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The Complete Guide to Market Research for Your Retail Business

Long gone are the days when price was a leading factor in consumers’ purchase decisions. While price still plays a role, today multiple factors are at play such as brand differentiation, reputation, and customer-centric return policies. But how do those considerations drive the purchase decision? It’s hard to read a customer’s mind, and it’s challenging for retailers to figure out where they fit when compared with their competition. Especially for retailers just starting out, it may feel like a lot of decisions are made on guesswork or instinct. Market research can remove much of this uncertainty by helping you understand your industry, your target customer, your competition, and your product. When you understand all that, your chances of success are a lot greater. There are many agencies that perform market research, and you can always get help from them. If you’re on a budget, however, you can do the research yourself. In this guide, we’ll show you how.

Long gone are the days when price was a leading factor in consumers’ purchase decisions. While price still plays a role, today multiple factors are at play such as brand differentiation, reputation, and customer-centric return policies.

But how do those considerations drive the purchase decision? It’s hard to read a customer’s mind, and it’s challenging for retailers to figure out where they fit when compared with their competition. Especially for retailers just starting out, it may feel like a lot of decisions are made on guesswork or instinct.

Market research can remove much of this uncertainty by helping you understand your industry, your target customer, your competition, and your product. When you understand all that, your chances of success are a lot greater.

There are many agencies that perform market research, and you can always get help from them. If you’re on a budget, however, you can do the research yourself. In this guide, we’ll show you how.

Table of contents

What is market research?

Why is market research important.

• How to do market research for your retail business

Primary market research methods

Secondary market research methods.

Market research is the study of a target market, including companies and people involved, to understand its needs and preferences.

Essentially, it gives you an understanding of the cultural, societal, socioeconomic, geographic, and personal makeup of your target customers. It will help you understand whether there’s a demand for your product, how big that demand is, and who is generating the demand. It’ll also help you understand the competitive landscape.

Market research, in other words, is research about the world of your retail business. Among other essential details, it will provide you with data on your target shopper’s buying power, shopping preferences, and relationship with competitors.

With this information, you’ll be able to create products that provide solutions, market to consumers effectively, and increase your chances for success.

Put simply, retail market research tells you who your target consumers are and why they’d want to buy from you.

The 2022 Shopify Future of Commerce report reveals that availability of marketplaces and advancements in technology have lowered the barrier to entry. As more retailers enter the market, competition is only going to grow.

Fortunately, market research can help you not just effectively grow brand awareness but also stand out and make loyal customers .

Here are some things it can help you do:

Better understand your target market

Market research gives you insights on the size of the market you’re targeting, how competitive it is, and where there’s room for improvement. This information can help you create a SWOT analysis , which in turn helps you devise strategies to penetrate the market effectively .

Get a strong grip on your target buyer

With market research, learn where and how to find your customers and how to present your product to them. With the insights that you gather, you can work out audience-resonating smart product pricing , and effective brand positioning.

Validate product idea(s)

By digging into consumer shopping preferences and interests, you can validate and refine your ideas. Consumer feedback on sample products and new concepts can help you launch products already proven to succeed.

Stand out from competitors

Competitor analysis as part of retail market research tells you how fierce the competition is and what others are doing to market and retain their buyers.

It also reveals your competitors’ product quality and shortcomings, helping you design better product and customer experiences.

Understanding the competition, then, helps you figure out how to differentiate your brand and develop a unique selling proposition to stand out from the crowd and attract customers.<

How to do market research for your retail business (+ tools)

While some business owners opt to hire a market research firm or consultant, it’s entirely possible to conduct this research yourself. In fact, many retailers prefer to own the market research process as they enjoy spending time with customers and learning more about how consumers view their businesses.

If you’re wearing the researcher’s hat yourself, know that there are two elements of market research: primary and secondary research. We encourage you to begin your research by reviewing secondary research materials: industry reports, trends, and case studies. By starting with this established data that someone else has collected, you’ll learn more about how you’d like to conduct your lengthier, more expensive primary research.

Here are some tools and sources for secondary market research:

Nielsen : Nielsen has research reports and studies on consumer behavior across more than 100 countries.

Pew Research Center : Pew also conducts scientific studies, many of which provide insight into consumer behavior and trends.

D&B Hoovers : You can purchase reports from D&B, a company which has researched over 85 million corporations, 100 million people, and 1,000 industries. Expect to find insights ranging from consumer behavior to competitive analysis and industry trends.

MarketResearch.com : Much like D&B, MarketResearch.com has tons of independently conducted research and analysis reports you can purchase. Retailers can start by checking out their list of consumer goods reports .

US Census Bureau : The US Census Bureau provides a holistic look at the American economy. Use it in your market research to understand the state of your industry both in the United States and internationally (they have a whole section on retail trade .

US Small Business Administration : The SBA offers resources to help American-based retailers understand their target market and current economic conditions. The SBA’s free SizeUp tool is a great way to see how you stack up against your competition.

Bureau of Labor : The Bureau of Labor has an abundance of resources to help you learn about employment in the U.S. They provide employment rates and statistics on topics like occupational employment and wages, labor demand and turnover, and the dynamic state of the labor market.

Office for National Statistics : UK-based retailers can use the numerous resources here to learn about their industry, the economy, employment information, and consumer demographics.

FedStats : This is another great US-based resource for statistics and trends that cover a variety of topics and findings from trusted sources.

Consumer Price Index : The Consumer Price Indexes (CPI) program produces monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services. This is a great way to learn how to set prices for your products.

Consumer Spending : The US Bureau of Economic Analysis has personal consumption expenditures (PCE) resources that you can use to learn about how to price your products, similar to the CPI.

American FactFinder : The US Census Bureau has a whole library of facts that can be especially helpful in researching the demographics of your target customers.

Consumer Product Safety Commission : This US agency reports injury statistics based on product category and by hazard category. It helps estimate how many injuries caused by products will be treated in the emergency room each year. You can use this information in a variety of ways, from determining your selling proposition as a safe product provider to understanding how to communicate the safety of your product to customers.

Next, go down into the trenches and study the market directly. Use the following methods for primary research:

1. Customer surveys

Customer surveys are a way to gather data on your target market. Depending on the questions you ask in your survey, you can not only understand your target market and its competitiveness but also get feedback on your product.

Several free tools such as Google Forms and SurveyMonkey are available to help you conduct customer surveys. Use them if you already have an engaged audience, such as an active email list or social following.

Don’t have an audience yet? Share the survey in relevant Facebook Groups, online forums, and Slack channels.

If you need to get the survey out to more people, pay for a service like Google Surveys , which also allows you to add targeting parameters to get more specific and relevant insights.

💡 PRO TIP: Sending digital receipts via email is a great way to organically collect customer contact information at checkout and build an email list to fuel your retention marketing. Just make sure they’ve opted in to hearing from you before sending them anything.

2. In-depth customer interviews

Customer interviews are one-on-one interviews with customers. You can conduct video chats or meet customers in person or over the telephone.

Since customer interviews are direct conversations, they provide unparalleled insights about your consumers, their shopping motivations, and feedback on your brand and product(s).

Customer interviews can help you make smarter business decisions. For example, paying attention to the language your target shoppers use during the interview can help you create audience-resonating marketing copy and store layouts.

The key is to ask open-ended questions that encourage interviewees to give longer responses instead of plain “yes” and “no” answers. For example, instead of asking whether they prefer to tap or insert their card when paying, ask them what they think about contactless payments .

Making this kind of subtle change in the way you frame your interview questions will get the interviewee thinking, getting you excellent insights.

Keep in mind that customer interviews don’t have to be long. Also, you can incentivize consumers with something valuable for taking the time to talk to you. This could be anything from a gift card to a free product or lifetime membership.

3. Customer reviews

Customer reviews can offer a treasure trove of actionable consumer insights.

You don’t have to stop at studying your own business: analyzing competitor reviews can tell you what customers like and dislike the most about them, what they commonly complain about, and how those retailers handle negative reviews.

What’s more, the insights you uncover here can guide your product creation and give you ideas for improving the customer experience.

Make sure you gather reviews from various channels such as social media and review sites (think: Yelp, Amazon, and Google).

Having a large and diverse pool of customer reviews coming from people who represent your customer base helps reduce the odds of bias in review analysis.

It’s also helpful to study reviewer profiles. Record reviewers’ age, location, gender, items purchased, and date of purchase. This extra layer of data will help you identify trends based on customer profiles.

4. Contextual inquiry

Contextual inquiry is a user research technique that involves observing and interviewing people while they perform tasks in context. It helps validate product ideas and improve prevailing user journeys such as how customers navigate your store layout .

By observing how participants complete a task—ask them, for example, to describe how they navigate your point-of-sale (POS) system —you can easily learn how consumers use and feel about your store, products, and purchase processes.

Don’t forget to carefully observe participants’ nonverbal cues such as their body language. This helps you track and understand their habits and how their mood changes as they interact with a product display or in-store event

The best part? Contextual inquiries aren’t very formal, which helps you get your hands on more realistic data.

5. Mystery shopping

Another useful market research method is to send undercover researchers as customers to stores—yours or your competitors’—to evaluate store operations and customer experience.

Secret shopping gives you the benefit of learning from interacting with store employees in real time. It also helps you study your competition and access information only available to their customers.

Most important of all, mystery shoppers can study any and every aspect of the customer experience, including:

• Greeting and wait times
• Staff knowledge and helpfulness
• Product variety and availability
• Store design including cleanliness, product display, and window display

You can always pre-script the visit (ask researchers to evaluate specific details) or keep it open, encouraging researchers to share whatever they experienced.

Secret shopping isn’t limited to store visits. Mystery shoppers can buy and return merchandise to understand how a store handles return exchanges . They can also make phone calls or contact specific departments via website forms or emails to evaluate performance.

6. Focus groups

Focus groups bring together a group of 6-10 people to gather feedback on a product, service, idea, or marketing campaign from them.

People interviewed in focus groups are systematically selected based on their demographic traits. The questions are scripted beforehand, and the interviewer’s role is to elicit responses from all participants.

Focus group sessions are a low-cost, high-accuracy market research method, delivering insights in the respondents’ own words.

You can hire an agency to conduct in-depth research via focus groups. Or create an online focus group for learning consumers’ thoughts on whatever you want.

Hair care brand Ceremonia's founder, Babba Riversa, created an online community of influencers for planning her brand launch. Initially, the group met in person to give Riversa feedback on products. Later, when the pandemic hit, the group went virtual, meeting weekly on Geneva .

7. Sales records

This involves studying customer and sales information already available, and works best for established retail stores.

These sales records, covering customer purchase dates, amount, payment method, returns, and other information, provide a goldmine of data. The data is also proprietary and unique to your business—no one else has that information.

Analyze it to identify your loyal customers and customer-favorite products, and use the insights you gain to plan marketing approaches that will most likely resonate with these customers.

💡 PRO TIP: Only Shopify POS unifies your online and retail store data into one back office–customer data, inventory, sales, and more. View easy to understand reports to spot trends faster, capitalize on opportunities, and jumpstart your brand’s growth.

8. Employees

Finally, ask sales associates for their findings on the floor, whether it’s commonly asked questions from customers or observations in customer behavior.

Staff research can uncover insights that not only help you better understand your customers but also learn how effective your visual merchandising , store layout, and sales promotions are.

By asking staff to observe customer motivations and what products they frequently buy together, you can train them to upsell and create hot-selling product bundles .

Improve your retail business with market research

In a nutshell, market research is essential. It can show you how to create customer-favorite products, beat your competitors, and provide an exceptional customer experience.

Market research also never ends. You should conduct market research on an ongoing basis: the market changes frequently, and you need to be on top of those changes to stay ahead of the curve.

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Market research FAQ

What are the 4 types of market research.

• Primary Research: This type of research involves collecting data directly from the source, such as surveys, interviews, focus groups, and observation.
• Secondary Research: This type of research involves collecting data from existing sources such as books, magazines, newspapers, and online sources.
• Qualitative Research: This type of research involves collecting data in the form of opinions, beliefs, and attitudes. It is used to gain insight into customer behavior.
• Quantitative Research: This type of research involves collecting data in the form of numbers and statistics. It is used to measure the size, location, and distribution of a target market.

What do you mean by market research?

What is an example of market research, what are the 4 main purposes of market research.

• Identifying and understanding customer needs and preferences: Market research can help companies identify and understand customer needs, preferences, and trends, as well as their buying behavior and habits.
• Tracking customer satisfaction: Market research can also be used to track customer satisfaction and loyalty. This can help a company determine whether customers are happy with its products and services, and if not, what changes can be made to improve them.
• Measuring the effectiveness of marketing campaigns: Market research can be used to measure the effectiveness of marketing campaigns and determine what strategies are working and which ones are not.
• Improving product development and innovation: Market research can help a company to better understand customer needs and preferences, which in turn can help it develop new products and services that meet those needs. It can also help a company to better understand the competitive landscape and what its competitors are offering.

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Retail Market Research: Benefits, Trends & 5 Real-Life Examples

Figure 1. Popularity of retail market research on Google search engine in the US between 2016-2023

A recent McKinsey report highlights a dramatic shift in customer behavior, with 50% of customers changing their brand preferences in 2022, and 90% indicating they’ll continue to switch brands. 1 This trend points to a volatile retail market, where some brands may decline while others rise, underlining the importance for retailers to adapt and innovate to maintain customer loyalty. With evolving consumer preferences, conducting market research through customer surveys becomes increasingly critical.

This article highlights the importance of market research for retail business, methods, trends, and some real-life examples.

If you wish to use a market research tool, here is a guide comparing the top tools on the market .

Why is market research important for retail companies?

1- better understand your target market and customers.

Market research provides retailers with insights into customer behavior, enabling them to adapt their products, services, and marketing to align with market trends. This knowledge is essential for everything from product development to pricing and even store design, ensuring that retailers can create an experience that truly connects with their customers.

Real-life example

Source: Statista 2

Figure 2. Crocs YoY revenue growth between 2017-2022

Crocs has experienced a nearly 200% increase in sales since 2019, outperforming other brands that peaked during quarantine. 3 Emphasizing digital marketing, market research, and celebrity endorsements, Crocs continues to adapt to consumer preferences, moving towards a more fashion-forward market and maintaining relevance despite changing trends.

2- Increase product launch success

Introducing a new product to the market is a high-stakes endeavor, often accompanied by considerable financial risk. Conducting thorough market research is key to mitigating these risks. By delving into consumer desires, market trends, and unmet needs, retailers can gain valuable insights that guide product development.

A recent survey by the Toy Association found that more than 40% of adult parents are buying toys for themselves. 4 This trend, known as the “kidult” market, has seen growth, particularly during the pandemic. Retailers like Walmart are responding by marketing toys and games directly to adults, tapping into this nostalgic consumer segment.

3- Stay informed about and ahead of competitors & retail industry trends

Staying abreast of industry trends and understanding what rivals are doing is crucial in retail. Retailers must be aware of their competitors’ offerings and identify areas where they can differentiate themselves, be it in product characteristics, customer experience, or communication strategies.

Home Depot identified a trend towards convenient and seamless shopping experiences and responded by integrating advanced technologies. 5 They developed a versatile mobile app that facilitates price comparison and in-store pickups, augmented reality for visualizing products in a space, and location-based services within the app to enhance in-store navigation and offer real-time deals to customers.

4- Improve marketing messaging and customer relationships

Through market research, retailers can gain insights into consumer behaviors, preferences, and purchasing motivations. This information is invaluable for developing targeted marketing campaigns that resonate with consumers, enhancing the overall customer experience, and building lasting relationships. Understanding customer needs and preferences allows retailers to communicate more effectively, personalize their marketing efforts, and align their products and services with consumer expectations, thereby fostering customer loyalty and driving sales.

McDonald’s responded to customer feedback about the lack of healthy and organic options on its menu. 6 As a result, McDonald’s introduced healthier items like apple slices and launched an advertising campaign to highlight the real meat content in its chicken nuggets and patties, demonstrating its commitment to addressing customer concerns​.

