Articles

7 Easy and Best Ways to Collect Data for Market Research

by Sam Mathur Blogger and Marketing Head

Today's businesses have data as one of the most valuable resources. The more information you have about your clients, the better you can realize their interests, needs, and desires. This enhanced understanding helps you achieve and excel in your customers' expectations and let you create products or services that attract your consumers.

Types of Data collection

1. Primary Data- Primary data is collected first round, particularly for the study. It is collected to address the problem at hand. Thus, primary information is the original data collected by the researcher first hand

Examples: Experiments, Survey, Questionnaire, Interview, Observations

2. Secondary Data- Secondary data has already been collected by and readily available from other sources. Such data are more affordable and directly available than the primary data and may be ready when primary data cannot be recovered.

Examples: Books, Documents, Reports, Biographies, Newspapers, Internet Articles, Publications, Databases, etc.

Data Collection in Market Research is a complete process in which the researcher makes a planned search for all related data.

The primary aim for all data collection is to catch a quality record that decodes a rich data analysis report and supports the building of a convincing and probable answer to the questions that have been created.

Problems to be counted during Data Collection

1.         Honesty

2.         Objectivity

3.         Sincerity

4.         Carefulness

5.         Confidentiality

6.         Social Responsibility

7.         Non Discrimination

 

Methods of Data Collection:

1. Survey:

The Survey process is the technique of collecting data by asking people who demand to have the desired information. A precise list of the questionnaire is ready. Generally, a non-disguised method is used. The respondents are asked subjects on their demographic concern.

 

Benefits of Surveys:

       It’s economical and straightforward to collect data.

       The group of people sampling options is substantial.

       Completing a survey is not difficult.

       Surveys are unknown and anonymous.

       It’s likely to collect detailed data.

       Survey software supports instantly preparing and analyzing results.

       You can embrace a wide variety of topics.

       Market researchers can replicate surveys with comfort.

 

Drawbacks of Surveys:

       Self-report bias may happen.

       Surveys may lack intensity and context.

 

2. Case study:

Individual cases are selected, and a detailed review of each incident is done.

Benefits of Case Study:

  1. Accurate data is provided
  2. Complete analysis

 

Drawbacks of Case Study:

  1. It is hard to conclude.
  2. It uses a lot of time.
  3. Classified and sensitive information may not be given.
  4. Interviewer preference is there.

 

3.  Exclusive Interview:

They commonly use small specimens and also manage direct one to one personal interviews. The respondents give a comprehensive background, and detailed data concerning the respondent’s opinions, values, motivation, expression, feeling, etc. are obtained. Even their non-verbal expressions are observed. They take a long time; therefore, lengthy remarks are involved.

These are conducted to customize individual replies. The questions will depend on what set of responses are given. Even the interview environment impacts the respondents. The progress of interviews depends on the agreement of the interviewers verified with the respondents.

Interviews may be structured means there is no variation in the questions among interviewees. Conversations may also be semi-structural, which means the interviewer may differ from queries to examine for more data when necessary. Interviews can also be completely unstructured. This type of discussion helps market researchers dive deep and glean an in-depth understanding of customer opinions, values, and attitudes.

 

Benefits of Exclusive Interviews:

       They allow for an in-depth question search.

       Results can incorporate rich details and helpful insights.

       Face-to-face contact with the interviewee is usually more productive.

       They help market researchers get more opinions than a survey could provide.

       The interviewer is free to answer any questions or clear up the difficulty.

 

Drawbacks of Exclusive Interviews:

       They are much more time-wasting than surveys.

       Interviews can be more costly than surveys.

       They need extensively qualified interviewers.

       The review method is convoluted.

       The interviewee may experience recollection of errors, particular opinions, or give false reports based on a goal to entertain the interviewer.

Market researchers who want to go ahead with the range of a survey to get exact information should review handling individual interviews.

 

4. Focus Group:

Focus groups also called group discussions or group interviews. They are used to know the mood or behavior of the readers. 6-12 individuals are selected, and either one or two judges (those who lead the reviews) are chosen.

If there are two judges, they will choose the opposite positions. It is the judge who introduces the topic. Discussion is controlled through these moderators. The group is watched from nearby rooms. Various devices are used to record these conversations.

