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Market Research Examples: The purpose of market research examples is to give you an accurate view of your business and market.
About Market Research
Marketing research refers to the systematic collection, recording, and analysis of quantitative and qualitative data related to issues related to the marketing of products. It involves specifying data to address these problems, designing methods to collect information, and managing and implementing the data collection process. Once the collected data is analyzed, its results and implications are sent to a team working on this analysis.
What types of Market Researches can you do?
Ultimately, if you want detailed information through market research, you can do several types of research to get the best news, depending on what you want to know.
Some of the More Common Types Of Market Research Activities Include:
- Brand Research
- Campaign Effectiveness
- Competitor Research
- Consumer Research
- Customer Segmentation Research.
- Product Development
- Usability Testing
Examples of Market Research
Following are few examples of market research:
1. Disney uses child-centered focus groups to test new characters and ideas.
- The Walt Disney Company may spend millions creating what its Animation Studio team believes is a worthwhile story. Still, it wisely focuses on its target audience, children, when testing how well a character or issue.
- A few times a year, Disney executives meet with preschool and kindergarten-age children in kid-focused focus groups to get their thoughts and insights on TV episodes, Disney characters, and more.
- Why is this an operative market research strategy?
- Because kids are ultimately the audience, Disney hopes to delight them. Hence, collecting their feedback is invaluable for iterating on your existing content and ensuring it continues to meet your audience’s preferences.
2. KFC tested its meatless product in select markets before launching its nationally.
- In 2019, KFC began evolving and testing a new meatless version of its chicken. However, instead of instantly launching the product across the country, it started small: in select stores in the Atlanta, Georgia, area.
- This is an easy and practical example of conducting market research to regulate how well a new product trades on a smaller scale before giving too many resources. For instance, if meatless chicken fails in Georgia, KFC must change the outcome before launching it.
3. Yamaha surveyed to determine if they should use slider knobs or faders on their Montage keyboard.
- When Yamaha, a Japan-based corporation producing various products ranging from motorcycles to golf carts to musical instruments, began developing its new Montage keyboard, the team wasn’t sure whether to use slider knobs or faders.
- So Yamaha used Qualtrics to send a survey to its customers and received 400 responses within a few hours.
- Using the feedback from the survey helped Yamaha ensure that it was designing a product that matched its audience’s preferences.
4. The Body Shop used social listening to determine how to reposition brand campaigns to respond to what matters most to their customers.
- The Body Shop is known for offering natural and ethically sourced products and proudly promotes “sustainability” as a core value.
- To dig deeper into the sustainability subtopics that meant the most to their audiences, The Body Shop team tracked the conversations and ultimately found that their audiences cared a lot about refills.
- Using this information helped the Body Shop team feel confident in relaunching their top-up program to 400 stores worldwide in 2021 and another 400 in 2022. In addition, market research showed they were on the right track with their concept of recharging. It demonstrated that more extraordinary efforts were needed to show Body Shop Customers that Body Shop cared about its customers’ values.
5. Levi’s Ethnographic Research
- In a focus group or survey, you ask customers to explain something they may not even understand. It could be why they bought a product. Or what they think of your competitor.
- Ethnographic research is a type of anthropology where you go into clients’ homes or workplaces and observe their behavior that they may not understand well enough to explain to you.
- While the cost is prohibitive for many brands and unfeasible for others, you can gain new insights into your customers.
- Michael Perman, Senior Director of Cultural Insights at Levi Strauss & Co., uses quantitative and qualitative research across a broad spectrum. Still, when gathering consumer insights, he focuses on detailed ethnographic research provided by partners specializing in delving into the “nooks and crannies of consumer life in America and around the world.”
- For example, your team spends time in consumers’ homes and closets. They shop with consumers, look at the reality of a consumer’s life, and identify themes that will enable designers and retailers to understand better and anticipate consumer needs.
Hence, market research is one of the best ways to engage with the right target audience and can be implemented to improve customer experiences and, in turn, increase profits. It involves specifying data to address these problems, designing methods to collect information, managing and implementing the data collection process.