5- Validate product idea(s)

Market research helps in understanding whether there is a real demand for the product and if it meets the needs and expectations of potential customers. By effectively analyzing market trends, consumer behaviors, and preferences, retailers can reduce the risk of introducing products that may not resonate with the market.

Quibi, a mobile-focused streaming service, shut down after just six months due to its failure to attract a significant audience, despite raising $1.8 billion and being positioned as the next big service company in modern entertainment. 7 The company’s leaders later acknowledged that the idea behind Quibi wasn’t strong enough to justify a stand-alone streaming service. This highlights how even well-funded ventures can falter without adequate market research to validate the product’s fit and demand in the market.

Primary vs. secondary research

In retail market research, primary and secondary research serve distinct yet complementary purposes. This distinction ensures a holistic approach to the market research process to understand both the micro (customer-specific) and macro (industry-wide) aspects of the retail market.

Primary research

Primary research is essential for obtaining fresh, direct feedback from customers. Through methods like surveys and interviews, retailers can gain valuable insights into consumer preferences, purchasing habits, and attitudes. This firsthand information is crucial for grasping customer behavior nuances and shaping product and marketing strategies accordingly.

Secondary research

Secondary research plays a key role in comprehensively understanding the retail sector. By analyzing existing data from sources like trade journals, government reports, and consumer studies, retailers can identify current trends, challenges, and potential opportunities for growth within the industry.

Market research methods for the retail industry

1- customer surveys.

These are questionnaires designed to collect feedback from customers about their experiences, preferences, and opinions. Surveys can be conducted online, in-store, or via email and are useful for collecting quantitative data. They help retailers understand customer satisfaction, product preferences, and areas for improvement.

2- Sentiment analysis

Sentiment analysis often uses natural language processing (NLP) and machine learning to categorize opinions as positive, negative, or neutral. This method is particularly useful in understanding how customers feel about a brand or product and can be instrumental in identifying areas for improvement, gauging customer satisfaction, and monitoring the impact of marketing campaigns or new product launches.

Check out our research on retail sentiment analysis for more information.

3- In-depth customer interviews

This method involves conducting one-on-one interviews to gain detailed insights into customer attitudes, experiences, and behaviors. These interviews can uncover deeper insights than surveys, as they allow for more nuanced discussions and exploration of topics.

4- Social media monitoring

By observing and analyzing conversations and trends on social media platforms, retailers can gauge public sentiment about their brand, competitors, and the industry at large. This method provides real-time feedback and insight into emerging trends and customer preferences.

5- Focus groups

Focus groups involve gathering a small, diverse group of people to discuss and provide feedback on products, services, or marketing campaigns. This method allows for interactive discussions and can provide rich qualitative data about consumer attitudes and behaviors.

6- Sales records

Reviewing and analyzing sales data helps retailers understand which products are selling well and which are not. This method provides concrete evidence of consumer purchasing patterns and preferences, helping retailers make informed decisions about inventory, pricing, and promotions.

Retail market trends

Retail market trends are currently shaped by several factors that companies should keep in mind when they conduct market research Here are a few:

Use of AI and technology

Artificial intelligence (AI) is revolutionizing inventory management , customer service (through chatbots ), and personalized shopping experiences (through NLP). Retailers are also experimenting with augmented reality (AR/VR) to enhance product visualization online.

Omnichannel retailing practices

The line between online and offline shopping is blurring in the digitalized age. For instance, 70% of millennials and Gen Z customers rely on social channels for shopping. 8 Besides, 500+ million people engage with Nike through the apps.g. 9 Retailers are integrating their online and physical stores to provide a cohesive customer experience. This trend includes features like buy-online-pick-up-in-store (BOPIS) and the use of digital tools in physical stores.

Sustainable products & ethical practices

Increasingly, consumers are gravitating towards brands that demonstrate environmental responsibility and ethical business practices. This shift is leading retailers to adopt more sustainable practices , from sourcing to packaging, and transparently communicate their efforts to consumers.

Personalized products & services

With access to more customer data, retailers are tailoring shopping experiences to individual preferences. This trend involves using data analytics to offer personalized product recommendations, targeted marketing, and customized shopping experiences.

If interested, here is our data-driven list of survey participant recruitment services and survey tools .

For those interested, here is also our data driven list of market research tools .

If you need guidance in vendor selection, feel free to reach us:

External Links

• 1. “ Retail reset: A new playbook for retail leaders “. McKinsey . July 10, 2023. Retrieved December 3, 2023.
• 2. “ Year-on-year revenue growth of Crocs worldwide from 2017 to 2022 “. Statista . February, 2023. Retrieved December 2,2023.
• 3. “ People Started Buying Crocs During the Pandemic. They Can’t Stop “. The New York Times . March 27, 2023. Retrieved December 2, 2023.
• 4. “ Halloween Is for Kids. ‘Kidults’ Too. “. The New York Times . Retrieved December 2, 2023.
• 5. “ The Meaning of Digital Transformation in the Retail Industry: Examples, Benefits & Trends “. ionic . Retrieved December 2, 2023.
• 6. “ 6 Famous Brands That Depend on Market Research “. DriveResearch . September 14, 2023. Retrieved December 2, 2023.
• 7. “ Testing Business Ideas With Market Validation “. Antler . April 18, 2023. Retrieved December 2, 2023.
• 8. “ Turning consumer and retail companies into software-driven innovators “. McKinsey . September 6, 2023. Retrieved December 3, 2023.
• 9. “ NIKE, INC. Reports Fiscal 2023 Fourth Quarter and Full Year Results “. NIKE . September 29, 2023. Retrieved December 3, 2023.

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Retail Market Research: Specifics, Challenges, and Tips

• by Alice Ananian
• May 29, 2024

The retail industry is a bustling marketplace where competition is fierce and customer preferences are constantly evolving. To thrive and grow in such a dynamic environment, market research is not just beneficial – it’s a necessity. Retail market research involves gathering, analyzing, and interpreting data related to consumer behavior, market trends, and competitor strategies. For entrepreneurs, market analysts, and small business owners within the retail sector, understanding the specifics and best practices of retail market research can be a game-changer.

This comprehensive guide looks at the power of retail market research, how to approach it effectively, tools to simplify the process, featuring a case study, and tackle the challenges head-on.

What Makes Market Research for Retail Unique?

Market research in the retail industry is marked by several distinct features that set it apart from other sectors. Understanding these unique aspects is crucial in conducting research that yields actionable insights.

1. Hyper-focus on the Customer

Retailers are laser-focused on understanding their target customers . This goes beyond demographics to encompass shopping habits, preferences, and even emotional drivers behind purchases.

2. The Competitive Landscape

The retail world is crowded and fiercely competitive. Market research helps identify what competitors are doing well (or poorly) and allows retailers to differentiate themselves [4].

3. The Importance of Experience

In today’s retail world, the customer experience is paramount. Retail research goes beyond product desire and explores factors like store layout, online usability, and even employee interaction.

4. Keeping Up with Trends

Retail is a dynamic industry, and what’s hot today can be yesterday’s news tomorrow.  Market research helps retailers identify emerging trends and adapt their offerings accordingly.

5. The Blend of Online and Offline

Modern retail isn’t just about brick-and-mortar stores or websites anymore. It’s a seamless blend of the two.  Retail research needs to consider how these channels interact and how customers navigate between them.

By considering these unique aspects, retailers can leverage market research to make smarter decisions about everything from product selection to store layout and marketing campaigns.

How to Conduct Market Research for Retail Businesses [Step-by-Step Guide]

Effective retail market research is a systematic process that involves several key steps. By breaking down the process, you can conduct thorough research that informs smart business decisions.

Step 1: Define Your Research Goals & Target Audience

Goal Setting: What do you want to learn? Is it understanding customer preferences for a new product line, analyzing competitor strengths, or gauging interest in a new store location? Clearly defined goals will guide your research methods.

Target Audience: Who are you selling to? Define your ideal customer profile by demographics (age, income, location), interests, and shopping habits. This helps tailor your research methods to reach the right people.

Example:   A clothing boutique wants to launch a new activewear line. Their target audience might be young professionals (22-35) who are health-conscious and shop online and in-store.

Step 2: Develop Your Research Plan

Primary vs. Secondary Research: As with any industry, primary research involves collecting your own data (surveys, interviews). Secondary research involves leveraging existing data (industry reports, government statistics).

Example: For the yoga wear example, primary research could involve focus groups with potential customers to understand their preferences for materials, styles, and price points. Secondary research might involve looking at industry reports on the growth of the eco-friendly clothing market.

Pro tip: Gathering primary research can cost you a lot of time and money. To better coordinate your efforts, make sure you use tools that do the leg work for you. For example, instead of creating templates and funneling all your findings manually into an Excel sheet, consider launching your product.

Prelaunching, i.e., creating a landing page with Prelaunch , opens up a world of insights into your target audience, best iterations of your product, and price point. All this information is neatly collected in a Dashboard, so all you have to do is analyze your data.

Step 3: Gather Your Information – Primary Research Methods

Surveys & Online Polls: Develop targeted online surveys or polls to gather customer opinions on product ideas, pricing, and brand perception. Tools like Google Forms or SurveyMonkey can help create and distribute these.

In-Store Observations: Observe how customers interact with your products or competitor products in physical stores. Note what attracts them, what they try on, and where they spend time.

Focus Groups: Conduct small group discussions with potential customers to gain deeper qualitative insights into their needs, motivations, and pain points.

Action Step:   Merge the processes of surveys, online polls, and focus groups with a singular platform that helps you do it all. Setting up a concept-validating landing page on Prelaunch gives you access to real-time insights. Surveys are an embedded part of Prelaunch’s funnel.

For instance, the Reservation Survey is displayed on the Thank You page following a potential customer’s reservation of the product. This enables you to pose questions aimed at enhancing the product and identifying the customer profile.

The Cancellation Survey is presented when someone selects the “No, thanks” option on the Reservation page. This offers insights into their reasons for not reserving the product and what changes could potentially change their mind.

The Prelaunch platform is also set up to conduct focus groups which can be organized remotely and from a group of potential buyers that have already confirmed their purchase intent. The result is the most accurate data you could ever wish for.

Step 4: Gather Your Information – Secondary Research Methods

Industry Reports: Look for reports from market research firms or industry associations that provide data on retail trends, consumer behavior, and market size for your specific niche.

National Retail Federation (NRF) : Publishes annual reports on retail industry trends, consumer spending, and economic forecasts. They also offer specific reports on various retail sectors like grocery, apparel, or electronics.

Euromonitor International : Provides market research reports on various consumer goods sectors, including retail. Their reports offer in-depth analysis of market size, growth projections, and consumer trends across different regions.

McKinsey & Company : Produces research reports on retail industry disruption, e-commerce trends, and the future of shopping. Their insights are valuable for understanding the broader forces shaping the retail landscape.

Trade Publications: Stay updated on industry trends and competitor news by following relevant publications and websites.

Retail Dive : A leading online publication that covers retail news and trends across all sectors, from e-commerce to brick-and-mortar operations. They offer insightful articles, data analysis, and interviews with retail industry leaders.

Chain Store Age : A trade publication focused on news and strategies for multi-location retail chains. Their content covers topics like store operations, merchandising, and supply chain management.

STORES Magazine : Published by the National Retail Federation, STORES Magazine covers retail technology, marketing trends, and omnichannel strategies.

News Articles

• The Wall Street Journal – Retail & Wholesale : This section of the Wall Street Journal features news articles on major retail companies, industry mergers and acquisitions, and the impact of economic factors on the retail sector.
• Reuters Retail : Reuters provides breaking news and analysis on retail companies, consumer spending patterns, and global retail trends.
• Local Business Journals: Many local business journals (e.g https://www.bizjournals.com/ ) have sections dedicated to retail news within their specific metropolitan areas. These can provide valuable insights into consumer trends and local retail developments.

Action Step: Subscribe to newsletters from industry research firms like Nielsen or Euromonitor . Look for government data on the US Census Bureau website or your national statistical office.

Step 5: Analyze Your Findings

Organize your data: Put all your research findings (surveys, reports, observations) in a central location for easy analysis.

Identify trends and patterns: Look for recurring themes across your data sets.

Example: Analyze survey data to see if the price is a major concern for eco-conscious yoga wear consumers. Combine this with industry report data on the growing market for premium eco-friendly clothing.

Step 6:  Present Your Findings and Take Action

Create a clear and concise report: Summarize your research methods, key findings, and actionable insights.

Develop a plan: Based on your research, decide what to stock, how to price products , and how to market your eco-friendly yoga wear line.

Example: Your research might reveal a strong demand for high-quality, ethically sourced yoga wear at a premium price point. This can guide your product selection, marketing message, and in-store presentation.

Pro tip: Actionable insights are easier to arrive at when you have Customer Personas. On Prelaunch, these are AI-developed personas based on the customer profiles that your campaign has provided. Simply put, when potential customers interact with your landing page, they provide clues and insights into the best way to market your product (e.g. what pain points they have, what features really make a difference.)

Based on these insights Prelaunch builds customer personas which give you a clear idea of who and how to target your marketing efforts.

Tools and Resources for Retail Market Research

Retailers today have an array of tools and resources at their disposal to carry out comprehensive market research. From traditional methods to cutting-edge analytics, choosing the right tools can make a significant impact on the quality and efficiency of your research.

Primary Research Methods

Surveys & Questionnaires:   Gather a large pool of data on customer demographics, shopping habits, and brand preferences.

Tools: SurveyMonkey, Typeform, Google Forms

Focus Groups: Conduct guided discussions with a small group of customers to gain deeper insights and understanding of their motivations.

Tools: Prelaunch.com : This concept validation platform is a one-stop-shop for marketers. By creating a landing page with your concept and gauging customer response, you gain real-time insights into demand, iterate on your design based on feedback, and avoid investing heavily in an idea that might flop. This direct interaction with potential customers makes pre-launching a powerful primary research tool.

In-Store Observations: Observe how customers interact with your store or competitor stores. This can reveal product placement issues or areas where customer service can be improved.

Unfortunately, there aren’t many tools that can help optimize this process, which is why it’s imperative to optimize as many primary research methods as possible. (See pro tip above☝)

Secondary Research Methods

Industry Reports: Published by research firms or industry associations, these reports provide valuable data on market size, trends, and competitor analysis.

Resources: Euromonitor , Gartner L2 , IBISWorld

Government Statistics: Government websites often provide demographic and spending data that can be helpful in understanding your target market.

Resources: US Census Bureau , UK Office for National Statistics

Competitor Analysis: Research your competitors’ offerings, pricing strategies, and marketing campaigns.

Tools: Similarweb , SEMrush

Social Media Listening: Monitor online conversations to understand customer sentiment and identify emerging trends.

Tools: Brandwatch , Sprout Social

Additional Resources

Retail Trade Associations: Many retail trade associations offer resources and research specific to your industry segment.

• National Retail Federation (NRF) : The world’s largest retail trade association, offering resources and research on various retail sectors.
• Retail Industry Leaders Association (RILA) : Represents leading retailers in the US, providing insights on public policy, consumer trends, and emerging technologies .
• International Council of Shopping Centers (ICSC) : Focuses on shopping centers and real estate, offering data and reports on shopping center performance and consumer behavior.
• Grocery Manufacturers Association (GMA) : Represents the food, beverage, and consumer product industry, providing insights on consumer trends and purchasing habits in the grocery sector.

News and Publications: Stay up-to-date on industry trends by following relevant publications and news websites.

• Retail Dive : Provides news and analysis on the retail industry, covering trends in e-commerce, omnichannel retailing, and technology.
• Chain Store Age : Offers news and insights for retail executives, covering topics like store operations, marketing, and technology.
• Supermarket News : Focuses on the grocery industry, providing news and analysis on trends, consumer behavior, and supply chain issues.
• Women’s Wear Daily (WWD) : Covers the fashion and beauty industry, offering insights on consumer trends, fashion weeks, and retail strategies.

By combining these tools and resources, you can conduct comprehensive retail market research that empowers you to make strategic decisions and gain a competitive edge.