 

Aims of the Focus Group-

  1. To collect primary data for the research project;
  2. To help developing surveys in terms of review research;
  3. To explain the idea behind a peculiar phenomenon:
  4. To see how people perform specific phenomenon;
  5. To test primarily ideas or plans.

 

Steps associated in managing Focus group-

  1. Define the obstacle
  2. Pick a sample
  3. Define the number of groups specified (the minimum amount should be two)
  4. Develop study mechanics. Regulate the respondent’s place where the focus group is to be assembled.
  5. Preferred judges and concise them
  6. Plan the focus group material.
  7. Lead the session.
  8. Examine the data and improve a summary report.

 

Benefits of Focus Group:

  1. It is used to assemble primary information, and therefore it can lead a pilot study also.
  2. Applicable cost is not much.
  3. It can be conducted immediately.
  4. It has versatility.
  5. Moderators can identify the opinions and documents of those who cannot express well through facial expressions and other non-verbal behavior.
  6. We can observe the questionnaire loaded up either before or after the discussion.

 

Drawbacks of Focus Group:

  1. It is inapplicable for collecting quantitative data.
  2. A self-appointed group leader may require his /her opinion on other members. Judges can define people.
  3. It depends massively on the skills of the judge.
  4. Interviewees in the focus group may or may not represent the people from which they are drawn.
  5. Recording devices are likely to limit respondents. The location of the recording device is essential.

 

5. Research or Observation:

Observation is a type of research method where market researchers follow members in a natural environment. Watching members in a natural environment helps researchers collect firsthand data on actions, opinions, and processes. They also offer market researchers the chance to see a wide variety of responses in a more natural context.

An observation can incorporate a researcher going to an off-site location to keep someone in a natural context. This could be in participants’ addresses, in a shop, or even watching them practice technology. Examination can also be set up to run in a controlled setting where researchers regulate the variables.

 

Benefits of Research:

       You can withdraw self-reporting biases by watching members in a natural setting.

       You can collect direct data about your participants’ responses.

       You can recognize any potential unanticipated results.

       Observation enables a natural and flexible configuration.

 

Drawbacks of Research:

       It can take a more extended interval to code data, survey data, and set valuable insights.

       Research is very time-consuming and costly.

       Collecting insight from a view calls for help from highly skilled researchers.

       When members know they are being watched, it may change how they perform.

       Researchers are responsive to selective and subjective perception.

 

Research or Observation is an excellent data collection process when you need a real look into customer responses and learn how customers communicate with your products or services.

 

6.  Journal or Diary:

 

Have your user (or likely user) keep a journal or a diary to document their experience with your topic or product. This can be handwritten or digital. Either way, it will allow you to obtain your user’s actual voice, which is hugely valuable for marketing copy. Whether you are skilled designer or not you can create your own logo using online logo creator tool to make your journal look beautiful and impressive. 

 

Benefits of Journals or Diaries:

       Record experiences in a natural habitat

       More likely to achieve influential external factors.

       Collect observations in more extended durations

       More time for in-depth study and chances for creativity

 

 Drawbacks of Journals or Diaries:

       Researchers don’t get to witness participants

       Members may not be perfect       

       Long adoption process

 

7. Online Focus Groups:

Online focus groups are related to in-person focus groups, except that they are more cost-efficient and let you reach many people. Use social media to your benefit by building societies of people interested in your topic, and promoting a discussion. Then, simply follow the dialogue. You’ll gain a lot of exciting insights!

 

Benefits of Online Focus Group:

       Participants can have specialized difficulties logging in, which can upset the whole group

       Moderators do not have time to examine in the way they do in asynchronous groups

       The study has to follow a comprehensive prepared set of questions strictly

       Clients cannot run them without professional support

       They are valuable

 

Drawbacks of Online Focus Group:

       Misinterpretation of questions

       Participant drop out

       Non-verbal information

       Prompt emotional reactions

       Group dynamics

       Scanning and hearing


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About Sam Mathur Freshman   Blogger and Marketing Head

10 connections, 0 recommendations, 37 honor points.
Joined APSense since, September 22nd, 2017, From Delaware, United States.

Created on Aug 26th 2020 07:44. Viewed 110 times.

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