Some of the types of Market Research used at Braxton
Braxton provides a range of market research reports, some from fieldwork research (eg. primary telephone or face-to-face interviewing), and other sources. These market research reports may help our clients take their products through the entire product life-cycle from product development, to developing their brand and advertising, to optimising its performance instore, and to understanding their customer satisfaction.
When a client comes to us with a marketing issue, we might typically (but not exclusively) use some of the market research techniques listed below…
Quantitative marketing research is about numbers and anything that is measurable statistically. It might typically involve the construction of a questionnaire. A large number of people may then be asked to complete these questionnaires. The information is then collated and given to the client in the form of statistics, tables and graphs.
Quantitative research can be conducted in many ways but typically may be by: telephone, face-to-face, online, or by mail.
Qualitative marketing research is a set of research techniques in which information is obtained from a relatively small group of respondents, and not normally analysed with statistical techniques. This differentiates it from quantitative market research in which a large group of respondents provide data that are statistically analysed.
This differentiates it from quantitative market research in which a large group of respondents provide data that are statistically analysed.
Qualitative research is used to gain an understanding of the reasons behind people’s behaviour. Instead of structured questionnaires, qualitative research might take the form of:
Depth Interviews – a interview conducted one-on-one
Focus Groups – an interactive group discussion lead by a moderator
Projective Techniques – these are unstructured prompts or stimulus that encourage the respondent to project their underlying motivations, beliefs, attitudes, or feelings onto an situation
Actionable business insight
After gathering and organising the collected information, market researchers interrogate the data, analyse and evaluate it. This is where TNS really adds value. From the information gathered our researchers draw a set of conclusions and recommendations.
This information, recommendations and insight is given or presented to the client so they can make their important business decisions from a position of strength.