Case Study: Home Depot Leverages Market Research to Drive In-Store Tech Adoption

Home Depot , a leading home improvement retailer, recognized the growing importance of technology in the customer journey.  However, they needed to understand how customers interacted with technology in-store and how to encourage its adoption.

Research Methods

In-Store Observations: Researchers observed how customers navigated stores, interacted with kiosks and digital signage, and sought assistance from employees.

Customer Surveys: Surveys were conducted to understand customer attitudes towards technology in-store, their preferred ways to access information, and any pain points they encountered.

Focus Groups: Focus groups with DIY enthusiasts explored their comfort level with technology and their ideal in-store tech experience.

Key Findings

Customers were receptive to using technology in-store, especially for tasks like product research, checking inventory, and accessing project guides.

Traditional methods of getting help, like flagging down employees, were still important, but customers appreciated the ability to access information independently through kiosks and digital signage.

There was a gap between customer needs and existing technology offerings. The in-store tech felt clunky and not user-friendly for some customers.

Actions Taken

Improved In-Store Kiosks: Home Depot upgraded their kiosks with a more intuitive interface and a wider range of functionalities, allowing customers to browse products, compare features, and access how-to videos.

Enhanced Digital Signage: Digital signage was revamped to display targeted product information, special promotions, and DIY project inspiration, aligned with the customer’s location in the store.

Employee Training: Employees were trained on the new technology and empowered to guide customers towards using the kiosks and digital signage for a more efficient shopping experience.

Increased Customer Satisfaction: Surveys showed a significant increase in customer satisfaction with the in-store shopping experience, particularly regarding ease of finding information and getting help.

Improved Sales Conversion: Data indicated that customers who interacted with the in-store technology were more likely to purchase.

Enhanced Brand Image: Home Depot positioned itself as a leader in integrating technology to improve the customer experience in the home improvement sector.

Lessons Learned

This case study highlights the importance of market research in understanding customer needs and effectively integrating technology in a traditional retail setting.  By actively listening to their customers, Home Depot identified opportunities to bridge the gap between traditional and digital shopping experiences, ultimately leading to increased customer satisfaction and sales.

Cracking the Code: Overcoming Challenges in Retail Market Research

Retail market research is essential for staying ahead of the curve in this dynamic industry. However, gathering valuable customer insights can be tricky. Here, we explore some common challenges and how to overcome them:

Challenge 1: Capturing Elusive Customers

The Problem: Today’s consumers are busy and have short attention spans. Traditional methods like in-person surveys can have low response rates.

The Solution: Embrace online research tools like Prelaunch.com’s Idea Validation feature . The tool allows you to put together a sharable page that sums up and presents your product to an audience. The process takes less than 10 minutes and lets you capture your idea in a way that’s short, sweet and to the point. Based on how they engage with the page, you’ll be able to know whether your idea is valid or not.

Challenge 2:  Keeping Pace with Change

The Problem: Retail trends evolve rapidly. Research based on outdated data can lead to missed opportunities.

The Solution: Build a culture of continuous research. Conduct regular pulse surveys to track changing preferences and use social listening tools to monitor online conversations about your brand and industry.

Challenge 3:  Omnichannel Mystery

The Problem: The retail journey spans multiple channels – online stores, physical stores, and mobile apps. Understanding customer behavior across these touchpoints can be complex.

The Solution: Employ a mix of research methods. Combine online surveys with website behavior tracking and in-store observation to get a holistic view of the customer experience.

Challenge 4:  Data Overload & Analysis Paralysis

The Problem: With so much data available, it can be overwhelming to analyze it effectively and translate insights into actionable steps.

The Solution: Invest in data analytics tools. These tools can help you categorize, visualize, and identify key trends within your data sets. Focus on creating clear research questions to guide your analysis and prioritize actionable insights.

By understanding these challenges and implementing the suggested solutions, you can ensure your retail market research delivers valuable insights that drive better business decisions and keep your brand at the forefront of the ever-evolving retail landscape.

Retail market research is not a one-size-fits-all endeavor. It requires adaptability, creativity, and a commitment to understanding the intricate interaction between markets and consumers. By following the steps provided in this guide and combining it with the right tools and resources, you can unlock invaluable insights that will drive your retail business forward.

Remember that conducting comprehensive retail market research is an investment, not an expense. It is the foundation upon which successful retail strategies are built. By immersing yourself in the data and understanding the unique characteristics of retail market research, you are taking the first steps towards securing your position in the competitive retail industry.

Emerge as a leader in your segment by harnessing the power of retail market research. Your strategies should not only reflect market realities but should also anticipate and shape them. Take the time to master this critical component of retail, and watch as your business flourishes in response. Happy analyzing!

What is retail market research?

Retail market research is the systematic process of gathering information about the retail industry, specifically focusing on your target market and competitors. It helps you understand what customers want and need, how they shop, and what influences their buying decisions.

Who should conduct retail market research?

Ideally, anyone involved in making strategic decisions for a retail business can benefit from market research. This can include:

• Business Owners and Managers: Gain insights to improve product selection, pricing strategies, marketing campaigns, and overall customer experience.
• Marketing and Sales Teams: Understand customer needs and preferences to develop targeted marketing initiatives and improve sales conversion rates.
• Product Development Teams: Inform product development decisions based on real customer needs and emerging trends.

While some larger companies might have dedicated market research teams, smaller retailers can still conduct valuable research using a mix of free and paid tools and resources.

What types of market research are most appropriate for the retail industry?

Retail market research can leverage various methods, but some are particularly well-suited for the industry:

Primary Research: This involves collecting your own data directly from your target audience.

Examples: Customer surveys and questionnaires to understand shopping habits and preferences. Focus groups to gain deeper insights into customer motivations and product perceptions. In-store observations to analyze customer behavior and identify areas for improvement.

Secondary Research: This involves leveraging existing data collected by others.

Examples: Industry reports on market size, trends, and competitor analysis. Government statistics on demographics and spending habits in your target market. Competitor analysis to understand their offerings, pricing strategies, and marketing tactics. Social media listening to monitor online conversations and identify customer sentiment towards your brand and industry trends.

By combining primary and secondary research methods, retailers can gain a well-rounded understanding of their market and make informed decisions for long-term success.

Alice Ananian

Alice has over 8 years experience as a strong communicator and creative thinker. She enjoys helping companies refine their branding, deepen their values, and reach their intended audiences through language.

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How to Do Market Research: The Complete Guide

Learn how to do market research with this step-by-step guide, complete with templates, tools and real-world examples.

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Market research is the systematic process of gathering, analyzing and interpreting information about a specific market or industry.

What are your customers’ needs? How does your product compare to the competition? What are the emerging trends and opportunities in your industry? If these questions keep you up at night, it’s time to conduct market research.

Market research plays a pivotal role in your ability to stay competitive and relevant, helping you anticipate shifts in consumer behavior and industry dynamics. It involves gathering these insights using a wide range of techniques, from surveys and interviews to data analysis and observational studies.

In this guide, we’ll explore why market research is crucial, the various types of market research, the methods used in data collection, and how to effectively conduct market research to drive informed decision-making and success.

What is market research?

The purpose of market research is to offer valuable insight into the preferences and behaviors of your target audience, and anticipate shifts in market trends and the competitive landscape. This information helps you make data-driven decisions, develop effective strategies for your business, and maximize your chances of long-term growth.

Why is market research important? 

By understanding the significance of market research, you can make sure you’re asking the right questions and using the process to your advantage. Some of the benefits of market research include:

• Informed decision-making: Market research provides you with the data and insights you need to make smart decisions for your business. It helps you identify opportunities, assess risks and tailor your strategies to meet the demands of the market. Without market research, decisions are often based on assumptions or guesswork, leading to costly mistakes.
• Customer-centric approach: A cornerstone of market research involves developing a deep understanding of customer needs and preferences. This gives you valuable insights into your target audience, helping you develop products, services and marketing campaigns that resonate with your customers.
• Competitive advantage: By conducting market research, you’ll gain a competitive edge. You’ll be able to identify gaps in the market, analyze competitor strengths and weaknesses, and position your business strategically. This enables you to create unique value propositions, differentiate yourself from competitors, and seize opportunities that others may overlook.
• Risk mitigation: Market research helps you anticipate market shifts and potential challenges. By identifying threats early, you can proactively adjust their strategies to mitigate risks and respond effectively to changing circumstances. This proactive approach is particularly valuable in volatile industries.
• Resource optimization: Conducting market research allows organizations to allocate their time, money and resources more efficiently. It ensures that investments are made in areas with the highest potential return on investment, reducing wasted resources and improving overall business performance.
• Adaptation to market trends: Markets evolve rapidly, driven by technological advancements, cultural shifts and changing consumer attitudes. Market research ensures that you stay ahead of these trends and adapt your offerings accordingly so you can avoid becoming obsolete. 

As you can see, market research empowers businesses to make data-driven decisions, cater to customer needs, outperform competitors, mitigate risks, optimize resources and stay agile in a dynamic marketplace. These benefits make it a huge industry; the global market research services market is expected to grow from $76.37 billion in 2021 to $108.57 billion in 2026 . Now, let’s dig into the different types of market research that can help you achieve these benefits.

Types of market research 

• Qualitative research
• Quantitative research
• Exploratory research
• Descriptive research
• Causal research
• Cross-sectional research
• Longitudinal research

Despite its advantages, 23% of organizations don’t have a clear market research strategy. Part of developing a strategy involves choosing the right type of market research for your business goals. The most commonly used approaches include:

1. Qualitative research

Qualitative research focuses on understanding the underlying motivations, attitudes and perceptions of individuals or groups. It is typically conducted through techniques like in-depth interviews, focus groups and content analysis — methods we’ll discuss further in the sections below. Qualitative research provides rich, nuanced insights that can inform product development, marketing strategies and brand positioning.

2. Quantitative research

Quantitative research, in contrast to qualitative research, involves the collection and analysis of numerical data, often through surveys, experiments and structured questionnaires. This approach allows for statistical analysis and the measurement of trends, making it suitable for large-scale market studies and hypothesis testing. While it’s worthwhile using a mix of qualitative and quantitative research, most businesses prioritize the latter because it is scientific, measurable and easily replicated across different experiments.

3. Exploratory research

Whether you’re conducting qualitative or quantitative research or a mix of both, exploratory research is often the first step. Its primary goal is to help you understand a market or problem so you can gain insights and identify potential issues or opportunities. This type of market research is less structured and is typically conducted through open-ended interviews, focus groups or secondary data analysis. Exploratory research is valuable when entering new markets or exploring new product ideas.

4. Descriptive research

As its name implies, descriptive research seeks to describe a market, population or phenomenon in detail. It involves collecting and summarizing data to answer questions about audience demographics and behaviors, market size, and current trends. Surveys, observational studies and content analysis are common methods used in descriptive research. 

5. Causal research

Causal research aims to establish cause-and-effect relationships between variables. It investigates whether changes in one variable result in changes in another. Experimental designs, A/B testing and regression analysis are common causal research methods. This sheds light on how specific marketing strategies or product changes impact consumer behavior.

6. Cross-sectional research

Cross-sectional market research involves collecting data from a sample of the population at a single point in time. It is used to analyze differences, relationships or trends among various groups within a population. Cross-sectional studies are helpful for market segmentation, identifying target audiences and assessing market trends at a specific moment.

7. Longitudinal research

Longitudinal research, in contrast to cross-sectional research, collects data from the same subjects over an extended period. This allows for the analysis of trends, changes and developments over time. Longitudinal studies are useful for tracking long-term developments in consumer preferences, brand loyalty and market dynamics.

Each type of market research has its strengths and weaknesses, and the method you choose depends on your specific research goals and the depth of understanding you’re aiming to achieve. In the following sections, we’ll delve into primary and secondary research approaches and specific research methods.

Primary vs. secondary market research

Market research of all types can be broadly categorized into two main approaches: primary research and secondary research. By understanding the differences between these approaches, you can better determine the most appropriate research method for your specific goals.

Primary market research 

Primary research involves the collection of original data straight from the source. Typically, this involves communicating directly with your target audience — through surveys, interviews, focus groups and more — to gather information. Here are some key attributes of primary market research:

• Customized data: Primary research provides data that is tailored to your research needs. You design a custom research study and gather information specific to your goals.
• Up-to-date insights: Because primary research involves communicating with customers, the data you collect reflects the most current market conditions and consumer behaviors.
• Time-consuming and resource-intensive: Despite its advantages, primary research can be labor-intensive and costly, especially when dealing with large sample sizes or complex study designs. Whether you hire a market research consultant, agency or use an in-house team, primary research studies consume a large amount of resources and time.

Secondary market research 

Secondary research, on the other hand, involves analyzing data that has already been compiled by third-party sources, such as online research tools, databases, news sites, industry reports and academic studies.

Here are the main characteristics of secondary market research:

• Cost-effective: Secondary research is generally more cost-effective than primary research since it doesn’t require building a research plan from scratch. You and your team can look at databases, websites and publications on an ongoing basis, without needing to design a custom experiment or hire a consultant. 
• Leverages multiple sources: Data tools and software extract data from multiple places across the web, and then consolidate that information within a single platform. This means you’ll get a greater amount of data and a wider scope from secondary research.
• Quick to access: You can access a wide range of information rapidly — often in seconds — if you’re using online research tools and databases. Because of this, you can act on insights sooner, rather than taking the time to develop an experiment. 

So, when should you use primary vs. secondary research? In practice, many market research projects incorporate both primary and secondary research to take advantage of the strengths of each approach.

One rule of thumb is to focus on secondary research to obtain background information, market trends or industry benchmarks. It is especially valuable for conducting preliminary research, competitor analysis, or when time and budget constraints are tight. Then, if you still have knowledge gaps or need to answer specific questions unique to your business model, use primary research to create a custom experiment. 

Market research methods

• Surveys and questionnaires
• Focus groups
• Observational research
• Online research tools
• Experiments
• Content analysis
• Ethnographic research

How do primary and secondary research approaches translate into specific research methods? Let’s take a look at the different ways you can gather data: 

1. Surveys and questionnaires

Surveys and questionnaires are popular methods for collecting structured data from a large number of respondents. They involve a set of predetermined questions that participants answer. Surveys can be conducted through various channels, including online tools, telephone interviews and in-person or online questionnaires. They are useful for gathering quantitative data and assessing customer demographics, opinions, preferences and needs. On average, customer surveys have a 33% response rate , so keep that in mind as you consider your sample size.

2. Interviews

Interviews are in-depth conversations with individuals or groups to gather qualitative insights. They can be structured (with predefined questions) or unstructured (with open-ended discussions). Interviews are valuable for exploring complex topics, uncovering motivations and obtaining detailed feedback. 

3. Focus groups

The most common primary research methods are in-depth webcam interviews and focus groups. Focus groups are a small gathering of participants who discuss a specific topic or product under the guidance of a moderator. These discussions are valuable for primary market research because they reveal insights into consumer attitudes, perceptions and emotions. Focus groups are especially useful for idea generation, concept testing and understanding group dynamics within your target audience.

4. Observational research

Observational research involves observing and recording participant behavior in a natural setting. This method is particularly valuable when studying consumer behavior in physical spaces, such as retail stores or public places. In some types of observational research, participants are aware you’re watching them; in other cases, you discreetly watch consumers without their knowledge, as they use your product. Either way, observational research provides firsthand insights into how people interact with products or environments.

5. Online research tools

You and your team can do your own secondary market research using online tools. These tools include data prospecting platforms and databases, as well as online surveys, social media listening, web analytics and sentiment analysis platforms. They help you gather data from online sources, monitor industry trends, track competitors, understand consumer preferences and keep tabs on online behavior. We’ll talk more about choosing the right market research tools in the sections that follow.

6. Experiments

Market research experiments are controlled tests of variables to determine causal relationships. While experiments are often associated with scientific research, they are also used in market research to assess the impact of specific marketing strategies, product features, or pricing and packaging changes.

7. Content analysis

Content analysis involves the systematic examination of textual, visual or audio content to identify patterns, themes and trends. It’s commonly applied to customer reviews, social media posts and other forms of online content to analyze consumer opinions and sentiments.

