Most Common Types of Market Research Used by Companies
Market Research is the process of gathering information and data on individuals, groups or organizations, in order to strategize or plan new business or product proposals. It provides companies with actionable information and cutting-edge techniques, with first-hand and third-party information about the market to support better decision making for businesses.
In the world of business, top market research companies in UAE and analysts work together to know more about the market behaviour and customer preferences. It's through research that these entities are able to measure the efficiency of their marketing efforts and assess key trends and forecast probable changes in the market. While working with businesses to conduct market research, Volonte has been able to help businesses identify new market segments, develop different product lines and even to refocus their target audience.
Experienced top market research companies in UAE have come across a wide range of market research methods and approaches, and they strategically choose the most effective and suits the business convenience.
Common Types Used by Top Market Research Companies in UAE
1. Qualitative Market Research
Qualitative market research is a type of research that focuses on what customers think, feel and say about products, services and brands. This type of research is often done in the form of focus groups or one-on-one interviews with customers and potential customers.
Qualitative market research can be used to determine how consumers feel about the quality and value of a product or service. It can also help determine which features are most important to them and how they use those features in real life situations. Qualitative market research allows businesses to gauge their customers' satisfaction levels with their current products or services as well as learn more about their needs, wants and desires.
Volonte being one of the most experienced, top market research companies in UAE, we conduct qualitative market research that can be used as an initial step in creating new products or services, testing out new ideas and gauging customer interest in different concepts before any actual development takes place.
Narrative research is a qualitative method that involves interviewing participants about their experiences in relation to the topic under investigation. Participants are asked to share their stories about what happened or might happen in relation to the topic under investigation and these stories are recorded verbatim by the researcher. This approach helps you better understand how consumers make decisions about purchases and use of products or services in their daily lives.
Phenomenology is an approach top market research companies in Dubai use that focuses on subjective understanding of the world through direct experience rather than objective knowledge gained through observation or experimentation.
It's based on the belief that individuals have unique experiences that cannot be fully explained by external factors such as culture and language, but must be understood through direct engagement with those people who have these experiences. This approach can be used to learn more about how consumers perceive brands or products based on their own unique experiences as users of those products or services.
Phenomenological studies typically involve semi-structured or unstructured interviews where researchers ask participants open-ended questions about their experiences or behavior related to the topic under investigation.
Ethnography — Observe consumers in their natural environments over an extended period of time (i.e., weeks) to understand how they use products or services. Talking with them about what they do and why they do it in order to gain insight into their behavior patterns and motivations.
Questionnaires are the most common type of qualitative market research. They are used to gather information from consumers about their experiences with products, services or brands. The responses to a questionnaire can be analyzed using statistical software to determine if there are any patterns in the answers and how they relate to each other. This can help companies determine what elements they need to improve on or change in order to make their product or service more appealing to customers.
● Other types of qualitative market research include focus groups and interviews.
A focus group is a group of people who are brought together for a discussion about their feelings on a particular subject matter such as marketing strategies or new products being introduced into the market. An interview is an informal conversation between two people where one person asks questions while the other person responds. Both these forms of qualitative research help companies understand what consumers think about their products or services, but they also provide them with valuable information about why consumers feel this way and what influences their decisions when making purchases.
2. Quantitative Market Research
Quantitative market research focuses on collecting andanalyzing numbers and stats. This type of market research can be used for a wide range of reasons, from determining how many people are interested in purchasing a product to finding out what consumers think about the price of that product. It’s often used by companies conducting a market analysis in UAE and want a more scientific approach to researching the market.
One example of quantitative market research is customer satisfaction surveys. These surveys ask customers simple questions about their experience with a company’s products or services (e.g., “How likely are you to recommend our company/products/services to others?”).
Data is then analyzed using software like SPSS or SAS that helps companies gain a better understanding of their customers. Surveys are usually conducted online or over phone calls by professional researchers who have been trained by top market research companies in Dubai to ask questions effectively so that they get accurate data from respondents.
Experimental research involves testing participants' reactions to different stimuli by giving them different versions of an advertisement or product presentation and comparing their reactions. This type of research is often used in marketing campaigns where a new ad campaign is being tested against an existing one to see which performs better with consumers.
Descriptive research is the most basic type of quantitative market research. A market research method that provides data for feasibility studies Dubai by simply describing a group of people's behaviours or attitudes towards a product or service. A simple example would be an online survey asking users about their satisfaction with a product or service. The results of this kind of research are usually summarized using charts and graphs, giving companies insight into how satisfied their customers are with their products as well as what could be done to make them even happier with them.
A causal-comparative study involves comparing two or more products or services in a survey or questionnaire format. It is one of the simplest types of research because it does not require complex statistical analysis. The results are limited to "yes" or "no" answers with no additional details provided. The purpose of a causal-comparative study is to help decision makers identify their target audience and understand whether people prefer one product over another.
Correlational analysis allows you to see how two variables are related to each other. The goal is to identify how changes in one variable affect changes in another variable. For example, if you ran a correlational analysis on the amount of money spent on advertising versus sales, you would want to identify whether there was any correlation between those two variables — that is, did spending more money on advertising correlate with higher sales?
Hire Top Market Research Companies To Collect and Analyze Valuable Data
Market research is the analysis of data gathered from market segments, in order to gain insights that will improve business performance. It has become a necessary tool for companies to make better informed decisions about their operations and sales. Whether it's for a new product launch or for an existing product, understanding the current demand, trends and behaviour of customers can have a great impact on overall business strategy.
Top market research companies in Dubai help you collect valuable information that's easily absorbed into your business plan. Working with reliable management consulting firms in Dubai guarantees a team that will select the right market research method and analyze the data to assist in improving both existing and future products, services, and even industries. Contact our market research team today for valuable insights of your consumers: +971-56-654-5997.