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how does market research work

HOW DOES MARKET RESEARCH 
WORK?

 

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In this guide, we'll explain the whys and wherefores of Market Research. You'll learn why businesses use it consistently to underpin and inform their growth and development strategies.

We'll explain how Market Research works, who uses Market Research, and what questions it can answer for a business.

And as well as the 5 biggest benefits from Market Research, we'll also explain exactly what the process is and what results can look like.

Click the dice below to jump to each key section, or just read on.

What is Market Research?

And how does it work?

What questions does it answer?

Market, customers and staff

Who uses Market Research?

And how does it help?

How does Market research work?

Process & timescales

What does reporting look like?

In-depth multi-media outputs

5 Key benefits of Market Research

Success outcomes

 

WHAT IS MARKET RESEARCH?

Market Research is the process of collecting and analysing data to help answer questions about your business so you can make evidence-based decisions, reduce risk and boost growth.

Market Research can be used to answer very specific business questions and objectives. It can also be more exploratory, helping you understand the micro or macro environment in which your business operates.

Basically, Market Research is a useful tool whatever the unknowns in a business. Making important business decisions without supporting data can be a risky strategy.

Good quality market research provides data-driven, robust insight to support business strategy and inform choices.

 

Read our blog: can you really know your customer?

 

WHAT QUESTIONS DOES IT ANSWER?

Market Research can answer almost any question, by independently targeting your key audiences, who ultimately influence the success of your business.

  • External questions regarding your market challenges and opportunities
  • Customer and prospect insights and feedback
  • Internal questions about your culture, processes and potential
  • Employee feedback and insights

Just a few examples of questions market research can answer include:

ARE CUSTOMERS HAPPY WITH OUR SERVICE?

WILL CUSTOMERS LIKE OUR NEW PRODUCT?

WHAT DO CUSTOMERS THINK ABOUT OUR WEBSITE?

HOW DO WE COMPARE WITH THE COMPETITION?

HOW CAN WE DRIVE CUSTOMER LOYALTY?

HOW DO WE REDUCE STAFF TURNOVER?

 

WHO USES MARKET RESEARCH?

Almost every business sector can and does use Market Research, both B2B and B2C, to uncover insight into their markets, customers and internal business performance.

Assessing current performance against future potential, understanding customer behaviours and responses, in order to make the right decisions going forward, make Market Research an invaluable tool.

Here are just a few examples of businesses that now rely on Market Research:

PROPERTY

  • Customer Satisfaction (CSAT)
  • Voice of the Customer
  • Net Promoter Score (NPS)
  • Lost Lead Surveys

Explore how well you deliver high quality customer experience at every stage of the property journey; understand customer motivations for using your services or not; identify specific pain points and learn how you can improve specific aspects of their service; quantify how likely customers are to recommend the company to others.

market research in property

RETAIL

  • Customer Satisfaction (CSAT)
  • Exit surveys
  • Accompanied shops/online user journeys
  • Mobile diaries (capturing in the moment insights in context)

Measure the customer experience you deliver in store and online; understand how customers perceive and rate your product range and layout; track your employees’ satisfaction; explore product or service innovation concepts.

retail sector market research

TRAVEL

  • In the moment video diaries
  • Customer loyalty programmes
  • Depth interviews / focus groups for product innovation
  • Competitor review and analysis 

Assess the customer journey from initial research phase online/via brochure or in person through to the booking process and the travel experience itself; explore new product ideas; gather wider insight into customer travel habits and preferences.

Travel sector market research
 

HOW DOES MARKET RESEARCH WORK?

Every market research project is carefully designed to meet your company’s specific objectives.

Every project is different and often combines multiple stages and methodologies. However, they should all share some characteristics and components.

Click each step on the typical timeline below, to see what each step entails:

  • WEEK 1: PROJECT BRIEFING & PROPOSAL

    Discuss and define (if feasible at this stage) objectives, scope, timeframes and budget.

    Yomdel will create a fully costed research proposal to meet the brief, often with different price options depending on approach.

  • WEEK 2: COMMISSION & PROJECT SET-UP

    Once commissioned, Yomdel will create a master project management document, start the recruitment (if required), write/program the questionnaire(s) or discussion guide, and organise any fieldwork or operational tasks required.

  • WEEK 4-5: FIELD WORK

    Online surveys dispatched; focus groups / video diaries / depth interviews conducted.

  • WEEK 6-8: ANALYSIS & REPORTING

    All research results are collated and analysed, before being presented in an action-oriented report providing specific and detailed recommendations.

    We can come and de-brief your team in person or guide you through the findings online.

 

WHAT DOES REPORTING LOOK LIKE?

The most important part of any research study is the reporting and analysis.

brand analysis word cloud


Yomdel prides itself on providing practical, actionable insights, tailored to the relevant audience and stakeholders.

Reporting requirements are discussed right at the start of the project and tied in directly to your research objectives so your business extracts maximum benefit from the findings.

 

 

Net promoter score analysisConsumer research

 

The outputs will typically be a mixture of dashboard charts, verbatim quotes, word clouds, text commentary and recommendations as appropriate, all collated into a user-friendly action-oriented PowerPoint presentation.

 

Customer satisfaction surveys

Any multi-media data and excel data sheets will also be available where relevant.

 

5 KEY BENEFITS OF MARKET RESEARCH

Market Research is a strategic requirement for any business intent upon achieving growth and development targets in the most efficient and effective manner.

Understanding your customers, anticipating their needs and reactions, planning your product and service development are all key components of that success.

The advantages of conducting market research are many and varied. Here is an overview of our Top 5:


1. Optimised Customer Experience

  • See your business afresh through your customers’ eyes

  • Measure the relative importance of different criteria to focus time and energy effectively

  • Gather in-context insights to identify and eliminate pain points

  • Increase brand advocacy through listening and responding to customers’ needs


2. Employee Loyalty

  • Recognise high quality performance through positive customer feedback

  • Identify training needs and provide additional support and solutions

  • Empower staff to improve their own performance and tweak processes

  • Improve your empathy and understanding of other roles in the business

 

3. Reduced Business Risk

  • Make more informed, better decisions

  • Implement more effective strategic planning

  • Improve success rates for new initiatives

  • Increase sales and boost revenue through accurate price modelling

 

4. Market and Competitor Intelligence

  • Understand how your business fits within the broader sector marketplace

  • Check brand positioning and profile as seen by your customers

  • Learn from what your competitors do well and what they do less well

  • Ensure competitive pricing and USP product/service delivery

 

5. Product and Service Innovation

  • Test new ideas in a low-risk environment

  • Explore user journeys through mobile diaries or online focus groups to optimise processes and uncover new areas for innovation

  • Use A/B testing or MaxDiff / Conjoint studies to focus R&D funnels and target the most promising areas

  • Guide new branding, advertising, marketing messages with quick online panel testing

 

Click here to Schedule a Chat about your own research requirements.

 

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