8. Ethnographic research

Ethnographic research immerses researchers into the daily lives of consumers to understand their behavior and culture. This method is particularly valuable when studying niche markets or exploring the cultural context of consumer choices.

How to do market research

• Set clear objectives
• Identify your target audience
• Choose your research methods
• Use the right market research tools
• Collect data
• Analyze data 
• Interpret your findings
• Identify opportunities and challenges
• Make informed business decisions
• Monitor and adapt

Now that you have gained insights into the various market research methods at your disposal, let’s delve into the practical aspects of how to conduct market research effectively. Here’s a quick step-by-step overview, from defining objectives to monitoring market shifts.

1. Set clear objectives

When you set clear and specific goals, you’re essentially creating a compass to guide your research questions and methodology. Start by precisely defining what you want to achieve. Are you launching a new product and want to understand its viability in the market? Are you evaluating customer satisfaction with a product redesign? 

Start by creating SMART goals — objectives that are specific, measurable, achievable, relevant and time-bound. Not only will this clarify your research focus from the outset, but it will also help you track progress and benchmark your success throughout the process. 

You should also consult with key stakeholders and team members to ensure alignment on your research objectives before diving into data collecting. This will help you gain diverse perspectives and insights that will shape your research approach.

2. Identify your target audience

Next, you’ll need to pinpoint your target audience to determine who should be included in your research. Begin by creating detailed buyer personas or stakeholder profiles. Consider demographic factors like age, gender, income and location, but also delve into psychographics, such as interests, values and pain points.

The more specific your target audience, the more accurate and actionable your research will be. Additionally, segment your audience if your research objectives involve studying different groups, such as current customers and potential leads.

If you already have existing customers, you can also hold conversations with them to better understand your target market. From there, you can refine your buyer personas and tailor your research methods accordingly.

3. Choose your research methods

Selecting the right research methods is crucial for gathering high-quality data. Start by considering the nature of your research objectives. If you’re exploring consumer preferences, surveys and interviews can provide valuable insights. For in-depth understanding, focus groups or observational research might be suitable. Consider using a mix of quantitative and qualitative methods to gain a well-rounded perspective. 

You’ll also need to consider your budget. Think about what you can realistically achieve using the time and resources available to you. If you have a fairly generous budget, you may want to try a mix of primary and secondary research approaches. If you’re doing market research for a startup , on the other hand, chances are your budget is somewhat limited. If that’s the case, try addressing your goals with secondary research tools before investing time and effort in a primary research study. 

4. Use the right market research tools

Whether you’re conducting primary or secondary research, you’ll need to choose the right tools. These can help you do anything from sending surveys to customers to monitoring trends and analyzing data. Here are some examples of popular market research tools:

• Market research software: Crunchbase is a platform that provides best-in-class company data, making it valuable for market research on growing companies and industries. You can use Crunchbase to access trusted, first-party funding data, revenue data, news and firmographics, enabling you to monitor industry trends and understand customer needs.

• Survey and questionnaire tools: SurveyMonkey is a widely used online survey platform that allows you to create, distribute and analyze surveys. Google Forms is a free tool that lets you create surveys and collect responses through Google Drive.
• Data analysis software: Microsoft Excel and Google Sheets are useful for conducting statistical analyses. SPSS is a powerful statistical analysis software used for data processing, analysis and reporting.
• Social listening tools: Brandwatch is a social listening and analytics platform that helps you monitor social media conversations, track sentiment and analyze trends. Mention is a media monitoring tool that allows you to track mentions of your brand, competitors and keywords across various online sources.
• Data visualization platforms: Tableau is a data visualization tool that helps you create interactive and shareable dashboards and reports. Power BI by Microsoft is a business analytics tool for creating interactive visualizations and reports.

5. Collect data

There’s an infinite amount of data you could be collecting using these tools, so you’ll need to be intentional about going after the data that aligns with your research goals. Implement your chosen research methods, whether it’s distributing surveys, conducting interviews or pulling from secondary research platforms. Pay close attention to data quality and accuracy, and stick to a standardized process to streamline data capture and reduce errors. 

6. Analyze data

Once data is collected, you’ll need to analyze it systematically. Use statistical software or analysis tools to identify patterns, trends and correlations. For qualitative data, employ thematic analysis to extract common themes and insights. Visualize your findings with charts, graphs and tables to make complex data more understandable.

If you’re not proficient in data analysis, consider outsourcing or collaborating with a data analyst who can assist in processing and interpreting your data accurately.

7. Interpret your findings

Interpreting your market research findings involves understanding what the data means in the context of your objectives. Are there significant trends that uncover the answers to your initial research questions? Consider the implications of your findings on your business strategy. It’s essential to move beyond raw data and extract actionable insights that inform decision-making.

Hold a cross-functional meeting or workshop with relevant team members to collectively interpret the findings. Different perspectives can lead to more comprehensive insights and innovative solutions.

8. Identify opportunities and challenges

Use your research findings to identify potential growth opportunities and challenges within your market. What segments of your audience are underserved or overlooked? Are there emerging trends you can capitalize on? Conversely, what obstacles or competitors could hinder your progress?

Lay out this information in a clear and organized way by conducting a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats. Jot down notes for each of these areas to provide a structured overview of gaps and hurdles in the market.

9. Make informed business decisions

Market research is only valuable if it leads to informed decisions for your company. Based on your insights, devise actionable strategies and initiatives that align with your research objectives. Whether it’s refining your product, targeting new customer segments or adjusting pricing, ensure your decisions are rooted in the data.

At this point, it’s also crucial to keep your team aligned and accountable. Create an action plan that outlines specific steps, responsibilities and timelines for implementing the recommendations derived from your research. 

10. Monitor and adapt

Market research isn’t a one-time activity; it’s an ongoing process. Continuously monitor market conditions, customer behaviors and industry trends. Set up mechanisms to collect real-time data and feedback. As you gather new information, be prepared to adapt your strategies and tactics accordingly. Regularly revisiting your research ensures your business remains agile and reflects changing market dynamics and consumer preferences.

Online market research sources

As you go through the steps above, you’ll want to turn to trusted, reputable sources to gather your data. Here’s a list to get you started:

• Crunchbase: As mentioned above, Crunchbase is an online platform with an extensive dataset, allowing you to access in-depth insights on market trends, consumer behavior and competitive analysis. You can also customize your search options to tailor your research to specific industries, geographic regions or customer personas.

• Academic databases: Academic databases, such as ProQuest and JSTOR , are treasure troves of scholarly research papers, studies and academic journals. They offer in-depth analyses of various subjects, including market trends, consumer preferences and industry-specific insights. Researchers can access a wealth of peer-reviewed publications to gain a deeper understanding of their research topics.
• Government and NGO databases: Government agencies, nongovernmental organizations and other institutions frequently maintain databases containing valuable economic, demographic and industry-related data. These sources offer credible statistics and reports on a wide range of topics, making them essential for market researchers. Examples include the U.S. Census Bureau , the Bureau of Labor Statistics and the Pew Research Center .
• Industry reports: Industry reports and market studies are comprehensive documents prepared by research firms, industry associations and consulting companies. They provide in-depth insights into specific markets, including market size, trends, competitive analysis and consumer behavior. You can find this information by looking at relevant industry association databases; examples include the American Marketing Association and the National Retail Federation .
• Social media and online communities: Social media platforms like LinkedIn or Twitter (X) , forums such as Reddit and Quora , and review platforms such as G2 can provide real-time insights into consumer sentiment, opinions and trends. 

Market research examples

At this point, you have market research tools and data sources — but how do you act on the data you gather? Let’s go over some real-world examples that illustrate the practical application of market research across various industries. These examples showcase how market research can lead to smart decision-making and successful business decisions.

Example 1: Apple’s iPhone launch

Apple ’s iconic iPhone launch in 2007 serves as a prime example of market research driving product innovation in tech. Before the iPhone’s release, Apple conducted extensive market research to understand consumer preferences, pain points and unmet needs in the mobile phone industry. This research led to the development of a touchscreen smartphone with a user-friendly interface, addressing consumer demands for a more intuitive and versatile device. The result was a revolutionary product that disrupted the market and redefined the smartphone industry.

Example 2: McDonald’s global expansion

McDonald’s successful global expansion strategy demonstrates the importance of market research when expanding into new territories. Before entering a new market, McDonald’s conducts thorough research to understand local tastes, preferences and cultural nuances. This research informs menu customization, marketing strategies and store design. For instance, in India, McDonald’s offers a menu tailored to local preferences, including vegetarian options. This market-specific approach has enabled McDonald’s to adapt and thrive in diverse global markets.

Example 3: Organic and sustainable farming

The shift toward organic and sustainable farming practices in the food industry is driven by market research that indicates increased consumer demand for healthier and environmentally friendly food options. As a result, food producers and retailers invest in sustainable sourcing and organic product lines — such as with these sustainable seafood startups — to align with this shift in consumer values. 

The bottom line? Market research has multiple use cases and is a critical practice for any industry. Whether it’s launching groundbreaking products, entering new markets or responding to changing consumer preferences, you can use market research to shape successful strategies and outcomes.

Market research templates

You finally have a strong understanding of how to do market research and apply it in the real world. Before we wrap up, here are some market research templates that you can use as a starting point for your projects:

• Smartsheet competitive analysis templates : These spreadsheets can serve as a framework for gathering information about the competitive landscape and obtaining valuable lessons to apply to your business strategy.
• SurveyMonkey product survey template : Customize the questions on this survey based on what you want to learn from your target customers.
• HubSpot templates : HubSpot offers a wide range of free templates you can use for market research, business planning and more.
• SCORE templates : SCORE is a nonprofit organization that provides templates for business plans, market analysis and financial projections.
• SBA.gov : The U.S. Small Business Administration offers templates for every aspect of your business, including market research, and is particularly valuable for new startups. 

Strengthen your business with market research

When conducted effectively, market research is like a guiding star. Equipped with the right tools and techniques, you can uncover valuable insights, stay competitive, foster innovation and navigate the complexities of your industry.

Throughout this guide, we’ve discussed the definition of market research, different research methods, and how to conduct it effectively. We’ve also explored various types of market research and shared practical insights and templates for getting started. 

Now, it’s time to start the research process. Trust in data, listen to the market and make informed decisions that guide your company toward lasting success.

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9 Highly Successful Market Research Examples

In the battle of instinct vs insight, there’s  clear evidence that data-driven decision-making pays off. 

A  McKinsey study into the impact of market research found that organizations using data to make decisions are more likely to be profitable, and can more effectively retain and acquire customers vs those who fail to use this approach.

I’ve curated nine of the best market research examples to help you find innovative ways to fuel growth , adapt, and impact change when and where it’s most needed. This post guides you through the problems faced along with the processes and tools used so you can replicate actions and outcomes in your business.

Market Research Example #1 – Understand the competitive landscape

In any business of any size, having in-depth insights into competitors’ audiences, campaigns, keywords, ( and more ) allows you to shape or refine your own plans for success. You can cut through the noise, see what’s working, and uncover opportunities for growth.

Since 2013, Wonderbly’s business has grown exponentially and now sells personalized books to over six million customers worldwide. In order to validate its go-to-market strategy, it needed granular insights into competitors and market trends.

Here’s how it played out.

1. Competitive insights

Challenge: Low visibility into a key competitor’s activity

Action: By analyzing competitor audience demographics that showed both gender and age distribution of its rival’s audience, Wonderbly saw its competition was better at attracting a younger audience.

Impact: Through the development of a new audience profile and key changes to future campaign strategies, it was able to grow the business and attract new customers.

This snapshot shows competitors’ website demographics side-by-side. While it was attracting a larger female audience of 62% vs. 56%, they saw their rivals were better at appealing to a male audience, with a respective split of 43% vs. 37%. In age distribution, its share in the 18-24 bracket was just 12% vs. 19%. Showing a clear opportunity to do more to reach that younger audience.

2. Keyword seasonality

Challenge: Lack of data to enter new markets

Action: Using seasonal trends keywords that showed where competitors were winning traffic from paid ad channels, Wonderbly discovered an emerging category (weddings and anniversaries) that was not addressed with its own offering.

Impact: By demonstrating competitors’ success and subsequent consumer interest, a new product line was developed. It went on to achieve a 69% revenue increase in books purchased by a more mature audience.

Keyword seasonality screenshot shows traffic leaders for specific keyword sets, their seasonality, traffic share , volume, and CPC data. This shows where competitors are using paid ads to win traffic share.

3. Audience data

Challenge: Limited view of audience browsing behavior

Action: By looking into audience data that showed which sites its visitors were cross-browsing, Wonderbly was able to determine audience loyalty vs. that of its rivals.

Impact: The information was used to forge new content-focused partnerships in the UK, US, and Canada with several organizations and drove more traffic to its own site as a result.

Audience overlap screenshot shows which sites its customers are browsing, how loyal they are, and presented new information about a referral partnership.

See the full story behind Wonderly’s success here.

Market Research Example #2 – Market Intelligence

Most business leaders and marketers have a solid understanding of their market. But if you want to stay ahead of the game, you need to reach deep inside a market, and often. Dynamic market intel enables you to do this and achieve sustainable growth by spotting emerging opportunities as they happen.

Red Arbor is the third-largest job board website in the world. Market Intelligence is an integral part of its business; with granular data across multiple markets, it knows the how and why behind individual brands’ performance.

Challenge: Difficult to see what’s happening across websites, apps, and digital entities in relevant markets.

Action: By using competitive and market intelligence tools, Red Arbor could see market movements and shifts in rival traffic share in all relevant markets as they occurred.

Impact: Key data can be constantly monitored to provide intel around emerging competitors and enables Red Arbor brands to quickly close the gap on respective market leaders. Based on these insights, it helps brands become the ultimate competitor and retain their positions as market leaders.

Read the full article about Red Arbur’s successful market research example here.

Market Research Example #3 – Entering new markets

Diversification is key to survival. For both product and service-based businesses, entering a new market can, without question, yield huge rewards. But before investing time and effort, the crucial work of fleshing out the opportunity in its entirety is key.

Airbnb is a household name, and a huge part of its success has been breaking into new markets. Each market has unique factors, risks, and opportunities. When this global powerhouse wanted to enter the Israeli market, it needed to get a clear handle on both local and international leaders, along with emerging players; all of whom had deployed aggressive marketing efforts.

Let’s look at how it went on to achieve success in a bustling new market.

Challenge: Analyze a new, highly competitive market and get clear insights into its rivals’ traffic sources to enable them to build an effective marketing strategy.

Action: Airbnb already knew who the leaders and most active local competitors were, but to enter with confidence, it wanted to see its respective rivals’ growth strategies. Using detailed website analytics , it was able to see its top competitors were all focussed on four core marketing activities.

• Building partnerships with niche sites
• AdWords, display, and search campaigns
• Local social network ads via organic and paid campaigns
• Running local digital news publisher’s ads

The snapshot shows at a glance who the top industry players are, with booking.com attracting 1.4 million unique visitors in the period with a yearly change of 57% vs. Airbnb’s unique visitors of 249k and a traffic increase of 42%. Two key players are losing traffic, with a 42%+ reduction in traffic share. It also identifies five emerging players in the market with significant growth of over 3000%.

Airbnb chose to focus its resources on social marketing, display and search ads, and partnerships. Its findings revealed specific keywords, social sites, and referrals that enabled it to enter a new market in a position of strength.

Impact: It entered a new market with a 360-degree view of what marketing channels and tactics to use.

Stop Guessing, Start Analyzing

Get actionable insights for market research here

Market Research Example #4 – Business benchmarking & competitive landscaping

Benchmarking in business is a great way to see how well you’re doing. But it’s so much more than just this – it lets you discover, understand, improve, grow, and set goals. If there’s one crucial thing I want you to know about successful market research examples, it’s the importance of doing benchmarking­ – often and well.

Croud is a global digital marketing partner to some of the world’s greatest brands. It develops and iterates marketing strategies on a daily basis..

Want to find out how it consistently shapes successful growth strategies? Read on.

Challenge: Brand and category-level traffic analysis across different markets are limited.

Action: Using detailed site-level traffic data and competitor app engagement metrics , Cloud could quickly understand what sites people visit, traffic share, growth of a sector over time, and how a client’s own growth compares with its rivals.

Impact: The impact of market research intelligence on Croud’s business is multifaceted. It can serve clients’ fresh data insights that shape marketing channels and revenue opportunities. This, in turn, builds trust, loyalty, and revenue:

• A global lingerie client was able to fine-tune localized marketing strategies and adjust media mixes to reflect category benchmarks. Ad copy was ‘tweaked,’ and new audiences were uncovered.
• A video-on-demand client was alerted to emerging players entering the market, as well as what tactics were being used to obtain traffic.
• A homecare retail client has been able to see the successful ad channels of its clients and adjust the marketing mix accordingly.

Read the full market research success story from Croud here.

Market Research Example #5 – New product development

When organizations develop plans for a new product or service, it requires insight, investment, and often a little intuition. Dynamic market intel can help you reveal shifts in consumer trends or behaviors before your rivals.

As a business in the travel sector, the pandemic hit Staysure harder than most – in fact the travel sector experienced losses of around 70% year on year. Market demands became an anomaly, and many rivals were forced to close their doors. To survive one of the toughest periods a business could ever face, Staysure needed to pivot, adapt, and go in a new direction.

Here’s how it turned things around.

Challenge: Survive the global pandemic and pivot its digital marketing strategy to meet the demand for new products in a shifting industry.

Action: Using Similarweb Digital Research Intelligence, Staysure analyzed competitors’ marketing tactics in real-time. This continuous monitoring enabled it to know when post-lockdown recoveries were occurring in real-time and allowed it to spot emerging trends , one of which was identified as an opportunity to bring a new product to market to address a shift in consumer demand.

Impact: Armed with this intel, it was able to develop a new insurance product that protected consumers against cancellations, medical expenses, and repatriation.

See more about how Staysure identified a new product opportunity for its business during one of the most challenging of times.

Market Research Example #6 – Shape stronger strategies

Making key business decisions about the future is tough at the best of times. Add in a global pandemic, the possible end of globalization as we know it, and who knows what other variables – business leaders have never (likely) known a time like it. Creating future-proof strategies is a must for any organization, and with the current climate, it’s harder than ever. A data-informed approach is the only logical route to take at any time, but none more so than now.

eToro is a market-leading social investing platform with a presence in over 100 countries and more than 27 million registered users. Each region operates within a different set of regulations and caters to unique market demands. To support eToro’s international expansion, the most up-to-date and accurate intel is needed to spearhead successful customer acquisition efforts across the globe.

Challenge: Finding reliable, competitive intelligence across international markets in a timely fashion

Action: The dedicated media buying at eToro used Similarweb Digital Research Intelligence to monitor competitor campaigns and evaluate potential media outlets, partnerships, and ad networks. Using deeper insights into website traffic, trends, and competitors’ campaigns, it could evaluate trends periodically, at both a regional and national level, to discover new traffic sources, evaluate and optimize existing media partnerships, and conduct keyword research each month.

Impact: The improved access to granular data insights has helped eToro negotiate with its publishers. As a result of being able to clearly see ad placement and creative campaign performance, it has improved ROI and increased its ability to out-trade rivals and gain market share .

Read more about how the team at eToro used digital insights to save time and make smarter decisions.

Market Research Example #7 – Identify the target audience

Every successful market research example I’ve ever seen starts and ends with the customer. Buyer personas shape product, price, and placement – and the development of these personas are relevant to all organizations. Being able to clearly identify a target audience in any market is crucial. Market dynamics mean a target audience is susceptible to change, so even established businesses need to keep watch.

Simplr is a customer support solution for growing brands, delivering staffing solutions via remote specialists and AI. As with any service-based business, being able to find and attract the right audience is crucial for growth and sustainability. It used market research to find and qualify high-caliber prospects and secure a more effective sales process.

Challenge: Targeting the right customers at the right time

Action: Simplr was able to get a detailed view of which new brands were growing the fastest by using digital performance data. This gave its sales team the ability to identify, qualify and prioritize potential companies based on solution fit and increasing need. Using a range of reports that show monthly traffic changes and traffic spikes in a custom sector, it saw high-growth sites with an expanding customer base and with this, an increased need for support services like Simplr.

Impact: Market sizing is now more dynamic and well-informed than ever before. Sales efficiency has increased, lead quality has improved, and sales performance is more effective as outreach is done in a more timely manner. Now, Simplr can identify and reach out to prospects during peak growth periods, and it’s seeing better conversions as a result.

Read more about how Simplr used successful market research to close more deals and improve pipeline efficiency here.

Market Research Example #8 – Find out what marketing channels deliver ROI

In good times and bad, it’s important to optmize marketing spend to ensure you invest time, efforts, and money in channels that deliver. A great example of market research in action is to apply research efforts and take the time to know which channels work, and where rival’s are winning and losing in your space.

Anything is Possible (AIP)  is a data-driven, communications strategy, media planning & buying company that covers all digital and offline media. Needless to say, it’s a business that depends on reliable, insightful, timely data to impact its clients and their goals.

Challenge: During COVID, a key client (the Institute of Cancer Research) faced declining donations. To survive, it needed to find new ways to find and convert audiences to donate.

Action: AIP utilized Similarweb’s Digital Research Intelligence to do a basic competitive analysis on key rivals of its client. This identified which channels were optimal, and where the most referrals on rival sites were originating from. It shows that premium publisher sites, such as The Guardian were sending significant traffic to competitor sites. With this information, it was able to develop a paid-ads campaign that displayed advertising on targetted guardian.com pages.

Impact: The campaign was a huge success, exceeding previous campaign conversion rates by 817%. Read more about how AIP used Similarweb to understand the right marketing channels to use.

Market Research Example #9 – Trendspotting to find growth opportunities

During the pandemic, many companies in the hospitality sector were forced to close their doors. It was a case of fight or flight, and there were clear winners and losers. Having the ability to spot industry trends and adapt fast was key to the survival of many firms. In this market research example, we explore how one consulting firm was able to help its customers pivot and thrive during turbulent times.

Wiideman Consulting Group provides multi-location brands with SEO research, audits, and strategy services.

Challenge: During the pandemic, food chains had to pivot from offering dining-in services to takeout and delivery services. With IHOP and Applebee’s as key clients of its firm, it needed to develop robust strategies quickly to help its clients survive. With consumers performing non-banded searches to find food delivery and take-out services, these traditional dine-in venues have no visibility online and were at risk of not being found by people looking to order alternative dining solutions while dine-in restaurants were closed.

  Action: Using Similarweb, it identified the right keyword opportunities, industry trends, and delivery service provider insights. This enabled it to develop a strategy that focused on increasing visibility in the locations where the business could provide takeaway and delivery services. With this data, it was able to help reposition brands within the search engine results pages and optimize content to generate leads and sales.

Doing this market research enabled it to make three key changes.

• Optimize the Google My Business profile to emphasize new service options for lunch, evening, and family meals.
• Design and deploy optimized content with new delivery and takeout subpages for each location.
• Addition of the ‘start order’ button as a floating call-to-action across all localized pages.

Impact: Driven by Similarweb insights, these tactics delivered favorable results for both of its clients in the hospitality sector.

• Organic traffic for both brands improved by 63% & 37%
• Revenues increased by 167% & 70% yoy

Ultimately, this market research enabled its clients to adapt to a changing market, and thrive when many others were forced to cease trading.

You can view the full write-up here to hear more about this success story.

Market research isn’t a one-and-done activity – rather, it’s a highly-habitual process and a powerful tool in your marketing arsenal. Due to fast-changing market dynamics, business leaders and strategists need market insights on the fly to respond and react to shifts in consumer behavior while staying focused on growth.

I’ve shared with you nine market research examples demonstrating how companies around the globe have successfully used market analysis to strategize, adapt, and grow. Similarweb Digital Research Intelligence impacted each of these examples, helping take the guesswork out of market research; so you can confidently make informed strategic decisions to grow your business.

by Liz March

Digital Research Specialist

Liz March has 15 years of experience in content creation. She enjoys the outdoors, F1, and reading, and is pursuing a BSc in Environmental Science.

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How To Conduct Market Research for the Retail Industry

Learn how to conduct market research specifically for the retail sector to understand consumer preferences when shopping, buying trends, and more.

quantilope is the Consumer Intelligence Platform for all end-to-end research needs

This blog explores how market research can benefit businesses in the retail industry - informing them of industry trends, consumer sentiments, and product preferences. 

Market research is crucial for any retail business. The retail industry’s main challenge is to find the right products and present them in a way that will encourage purchase, so listening to consumers is central to understanding what motivates their choice. From product to packaging , pricing to advertising, or store layout to web design, retail market research helps guide retail decisions that will appeal to consumers and maximize sales for businesses.

Table of Contents: 

Why is market research important for retail companies.

• How to perform market research for retail 

Market research methods for the retail industry

Grow your retail business through market research.

Retail is an ever-evolving industry. As retail stores compete for consumers’ dollars in an age of high inflation, stocking the right products at the right price creates a competitive advantage. To know which products and price points are right, businesses need to be aware of what their customers are looking for as well as what the competition is offering. Market research is the link connecting businesses to consumer insights - such as who a business’s target market is, where those people are shopping, the latest trends, consumer spending habits, what consumers want from the purchase experience, and so on. A clear knowledge of these issues will feed into a strong marketing strategy for retail companies. Contrarily, a brand that opts not to keep up with its consumers will quickly lose its market position.

Below are just a few reasons why market research is so imperative for retail companies:

Back to Table of Contents

Clarifies the target audience

Brands can’t be everything to everyone, so making sure you are resonating with your specific target audience is crucial. Retail market research will allow you to continually keep an eye on which demographic groups and customer segments react most positively towards your products. Though many types of research can achieve this, a brand tracker is a great tool for retail companies. This tracker can be run at different intervals (quarterly, yearly, etc.) and can let you know which brands from your portfolio (or competitors’) consumers are most often purchasing, why they choose those products, the associations they have with each brand, and which audience segments respond most favorably to your offering. As trends evolve, a brand tracker allows you to monitor that evolution over time.

Improves customer experience 

The most direct way to learn how consumers experience your brand and your store experience is to ask them directly. Whether you have brick-and-mortar stores or e-commerce sites, studies can easily be crafted to find out exactly how consumers rate their experience with each. Brands might ask: Are there pain points in the layout of the store or website?; Do people find it difficult to find sales associates or online customer support?; Are customers walking out of the store or dropping off a website at certain points because they can’t find what they are looking for? Learnings from these types of studies go a long way toward improving the overall customer experience.

Helps launch new products 

The budget required to launch a new project can be substantial, so how can you be sure that the product will succeed? Consumer feedback will provide the confidence you need to launch something new to your brand portfolio. Tracking methodologies help keep an eye on trends and needs, but developed product concepts can also be presented to consumers for feedback. Methods like MaxDiff can be beneficial to see what colors, styles, looks, etc., are most/least favorable to an audience. Meanwhile, using a TURF method will allow you to create a product range that will reach the highest possible number of people in your target audience; this helps determine if your product ideas have the potential to earn a place in your consumers’ shopping cart.

Market research can also help create benchmarks against which to compare new product concepts. Testing new products or product ideas against previous ones (in a benchmarked study that can be continually referenced over time) reveals what level of success you can predict for a new launch, based on historical results.

No matter which method you use, market research can help improve your market share and make sure you are maximizing the number of your products in your customers’ baskets at checkout. Back to Table of Contents

How to perform market research for retail

How you go about organizing market research for your retail business depends on what aspect or area you are keen on understanding more closely. This is covered in more detail in the research methods section below. However, there are three broad areas for research that will provide fundamental knowledge of the marketplace within which you operate. Collecting market research data in these key areas will give a good sense of the landscape in which you can design, develop and promote your offer.

1. Gather information about your industry

First and foremost, understanding what characterizes your industry, and particularly the area of retail in which your company works, is essential information for creating a relevant offer. You’ll need to know whether your sphere of retail is in growth or decline, the challenges it faces, and the opportunities to leverage. Secondary research - such as trade journals, government data, or other publicly available consumer research studies - can be useful here.

2. Understand your customers

In the end, whether your business succeeds or fails will come down to your customers and their response to your products. If you don’t please them, you’ll lose them. Know what makes consumers happy: why they buy from a retailer like you; what sort of in-store experience they are looking for; when and why they use online retail stores; which retail and product features make the difference between purchase and rejection; and how to keep their attention in the long term.

Primary research is key here as it involves gathering up-to-date insights from your specific target audience. This is where online survey platforms come into play for quick, reliable, advanced insights into your consumers and their needs.

3. Analyze the competition

Before focusing on what makes you unique as a retailer, you need to know what you’re up against. What do your competitors offer that you don’t? What do they do well? Where could you create an edge against them? It might be product based, it might have to do with the user experience, or it could come down to messaging. Whatever it is, you’ll need to keep an eye on the competition to stay competitive in your field.

There are many research methodologies and types of studies to choose from when it comes to doing market research for the retail sector. Given the many options and the unique benefits of each, you might even want to select a combination of methodologies to cover all the research questions that you need to ask.

Surveys can be conducted in person either while shopping in-store or as a customer is leaving a store. These are called intercept surveys, as they stop the respondent at the time of browsing, purchase, or post-purchase to understand what drove their decision-making on that occasion. You may have seen these types of surveys at store exits or public restrooms asking how your experience was - choosing from a scale of buttons (Great to Poor). An online version of this type of survey can be conducted too - usually a pop-up set of questions that asks a website visitor about their experience on the site.

More commonly, surveys are conducted outside of the shopping experience - sent to respondents via email, text, or on social media. These online surveys include more detailed usage and attitude metrics such as customer satisfaction, loyalty, and net promoter score (NPS - how likely consumers are to recommend your business). When running online quantitative surveys, be sure to interview enough respondents for the results to be highly reliable so that business decisions can be backed up with numerical data. And to track your retail metrics over an extended period of time, consider a brand health tracking approach: 

Focus groups

Focus groups bring a qualitative approach to research. Together, a group of consumers join to discuss topics that will answer the research objectives, such as likes and dislikes with regard to specific retailers, which aspects are most important to them when they are shopping, and specific factors related to retail (e.g. pricing, the feel of a store or website, the importance of delivery options, the product range, etc.). In a focus group, a group moderator makes sure that all topics are covered during the discussion and that each respondent gets a fair say. The main advantage of focus groups is that the most pertinent issues relating to the subject arise naturally in conversation so that the researcher can identify which factors a retailer should focus on when improving the customer experience. On the downside, the results are indicative in nature rather than quantifiable.

In-depth interviews

In-depth interviews focus on just one respondent, which is useful for a deeper understanding of the issues that occur spontaneously to consumers, and great for understanding an individual’s purchase journey. As with focus groups, respondents are asked to give their thoughts on various retail issues, and questions are open-ended, giving respondents the freedom to raise all opinions they would like to without being restricted by yes/no scales or rating-type questions. In-depth interviews can be conducted in person or online, and an ethnographical dimension can be included for greater authenticity. For example, the interview can happen while the respondent is in a store or browsing a website, or respondents can use products in their own home to demonstrate the kind of thing they like or dislike.

Social media monitoring

Customer opinion is everywhere these days, and smart companies will opt to make the most of it. It’s worth having a colleague within the business dedicated to reading online reviews and monitoring chats to see what consumers are talking about, which trends are hot, and what they dislike when it comes to retail.

No retail business can succeed without keeping a finger on the pulse of consumer opinion. Whether you work for a department store or a small business, understanding consumer needs is key to delivering an offer that consumers seek.

quantilope’s platform captures a real-time pulse on your customers to establish what’s motivating their purchases. All research is conducted online on quantilope’s end-to-end platform. Surveys are quick and easy to create, with useful survey templates to make sure your survey covers all issues related to your topic and methodology. Surveys are then automatically sent out to respondents using the field management tab where you can see responses in real-time, and you can begin to craft charts in the analyze tab which automatically update with new data as it’s available. These charts come together into a beautifully designed dashboard that provides a focal point for all your research and is shareable with a single link so that all stakeholders can be involved in the research findings.

In addition to the ease and speed of one end-to-end platform, quantilope offers a suite of thirteen advanced AI-driven methodologies to help uncover insights in your area of retail. Among these thirteen methods are Key Driver Analysis (establishing the main drivers of purchase or brand appeal), MaxDiff (pinning down which features of a brand or offer are most/least important), Price Sensitivity Meter (to determine optimal price points) and A/B Testing (to find out which form or content of communication, such as elements of a marketing campaign, is most effective).

For retail brands seeking qualitative research, quantilope’s video research solution, inColor, provides a way to capture video responses from consumers, bringing their insights to life in their own words. inColor responses are also automatically analyzed for a variety of different sentiments: emotions, keywords, and sentiments, through the use of AI.

To find out more about how quantilope can give your retail business the boost it needs with high-quality, engaging, and actionable online market research, get in touch below:

Get in touch to learn more about market research for retail!

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The Ultimate Guide to Market Research: Types, Benefits, and Real-World Examples

Team Fratzke

Today's consumers hold a lot of power when making purchase decisions. With a quick inquiry in a search engine or search bar within a social media platform, they can access genuine reviews from their peers without relying on sales reps.

Considering this shift in consumer behavior, adjusting your marketing strategy so it caters to the modern-day buying process is essential . To achieve this, you must thoroughly understand your target audience, the market you operate in, and the factors influencing their decision-making.

This is where market research can be leveraged so you stay current with your audience and industry. 

Article Overview

In this article, we’ll walk you through everything you need to know about how to conduct market research, including:

• Why market research is essential for understanding your target audience, the market you operate in, and factors influencing decision-making
• What are the different types of market research, such as primary and secondary market research
• How to collect information about your customers and target market to determine the success of a new or existing product, improve your brand, and communicate your company's value
• Real-world examples of companies leveraging market research

What is market research?

Market research is a necessary process that involves collecting and documenting information about your target market and customers. This helps you determine the success of a new product, improve an existing one, or understand how your brand is perceived. You can then turn this research into profits by  developing marketing strategies and campaigns to effectively communicate your company's value .

While market research can provide insights into various aspects of an industry, it is not a crystal ball that can predict everything about your customers. Market researchers typically explore multiple areas of the market, which can take several weeks or even months to get a complete picture of the business landscape.

Even by researching just one of those areas, you can gain better insights into who your buyers are and what unique value proposition you can offer them that no other business currently provides.

Of course, you can simply use your industry experience and existing customer insights to make sound judgment calls. However, it's important to note that market research provides additional benefits beyond these strategies. There are two things to consider:

• Your competitors also have experienced individuals in the industry and a customer base. Your immediate resources may equal those of your competition's immediate resources. Seeking a larger sample size for answers can provide a better edge.
• Your brand's customers do not represent the entire market's attitudes, only those who are attracted to your brand.

The market research services industry is experiencing rapid growth , indicating a strong interest in market research as we enter 2024. The market is expected to grow from approximately $75 billion in 2021 to $90.79 billion in 2025, with a compound annual growth rate of 5%. 

Your competitors have highly skilled individuals within the industry, meaning your available personnel resources are likely similar to those of your competitors. So what are you going to do to get ahead?

You’re going to do thorough market research, which is why seeking answers from a larger sample size is essential. Remember that your customers represent only a portion of the market already attracted to your brand, and their attitudes may not necessarily reflect those of the entire market. You could be leaving money on the table by leaving out untapped customers .

Why do market research?

Market research helps you meet your buyers where they are. Understanding your buyer's problems, pain points, and desired outcomes is invaluable as our world becomes increasingly noisy and demanding. This knowledge will help you tailor your product or service to appeal to them naturally. 

What’s even better is when you're ready to grow your business, market research can also guide you in developing an effective market expansion strategy.

Market research provides valuable insights into factors that impact your profits and can help you to :

• Identify where your target audience and current customers are conducting their product or service research
• Determine which competitors your target audience looks to for information, options, or purchases
• Keep up with the latest trends in your industry and understand what your buyers are interested in
• Understand who makes up your market and what challenges they are facing
• Determine what influences purchases and conversions among your target audience
• Analyze consumer attitudes about a particular topic, pain, product, or brand
• Assess the demand for the business initiatives you're investing in
• Identify unaddressed or underserved customer needs that can be turned into selling opportunities
• Understand consumer attitudes about pricing for your product or service.

Market research provides valuable information from a larger sample size of your target audience, enabling you to obtain accurate consumer attitudes. By eliminating any bias or assumptions you have about your target audience, you can make better business decisions based on the bigger picture. 

As you delve deeper into your market research, you will come across two types of research: primary and secondary market research . Simply put, think of two umbrellas beneath market research - one for primary and one for secondary research. In the next section, we will discuss the difference between these two types of research. That way, if you work with a market who wants to use them, you’ll be ready with an understanding of how they can each benefit your business.

Primary vs. Secondary Research

Both primary and secondary research are conducted to collect actionable information on your product. That information can then be divided into two types: qualitative and quantitative research. Qualitative research focuses on public opinion and aims to determine how the market feels about the products currently available. On the other hand, quantitative research seeks to identify relevant trends in the data gathered from public records. 

Let's take a closer look at these two types.

Primary Research

Primary research involves gathering first-hand information about your market and its customers. It can be leveraged to segment your market and create focused buyer personas . Generally, primary market research can be categorized into exploratory and specific studies.

Exploratory Primary Research

This type of primary market research is not focused on measuring customer trends; instead, it is focused on identifying potential problems worth addressing as a team. It is usually conducted as an initial step before any specific research is done and may involve conducting open-ended interviews or surveys with a small group of people.

Specific Primary Research

After conducting exploratory research, businesses may conduct specific primary research to explore issues or opportunities they have identified as necessary. Specific research involves targeting a smaller or more precise audience segment and asking questions aimed at solving a suspected problem. Specific primary research reveals problems that are unique to your audience so you can then offer a unique (and valuable) solution.

Secondary Research

Secondary research refers to collecting and analyzing data that has already been published or made available in public records. This may include market statistics, trend reports, sales data, and industry content you already can access. Secondary research really shines when you go to your competitors . The most commonly used sources of secondary market research include:

• Public sources
• Commercial sources
• Internal sources

Public Sources

When conducting secondary market research, the first and most accessible sources of information are usually free . That’s right–these public sources are free and at your fingertips so there’s no reason for you to not be checking them out and leveraging them for your own gain.

One of the most common types of public sources is government statistics. According to Entrepreneur, two examples of public market data in the United States are the U.S. Census Bureau and the Bureau of Labor & Statistics. These sources offer helpful information about the state of various industries nationwide including:

Commercial Sources

Research agencies such as Pew, Fratzke, Gartner, or Forrester often provide market reports containing industry insights from their own in-depth studies . These reports usually come at a cost if you want to download and obtain the information, but these agencies are experts at what they do, so the research is most likely valuable.

Internal Sources

Internal sources of market data can include average revenue per sale, customer retention rates, and other data on the health of old and new accounts. They are often overlooked when it comes to conducting market research because of how specific the data is; however, these sources can be valuable as they provide information on the organization's historical data.

By analyzing this information, you can gain insights into what your customers want now . In addition to these broad categories, there are various ways to conduct market research. Let’s talk about them.  

Types of Market Research

• Interviews (in-person or remote)

Focus Groups

• Product/ Service Use Research

Observation-Based Research

Buyer persona research, market segmentation research, pricing research.

• Competitive Analysis Research

Customer Satisfaction and Loyalty Research

Brand awareness research, campaign research.

Interviews can be conducted face-to-face or virtually, allowing for a natural conversation flow while observing the interviewee's body language. By asking questions about themselves, the interviewee can help you create buyer personas , which are made by using information about the ideal customer, such as:

• Family size 
• Challenges faced at work or in life 

And other aspects of their lifestyle. This buyer profile can shape your entire marketing strategy , from the features you add to your product to the content you publish on your website. Your target audience will feel that the marketing was made just for them and will be drawn to your product or service.

Focus groups are market research involving a few carefully selected individuals who can test your product, watch a demonstration, offer feedback, and answer specific questions. This research can inspire ideas for product differentiation or highlight the unique features of your product or brand that set it apart from others in the market.  This is a great market research option to gain specific feedback, which you can use to improve your services .

Product/Service Use Research

Product or service usage research provides valuable insights into how and why your target audience uses your product or service.  This research can help in various ways including:

•  Identifying specific features of your offering that appeal to your audience. 
• Allowing you to assess the usability of your product or service for your target audience. 

According to a report published in 2020, usability testing was rated the most effective method for discovering user insights, with a score of 8.7 out of 10. In comparison, digital analytics scored 7.7, and user surveys scored 6.4.

Observation-based research is a process that involves observing how your target audience members use your product or service. The way that you intended your product or service to be used may not be the actual way that it is used. Observation-based research helps you understand what works well in terms of customer experience (CX) and user experience (UX), what problems they face, and which aspects of your product or service can be improved to make it easier for them to use.

To better understand how your potential customers make purchasing decisions in your industry, it is essential to know who they are. This is where buyer persona research comes in handy. Buyer or marketing personas are fictional yet generalized representations of your ideal customers. They give you someone to whom you want your marketing efforts to empathize and move, even though they don’t really exist. 

Gathering survey data and additional research to correctly identify your buyer personas will help you to visualize your audience so you can streamline your communications and inform marketing strategy . Key characteristics to include in a buyer persona are:

• Job title(s)
• Family size
• Major challenges

Market segmentation research enables you to classify your target audience into various groups or segments based on specific and defining characteristics. This method allows you to understand their needs, pain points, expectations, and goals more effectively.

Pricing research can provide valuable insights about the prices of similar products or services in your market. It can help you understand what your target audience expects to pay for your offerings and what would be a reasonable price for you to set. Correct pricing is important because if you set it too high, consumers will go to your cheaper competitor; but if you set it too low, your consumers may become suspicious of your product or service and still end up with your competitor. This information allows you to develop a solid pricing strategy aligning with your business goals and objectives. 

Competitive Analysis

Competitive analyses are incredibly valuable as they provide a deep understanding of your market and industry competition. Through these analyses, you can gain insights like: 

• What works well in your industry 
• What your target audience is already interested in regarding products like yours
• Which competitors you should work to keep up with and surpass 
• How you can differentiate yourself from the competition

Understanding customer satisfaction and loyalty is crucial to encouraging repeat business and identifying what drives customers to return (such as loyalty programs, rewards, and exceptional customer service). Researching this area will help you determine the most effective methods to keep your customers coming back again and again. If you have a CRM system, consider further utilizing automated customer feedback surveys to improve your understanding of their needs and preferences.

Brand awareness research helps you understand the level of familiarity your target audience has with your brand. It provides insights into your audience members' perceptions and associations when they think about your business.This type of research reveals what they believe your brand represents. This information is valuable for developing effective marketing strategies, improving your brand's reputation, and increasing customer loyalty .

To improve your marketing campaigns, you need to research by analyzing the success of your past campaigns among your target audience and current customers. This requires experimentation and thoroughly examining the elements that resonate with your audience. By doing so, you can identify the aspects of your campaigns that matter most to your audience and use them as a guide for future campaigns. 

Now that you understand the different market research categories and types let's look at how to conduct your market research.  Using our expertise and experience, we’ve created a step-by-step guide to conducting market research.

How to Do Market Research (Detailed Roadmap)

• Define the problem or objective of the research. 
• Determine the type of data needed. 
• Identify the sources of data. 
• Collect the data. 
• Analyze the data. 
• Interpret the results. 
• Report the findings. 
• Take action based on the findings.

1. Define the problem or objective of the research

Defining the problem or objective of the research is the first step in conducting market research. This involves identifying the specific issue that the research is trying to address. It is essential to be clear and specific about the research problem or objective, as it will guide the entire research process.

2. Determine the type of data needed

After defining the research problem or objective, the next step is determining the data type needed to address the issue. This involves deciding whether to collect primary or secondary data. Primary data is collected directly from the source, while secondary data is collected from existing sources such as government reports or market research studies.

3. Identify the sources of data

Once the data type has been determined, the next step is identifying the data sources. This involves identifying potential sources of primary and secondary data that can be used to address the research problem or objective. Primary data sources can include surveys, focus groups, and interviews, while secondary data sources can include government reports, industry publications, and academic journals.

4. Collect the data

After identifying the data sources, the next step is to collect the data. This involves designing and implementing a data collection plan consistent with the research problem or objective. The data collection plan should specify the methods and procedures for collecting data, sample size, and sampling method.

5. Analyze the data

Once the data has been collected, the next step is to analyze the data. This involves organizing, summarizing, and interpreting the data to identify patterns, relationships, and trends. The research problem or objective should guide the data analysis process and be conducted using appropriate statistical methods and software.

6. Interpret the results

After analyzing the data, the next step is to interpret the results. This involves drawing conclusions from the data analysis and using the results to address the research problem or objective. It is essential to analyze the results objectively and to avoid making assumptions or drawing conclusions that are not supported by the data.

7. Report the findings

Try identifying common themes to create a story and action items.To make the process easier, use your favorite presentation software to create a report, as it will make it easy to add quotes, diagrams, or call clips.

Feel free to add your flair, but the following outline should help you craft a clear summary:

• Background: What are your goals, and why did you conduct this study?
• Participants: Who you talked to? A table works well to break groups down by persona and customer/prospect.
• Executive Summary: What were the most exciting things you learned? What do you plan to do about it?
• Key Findings: Identify the key findings using data visualizations and emphasize key points.
• Recommendations + Action Plan: Your analysis will uncover actionable insights to fuel strategies and campaigns you can run to get your brand in front of buyers earlier and more effectively. Provide your list of priorities, action items , a timeline, and its impact on your business.

8. Take action based on the findings

The final step in conducting market research is to take action based on the findings. This involves using the results to make informed decisions about the marketing strategy, product development, or other business decisions. It is important to use the findings to drive action and to monitor and evaluate the effectiveness of the action taken continuously.

How to Prepare for Market Research Projects

Identify a persona group to engage, prepare research questions for your market research participants, list your primary competitors.

The idea is to use your persona as a reference point for understanding and reaching out to your industry's audience members. Your business might cater to more than one persona, and that's completely acceptable! However, you must be mindful of each persona while strategizing and planning your content and campaigns. 

How to Identify the Right People to Engage for Market Research

When selecting a group on which to conduct market research , it is essential to consider individuals with the same characteristics as your target audience. 

If you need to research multiple target audiences, recruit separate groups for each one. Select people who have recently interacted with you by looking through social media for post interactions or seeing if they’ve made recent purchases from you.

If you are planning to conduct an evaluation, it is recommended that you focus on people who have completed it within the last six months. However, if you have a longer sales cycle or a specific market, you can extend the period up to a year. It is crucial to ask detailed questions during the evaluation, so the participants' experience must be fresh.

Gather a mix of participants

If you want to expand your customer base, you’re going to want to get viewpoints of your product or service from every angle. Consider getting this mix by recruiting individuals who have already purchased your product, those who have bought a competitor's product, and those who haven't purchased anything. While targeting your existing customers may be the easiest option, gathering information from non-customers can help you gain a more balanced market perspective .

We recommend taking the following steps to select a mix of participants:

• Create a list of customers who made a recent purchase . This is usually the most accessible group to recruit. If you have a CRM system with list segmentation capabilities, run a report of deals that closed within the past six months and filter it for the characteristics you're looking for. Otherwise, work with your sales team to get them a list of appropriate accounts.
• Create a list of customers who were in an active evaluation but didn't make a purchase. You should get a mix of buyers who either purchased from a competitor or decided not to purchase. Again, you can obtain this list from your CRM or your Sales team's system to track deals.
• Use social media to call for participants. Try reaching out to people who follow you on social media but decided not to buy from you. Some may be willing to talk to you and explain why they did not purchase your product.
• Leverage your network . Spread the word that you're conducting a study to your coworkers, former colleagues, and LinkedIn connections. Even if your direct connections don't qualify, some will likely have a coworker, friend, or family member who does.
• Choose an incentive to motivate participants to spend time on your study. If you're on a tight budget , you can reward participants for free by giving them exclusive access to content. 

Related Resources:

• Digital Marketing Strategy: Keep It Simple
• 5 Marketing Predictions for the Looming Recession
• Recession Proof Marketing Strategies for Your Business
• Marketing Operations Framework - The Five Ps
• Biggest Marketing Challenges Leaders Face
• Digital Marketing Benchmarks & KPIs - How To Compare Your Performance

Preparation is key when conducting research in hopes of gaining productive and informative conversations. This involves creating a discussion guide, whether it is for a focus group, an online survey, or a phone interview. The guide should help you cover all the relevant topics and manage your time efficiently.

The discussion guide should be in an outline format, with an allocated time and open-ended questions for each section. All the questions must be open-ended, as asking closed questions may lead the interviewee to respond with a simple "yes" or "no" answer. You may need more detailed answers to make informed decisions, so be sure to ask follow-up questions as necessary.  Also leave out any leading questions as they may unintentionally influence the interviewee's response, skewing your research results.

It's essential to identify your competitors accurately and you may even have some hidden in plain sight.  There are some instances where your company's business division might compete with your main product or service, even though that company's brand might have a different focus. Take a look at Apple:  the company is known primarily for its laptops and mobile devices, but Apple Music competes with Spotify over its music streaming service.

From a content perspective, you might compete with a blog, YouTube channel, or similar publication for inbound website visitors — even though their products don't overlap with yours. An example of this is when a toothpaste company might compete with publications like Health.com or Prevention on specific blog topics related to health and hygiene, even though the magazines don't sell oral care products.

Here are a few ways to build your competitor list:

• Check your industry quadrant on G2 Crowd: This is a significant first step for secondary market research in some industries. G2 Crowd aggregates user ratings and social data to create "quadrants" that show companies as contenders, leaders, niche players, or high performers in their respective industries. G2 Crowd specializes in digital content, IT services, HR, e-commerce, and related business services.
• Download a market report: Companies like Forrester and Gartner offer free and gated market forecasts yearly on the vendors leading their industry. On Forrester's website, for example, you can select "Latest Research" from the navigation bar and browse Forrester's latest material using a variety of criteria to narrow your search. These reports are good assets to save on your computer.
• Use social media : Social networks can be excellent company directories if you use the search bar correctly. On LinkedIn, for example, select the search bar and enter the name of the industry you're pursuing. Then, under "More," select "Companies" to narrow your results to the businesses that include this or a similar industry term on their LinkedIn profile.

Identifying Content Competitors

Search engines can be beneficial when it comes to secondary market research . To identify the online publications competing with your business, start with the overarching industry term you identified earlier, and then come up with more specific industry terms that are related to your company . For example, if you run a catering business, you might consider yourself a "food service" company, as well as a vendor in "event catering," "cake catering," "baked goods," and so on.

Once you have this list, follow these steps:

• Google it: Running a search on Google for the industry terms that describe your company can be very beneficial. You may come across a mix of product developers, blogs, magazines, and other websites.
• Compare your search results against your buyer persona: Remember the persona you created during the primary research stage? You can use it to evaluate whether a publication you found through Google could steal website traffic from you. If the website's content aligns with what your buyer persona would want to see, it is a potential competitor and should be added to your list of competitors.

After a series of similar Google searches for the industry terms you identify with, look for repetition in the website domains that have come up.

When searching, examine the first two or three pages of results. These websites are considered reputable sources of content in your industry and should be monitored closely as you create your collection of videos, reports, web pages, and blog posts.

Market Research Examples

Mcdonald's focus on customer feedback and profiling.

McDonald's invests in developing a detailed consumer profile to attract and retain customers, including parents of young children who appreciate the family-friendly atmosphere and menus. The brand seeks feedback from customers through surveys and questionnaires in stores, social media, and its mobile app. It also monitors customer feedback on digital channels.

Nike's Extensive Research and Collaboration for Running Shoes Development

Nike invests heavily in creating running shoes that cater to the needs of its customers, which it determines through extensive market research and customer surveys. The brand goes to great lengths to understand its customers' preferences, such as the type of running surface, the distance they run, and their running style, to develop shoes that meet their specific needs.

In addition to customer surveys, Nike also collaborates with athletes to develop shoes that cater to their specific requirements. This research helps Nike improve its existing running shoe models and innovate new ones, ensuring that the brand stays ahead of the competition.

Disney employs focus groups that specifically cater to children to test out their new characters and ideas.

The Walt Disney Company invests millions of dollars in creating captivating stories tested for their effectiveness with children, the intended audience. Disney executives hold focus groups with preschoolers and kindergartners several times a year to gather their opinions and feedback on TV episodes, Disney characters, and more. 

This market research strategy is effective because children are the ultimate audience that Disney aims to please. The collected feedback helps the company improve existing content to meet the preferences of its audience and ensure continued success as a multi-billion dollar enterprise.

KFC tested its meatless product in specific markets before launching it nationwide.

In 2019, KFC began developing and testing a meatless version of its famous chicken. However, instead of immediately launching the product nationwide, they decided to test it in select stores in the Atlanta, Georgia area. 

This is an innovative and practical approach to market research, as it allows the company to determine the product's sales performance on a smaller scale before committing too many resources to it. If the meatless chicken fails to gain popularity in Georgia, KFC can make the necessary changes to the product before introducing it to the broader market.

Yamaha conducted a survey to determine whether to use knobs or sliding faders on the Montage keyboard.

Yamaha is a Japanese corporation that produces various products, from motorcycles to golf cars to musical instruments. When it began developing its new Montage keyboard, the team was unsure whether to use knobs or sliding faders on the product. 

To address this dilemma, Yamaha used Qualtrics to send a survey to their customers. Within just a few hours , they received 400 responses. By using survey feedback, Yamaha ensured that it was designing a product that would perfectly meet the preferences of its audiences.

The Body Shop used social listening to determine how to reposition brand campaigns based on customer feedback.

The Body Shop is a well-known brand that offers ethically sourced and natural products. They take pride in their core value of sustainability. The Body Shop team tracked conversations to understand the sustainability subtopics that were most important to their audiences. 

They found that their customers cared a lot about refills. Based on this information, the Body Shop team confidently relaunched their Refill Program across 400 stores globally in 2021, with plans to add another 400 in 2022. Market research confirmed that their refill concept was on the right track and also highlighted the need for increased efforts to demonstrate how much the Body Shop cares about its customers' values .

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The takeaway.

Fratzke Consulting offers a comprehensive suite of market research services to help brands gain valuable insights into their target market, competitors, and industry trends. Our expert team utilizes various primary and secondary research methods to gather accurate and unbiased data, including surveys, competitive research, and industry reports. With Fratzke Consulting, you'll have the tools to succeed in today's rapidly evolving business landscape.

Interested in learning more? Book a free audit consultation today.

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How to Conduct Retail Market Research Like a Pro

That is because, in today’s age of mass information circulating at speed, we exist in a market jungle, as market trends oscillate and customer expectations sway, while your competitors are becoming more adaptable.

To stay ahead and survive this market jungle, you need to get acclimated to performing the correct form of market research.

Let’s learn how to conduct market research for the retail sector.

The Makeup of Market Research

Market research , as we’ve covered aplenty, is a wide umbrella term that pertains to studying several facets of a particular market to gauge the profitability and success of your product or service.

This includes gathering information on the following:

• Trends in the sector, vertical and niche
• Your target market
• Segmentation within your target market
• Your competitors (tactics, launches, performance, etc.)
• The sector at large

It is made up of two sets of research: primary and secondary. The former deals with gathering research that you, as a business, conduct yourself. The latter involves consulting with information that has already been researched and is publicly available (not always for free).

Primary research requires using the following methods to collect information:

• Surveys on your target market and closely situated markets
• Interviews (in-person or over the phone)
• Consumer reviews
• Focus groups
• Sales records
• Employee feedback

Secondary research has a more encompassing set of documents and sources:

• Trends sites ( Google Trends , Google Alerts )
• Keyword searching and SEO platforms
• Research agencies
• Statistics sites
• Market research sites
• Competitor sites
• Case studies

Techniques Particular to Retail Research

The above provides fundamental information about performing market research — in a general, all-purpose sense.

Since you would need to turn to both primary and secondary data throughout the market research process, you should be able to detect and distinguish these resource types, whenever you come upon them.

Above all, you need to know which exact platforms, websites and tools to use for collating information on the sector of retail. In market research, you move from the general to the specific fairly quickly, and you’ll need information specific to your vertical.

This is especially important if you serve a niche market.

Primary research techniques speak for themselves, as you would need to gather original insights and data from those mentioned above. Secondary sources particular to the retail sector, on the other hand, need to be laid out.

Secondary Research Sources for Retail

Here are a few secondary sources for market research on the retail vertical. Note that many of these platforms aren’t free, but their intel is indispensable.

• For understanding the retail industry: MarketResearch.com , specifically the Retailing Market Research Reports & Industry Analysis page, which links to a wide variety of internal research reports. These reports cover the many sub-sectors of the sweeping retail vertical, such as the clothing market, department stores and other related topics such as market analytics.
• For understanding customer personas: MakeMyPersona You should constantly be up to date on your buyer personas. This free tool from HubSpot generates personas; all you have to do is answer some questions about your ideal customers. The tool then creates a detailed document on your target market.
• For economic data in the retail sector: Business Dynamics Statistics (BDS) A division of the US Census Bureau, this program provides economic data on employment, job expansions/ contractions, number of establishments, number of startups and more. This platform supplies annual measures on different business subsectors.
• For competitor analysis: County Business Patterns (CBP) Another division of the US Census Bureau, this program presents subnational economic data based on various retail industries. This includes the number of establishments, employment, annual payroll and more to analyze economic changes over time.
• For understanding your customer base: Facebook Audience Insights If your business has a Facebook business page, this tool will provide demographic information, along with some behavioral insights into your followers. It shows you their age, location, income, employment type, spending behaviors and even lifestyle (Facebook’s category).
• For multipurpose research: Think with Google An all-in-one market research platform providing guides, data reports, infographics and content to reap insights on the retail industry and your target market. You can use specific tools to grow your store, find your audience and stay up to date with the latest research within your particular retail subsector.
• For keyword research, SEO and competitor analysis: SEMrush This platform offers over 30 tools to analyze 3.7 billion keywords and 4 trillion backlinks. It allows retailers to find new organic competitors, as well as those in Google AdWords and Bing ads, to analyze their competitors’ budgets, strategies, ad copy, display ads and keywords.

Wrapping Things Up

Retail is one of the most expansive verticals, as it can include virtually any business that sells products to consumers. It requires both primary and secondary research methods for a thorough analysis and interpretation.

Secondary research for the retail sector involves a distinct set of secondary sources for quality research campaigns. A successful research endeavor will allow you to provide meaningful products and experiences for your customers, communicate with them more productively and improve your standing within your submarket.

Although the above examples of secondary research are invaluable, there are many other online tools for your disposal. Social media, for example, is excellent for market research, as it can connect you with your customers to get their perspectives firsthand, along with their data. 

Frequently asked questions

What is retail market research.

Retail market research is the process of gathering information about target customers and markets to determine or improve upon the success of a retail venture.

What types of primary research are useful in retail market research?

The most relevant types of primary research for the retail sector are surveys, consumer reviews, focus groups, feedback from employees, and sales reports.

How is secondary research performed?

Secondary research is performed by gathering and reviewing previously published information in order to gain insights to support a market research project.

How are buyer personas used in retail market research?

Buyer personas are a good way to define and understand the various customer segments that are likely to purchase from your retail store.

What information can Facebook Audience Insights provide about your retail business?

A shop’s Facebook business page can provide a wealth of information about its followers, including age, location, employment, income, spending behaviors, and lifestyle preferences.

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How to do market research for retail in 2024

Market research in retail pinpoints what shoppers want and the latest trends, key for making smart choices. Usually, this means gathering insights through surveys, focus groups, and looking at what sells, giving a solid base for decisions. There’s wisdom in the saying, “Know your customer, know your business.” Research highlighted by the Harvard Business Review shows that businesses that really get their customers’ wants do better than those that don’t. Good market research links to more profits and a stronger position in the market.

Marketing guru Philip Kotler points out that knowing shopper habits through market research lets stores shape their stock and how they sell it. When online shopping took off, market research helped old-school stores switch to selling online too. The impact of market research can change depending on who’s buying, the economy, and new tech, showing it’s best used as a flexible tool. It’s key to see market research as a guide to what might sell, not a sure thing, so strategies can adapt to real-world buying.

How to Conduct Market Research in Retail: A Step-by-Step Guide

Market research in retail varies a lot. It depends on the type of store, who shops there, and what you want to find out. Step-by-Step Process First, you need to know what you want to learn from your research. This could be what customers like, how well a sale worked, or what’s trending. This first step guides all the other steps and makes sure your research is on point. Next, pick how you want to gather your info. You can use surveys, talk to people, have group discussions, or just watch how customers behave. Each way has its perks. Surveys can reach lots of people fast and cheap, while talks and groups can give you deeper insights into what people think and feel. Then, start gathering your data. This means sending out surveys, talking to people, or watching how they shop. This step is super important because good data means reliable results. Now, look at the data you got. You might use math to see what the numbers say or look for patterns in what people told you. This step helps you spot trends and get insights that can help make business choices. Last, share what you found. Put together a report that lays out what you learned in a way that’s easy to understand and use. Make sure to suggest what to do next based on what you found out.

Crucial Metrics You need to keep an eye on a few key numbers. Look at how much you sell, how many people come into the store, how many actually buy something, and how happy they are with their shopping. These numbers help you see how well your store is doing and what your customers are like. Tracking sales and how many people buy stuff shows if your selling tactics work. Seeing how many people come in helps you figure out busy times. And knowing if your customers are happy tells you if they enjoyed shopping with you.

Essential Questions to Ask Asking the right questions is key to good market research. You might ask, “What makes you buy something?” “Are you happy with your shopping experience?” and “What do you like about our products?” These questions help you understand what your customers need and like. They also show you what you can do better and how you can make your stuff more appealing. Asking about other stores can also show you how you stack up against them and what special things you can offer to bring more people in.

In short, good market research in retail means following a clear plan to gather and analyze data. By knowing what to do at each step, you can make smart choices that help your store do better and meet your customers’ needs.

Important Customer Attributes, Preferences, and Purchasing Habits in Retail Market Research

Retail market research finds key customer details, likes, and buying habits that greatly shape retail strategies:

• Understand who buys : Retailers make their products fit by looking at the age, gender, income, and education of their customers. This helps them make ads and place products better.
• Look at buying habits : You see how often and where (online, in-store) customers like to shop. This guides how much stock to keep and when to have sales.
• Check product likes : You find out what kinds of products different customers enjoy. This helps decide what to sell and keep in stock.
• Watch price reactions : Retailers change prices based on how price changes affect how much people buy. Knowing this helps set competitive prices.
• Listen to customers : You gather and study customer reviews to improve service and meet customer needs better.

Staying ahead in retail means keeping up with what customers like and want. Retailers who keep an eye on market trends and line up their plans accordingly do better.

How Can Retailers Minimize Negative Impacts from Poor Market Research?

Bad market research can lead to plans that don’t match what customers expect or what’s really happening in the market:

• Don’t guess : Make your plans based on solid facts, not guesses. Wrong guesses about what customers like can lead to products no one buys.
• Keep data fresh : You keep your information up to date. Old data can lead to plans that don’t fit today’s market.
• Use many research ways : Use both talking to people and looking at numbers to understand the market well. Relying too much on one way can make results off and lead to bad choices.

Not knowing your customers well can keep you from reaching the right people, leading to missed chances and wasted effort. Using good tools for analyzing and grouping customers can help retailers target better and more accurately.

Understanding the retail market is tricky and many things can affect it. While the tips given provide a way to understand and react to how customers act, retailers should think about the special parts of their market and customers when using these insights.

Understanding Competitors and Pricing in Retail

Knowing your competitors is key in retail. You should look at their product types, market share, prices, and how loyal their customers are. This helps you find your own spot in the market. The Oxford Dictionary of Marketing says market positioning is how marketers make a product, brand, or organization stand out in the minds of their target market.

Pricing right is crucial. It keeps you appealing to buyers and profitable. The Harvard Business Review notes that good pricing helps you stand out in busy markets and affects what consumers buy. This keeps you competitive and helps you sell more.

How does pricing affect what customers think and your success? Prices influence what and how people buy. You need to price items so that you attract buyers but also make enough money.

There are different ways to price things. You can match, go lower, or charge more than your competitors. Each choice affects how customers see you. Low prices might draw more buyers but can make your products seem cheap. High prices might suggest better quality but could reduce the number of buyers.

Experts say you should always watch what your competitors charge and follow market trends. This keeps you up-to-date and competitive. For example, you might lower prices during busy shopping times or charge more for special items to attract certain buyers.

To really understand the market, look at sales, customer feedback, and how well promotions work. This full view helps you see where you stand and make smart choices.

Primary Methods and Tools in Retail Market Research

Primary Data Collection and Advanced Analytics in Retail Market Research

• Methods like surveys, focus groups, and observations offer direct insights into consumer behavior and preferences.

The Role of Technology in Market Research

• Artificial intelligence and tools like IdeaApe enhance data analysis, enabling deeper insights into market trends and consumer needs.
• These technologies process large data sets, offering predictive analytics and customer segmentation.
• Integration of AI in market research allows for real-time data processing and better decision-making, leading to more personalized marketing strategies and improved customer engagement.

Data Collection Tools and Their Impact

• Online surveys and mobile analytics gather essential market data.
• Combined with AI, these tools allow for efficient analysis of consumer patterns, preferences, and behaviors, leading to more targeted marketing efforts.

The Impact of AI on Market Research

• Studies from major market research firms show that AI-driven analytics greatly improve the accuracy and speed of market predictions, influencing strategic marketing decisions.
• Further studies confirm that AI enhances the precision of customer insights, crucial for developing effective marketing strategies and competitive positioning.

Market Research: Systematic Gathering, Recording, and Analysis

• Market research involves systematic gathering, recording, and analysis of qualitative and quantitative data about marketing products and services.
• Cumulative research confirms that effective market research, supported by AI, leads to better strategic decisions and market understanding.

Crafting an Effective Market Research Report for Retail

Effective market research reports for retail focus on clear data collection and analysis, looking at consumer behavior and market trends. These reports usually cover demographic studies, buying patterns, and competitor analysis. They often show insights with percentages and stats. A key rule in retail market research is “know your customer,” which stresses the need to understand consumer needs and preferences to make smart decisions. The Harvard Business Review notes that companies focusing on customer understanding are 60% more likely to increase profits.

How can retail businesses make sure their market research reports are useful and actionable? Start by thinking about the report’s structure and content. Tips for creating impactful market research reports include:

• Using clear, direct language to describe findings.
• Adding visual data like charts and graphs to highlight key points.
• Offering strategic advice based on data analysis. More advice includes aligning the report’s findings with business goals, backed by expert analysis from market research pros. This method not only makes the data clear but also helps in making better decisions, possibly leading to more market share and happier customers.

What are the risks of skipping thorough market research in retail? Not doing detailed market research can lead to poor strategy choices, causing product failures or missed market chances. Detailed explanations of these risks show that without knowing customer demographics and preferences, retailers might invest in products that don’t meet market needs. Examples include launching winter items in a mostly warm area or missing a trend that competitors use to their advantage. The Journal of Marketing Research shows that businesses that ignore market research are three times more likely to see product launch failures.

In summary, good market research reports are key for making smart decisions in retail. They mix stats with clear, direct insights to guide business strategies. Knowing the complex nature of market dynamics and consumer behavior helps retailers avoid mistakes and use opportunities. A thorough approach ensures that businesses stay competitive and responsive to market trends, leading to ongoing growth and profit.

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Published October 17 th 2023

10 Essential Methods for Effective Consumer and Market Research

When it comes to understanding the world around you, market research is an essential step.

We live in a world that’s overflowing with information. Sifting through all the noise to extract the most relevant insights on a certain market or audience can be tough.

That’s where market research comes in – it’s a way for brands and researchers to collect information from target markets and audiences.

Once reliant on traditional methods like focus groups or surveys, market research is now at a crossroads. Newer tools for extracting insights, like social listening tools, have joined the array of market research techniques available.

Here, we break down what market research is and the different methods you can choose from to make the most of it.

What is market research, and why is it critical for you as a marketer?

Market research involves collecting and analyzing data about a specific industry, market, or audience to inform strategic decision-making. It offers marketers valuable insights into the industry, market trends, consumer preferences, competition, and opportunities, enabling businesses to refine their strategies effectively.

By conducting market research, organizations can identify unmet needs, assess product demands, enhance value propositions, and create marketing campaigns that resonate with their target audience. 

This practice serves as a compass, guiding businesses in making data-driven decisions for successful product launches, improved customer relationships, and a stronger positioning in the business landscape. 

For marketers and insights professionals, market research is an indispensable tool. It helps them make smarter decisions and achieve growth and success in the market.

These 10 market research methods form the backbone of effective market research strategies. 

Continue reading or jump directly to each method by tapping the link below.

• Focus groups
• Consumer research with social media listening
• Experiments and field trials
• Observation
• Competitive analysis
• Public domain data
• Buy research
• Analyze sales data

Use of primary vs secondary market research

Market research can be split into two distinct sections: primary and secondary. These are the two main types of market research.

They can also be known as field and desk, respectively (although this terminology feels out of date, as plenty of primary research can be carried out from your desk).

Primary (field) research

Primary market research is research you carry out yourself. Examples of primary market research methods include running your own focus groups or conducting surveys. These are some of the key methods of consumer research. The ‘field’ part refers to going out into the field to get data.

Secondary (desk) research

Secondary market research is research carried out by other people that you want to use. Examples of secondary market research methods include studies carried out by researchers or financial data released by companies.

10 effective methods to do market research

The methods in this list cover both areas. Which ones you want to use will depend on your goals. Have a browse through and see what fits.

1. Focus groups

It’s a simple concept but one that can be hard to put into practice.

You bring together a group of individuals into a room, record their discussions, and ask them questions about various topics you are researching. For some, it’ll be new product ideas. For others, it might be views on a political candidate.

From these discussions, the organizer will try to pull out some insights or use them to judge the wider society’s view on something. The participants will generally be chosen based on certain criteria, such as demographics, interests, or occupations.

A focus group’s strength is in the natural conversation and discussion that can take place between participants (if they’re done right).

Compared to a questionnaire or survey with a rigid set of questions, a focus group can go off on tangents the organizer could not have predicted (and therefore not planned questions for). This can be good in that unexpected topics can arise; or bad if the aims of the research are to answer a very particular set of questions.

The nature of the discussion is important to recognize as a potential factor that skews the resulting data. Focus groups can encourage participants to talk about things they might not have otherwise, and others might impact the group. This can also affect unstructured one-on-one interviews.

In survey research, survey questions are given to respondents (in person, over the phone, by email, or via an online form). Questions can be close-ended or open-ended. As far as close-ended questions go, there are many different types:

• Dichotomous (two choices, such as ‘yes’ or ‘no’)
• Multiple choice
• Rating scale
• Likert scale (common version is five options between ‘strongly agree’ and ‘strongly disagree’)
• Matrix (options presented on a grid)
• Demographic (asking for information such as gender, age, or occupation)

Surveys are massively versatile because of the range of question formats. Knowing how to mix and match them to get what you need takes consideration and thought. Different questions need the right setup.

It’s also about how you ask. Good questions lead to good analysis. Writing clear, concise questions that abstain from vague expressions and don’t lead respondents down a certain path can help your results reflect the true colors of respondents.

There are a ton of different ways to conduct surveys as well, from creating your own from scratch or using tools that do lots of the heavy lifting for you.

3. Consumer research with social media listening

Social media has reached a point where it is seamlessly integrated into our lives. And because it is a digital extension of ourselves, people freely express their opinions, thoughts, and hot takes on social media.

Because people share so much content on social media and the sharing is so instant, social media is a treasure trove for market research. There is plenty of data to monitor , tap into, and dissect.

By using a social listening tool, like Consumer Research , researchers can identify topics of interest and then analyze relevant social posts. For example, they can track brand mentions and what consumers are saying about the products owned by that brand. These are real-world consumer research examples.

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Social media listening democratizes insights, and is especially useful for market research because of the vast amount of unfiltered information available. Because it’s unprompted, you can be fairly sure that what’s shared is an accurate account of what the person really cares about and thinks (as opposed to them being given a subject to dwell on in the presence of a researcher).

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4. Interviews

In interviews, the interviewer speaks directly with the respondent. This type of market research method is more personal, allowing for communication and clarification, making it good for open-ended questions. Furthermore, interviews enable the interviewer to go beyond surface-level responses and investigate deeper.

However, the drawback is that interviews can be time-intensive and costly. Those who opt for this method will need to figure out how to allocate their resources effectively. You also need to be careful with leading or poor questions that lead to useless results. Here’s a good introduction to leading questions .

5. Experiments and field trials

Field experiments are conducted in the participants’ environment. They rely on the independent variable and the dependent variable – the researcher controls the independent variable in order to test its impact on the dependent variable. The key here is to establish whether there’s causality.

For example, take Hofling’s experiment that tested obedience, conducted in a hospital setting. The point was to test if nurses followed authority figures (doctors) and if the authority figures’ rules violated standards (The dependent variable being the nurses, the independent variable being a fake doctor calling up and ordering the nurses to administer treatment.)

According to Simply Psychology , there are key strengths and limitations to this method.

The assessment reads:

• Strength: Behavior in a field experiment is more likely to reflect real life because of its natural setting, i.e., higher ecological validity than a lab experiment.
• Strength: There is less likelihood of demand characteristics affecting the results, as participants may not know they are being studied. This occurs when the study is covert.
• Limitation: There is less control over extraneous variables that might bias the results. This makes it difficult for another researcher to replicate the study in exactly the same way.

There are also massive ethical implications for these kinds of experiments and experiments in general (especially if people are unaware of their involvement). Don’t take this lightly, and be sure to read up on all the guidelines that apply to the region where you’re based.

6. Observation

Observational market research is a qualitative research method where the researcher observes their subjects in a natural or controlled environment. This method is much like being a fly on the wall, but the fly takes notes and analyzes them later. In observational market research, subjects are likely to behave naturally, which reveals their true selves. 

They are not under much pressure. However, if they’re aware of the observation, they can act differently.

This type of research applies well to retail, where the researcher can observe shoppers’ behavior by day of the week, by season, when discounts are offered, and more. However, observational research can be time-consuming, and researchers have no control over the environments they research.

7. Competitive analysis

Competitive analysis is a highly strategic and specific form of market research in which the researchers analyze their company’s competitors. It is critical to see how your brand stacks up to rivals. 

Competitive analysis starts by defining the product, service, brand, and market segment. There are different topics to compare your firm with your competitors. It could be from a marketing perspective: content produced, SEO structure, PR coverage, and social media presence and engagement. It can also be from a product perspective: types of offerings, pricing structure. SWOT analysis is key in assessing strengths, weaknesses, opportunities, and threats.

We’ve written a whole blog post on this tactic, which you can read here .

8. Public domain data

The internet is a wondrous place. Public data exists for those strapped for resources or simply seeking to support their research with more data.  With more and more data produced every year, the question about access and curation becomes increasingly prominent – that’s why researchers and librarians are keen on open data.

Plenty of different types of open data are useful for market research: government databases, polling data, “fact tanks” like Pew Research Center, and more. 

Furthermore, APIs grant developers programmatic access to applications. A lot of this data is free, which is a real bonus.

9. Buy research

Money can’t buy everything, but it can buy research. Subscriptions exist for those who want to buy relevant industry and research reports. Sites like Euromonitor, Statista, Mintel, and BCC Research host a litany of reports for purchase, oftentimes with the option of a single-user license or a subscription.

This can be a massive time saver, and you’ll have a better idea of what you’re getting from the very beginning. You’ll also get all your data in a format that makes sense, saving you effort in cleaning and organizing.

10. Analyze sales data

Sales data is like a puzzle piece that can help reveal the full picture of market research insights. Essentially, it indicates the results. Paired with other market research data, sales data helps researchers better understand actions and consequences. Understanding your customers, their buying habits, and how they change over time is important.

This research will be limited to customers, and it’s important to keep that in mind. Nevertheless, the value of this data should not be underestimated. If you’re not already tracking customer data, there’s no time like the present.

Choosing the right market research method for your strategy

Not all methods will be right for your situation or your business. Once you’ve looked through the list and seen some that take your fancy, spend more time researching each option.You’ll want to consider what you want to achieve, what data you’ll need, the pros and cons of each method, the costs of conducting the research, and the cost of analyzing the results.

Get it right, and it’ll be worth all the effort.

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What Is Market Research?

• How It Works
• Primary vs. Secondary
• How to Conduct Research

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How to Do Market Research, Types, and Example

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Market research examines consumer behavior and trends in the economy to help a business develop and fine-tune its business idea and strategy. It helps a business understand its target market by gathering and analyzing data.

Market research is the process of evaluating the viability of a new service or product through research conducted directly with potential customers. It allows a company to define its target market and get opinions and other feedback from consumers about their interest in a product or service.

Research may be conducted in-house or by a third party that specializes in market research. It can be done through surveys and focus groups, among other ways. Test subjects are usually compensated with product samples or a small stipend for their time.

Key Takeaways

• Companies conduct market research before introducing new products to determine their appeal to potential customers.
• Tools include focus groups, telephone interviews, and questionnaires.
• The results of market research inform the final design of the product and determine how it will be positioned in the marketplace.
• Market research usually combines primary information, gathered directly from consumers, and secondary information, which is data available from external sources.

Market Research

How market research works.

Market research is used to determine the viability of a new product or service. The results may be used to revise the product design and fine-tune the strategy for introducing it to the public. This can include information gathered for the purpose of determining market segmentation . It also informs product differentiation , which is used to tailor advertising.

A business engages in various tasks to complete the market research process. It gathers information based on the market sector being targeted by the product. This information is then analyzed and relevant data points are interpreted to draw conclusions about how the product may be optimally designed and marketed to the market segment for which it is intended.

It is a critical component in the research and development (R&D) phase of a new product or service introduction. Market research can be conducted in many different ways, including surveys, product testing, interviews, and focus groups.

Market research is a critical tool that companies use to understand what consumers want, develop products that those consumers will use, and maintain a competitive advantage over other companies in their industry.

Primary Market Research vs. Secondary Market Research

Market research usually consists of a combination of:

• Primary research, gathered by the company or by an outside company that it hires
• Secondary research, which draws on external sources of data

Primary Market Research

Primary research generally falls into two categories: exploratory and specific research.

• Exploratory research is less structured and functions via open-ended questions. The questions may be posed in a focus group setting, telephone interviews, or questionnaires. It results in questions or issues that the company needs to address about a product that it has under development.
• Specific research delves more deeply into the problems or issues identified in exploratory research.

Secondary Market Research

All market research is informed by the findings of other researchers about the needs and wants of consumers. Today, much of this research can be found online.

Secondary research can include population information from government census data , trade association research reports , polling results, and research from other businesses operating in the same market sector.

History of Market Research

Formal market research began in Germany during the 1920s. In the United States, it soon took off with the advent of the Golden Age of Radio.

Companies that created advertisements for this new entertainment medium began to look at the demographics of the audiences who listened to each of the radio plays, music programs, and comedy skits that were presented.

They had once tried to reach the widest possible audience by placing their messages on billboards or in the most popular magazines. With radio programming, they had the chance to target rural or urban consumers, teenagers or families, and judge the results by the sales numbers that followed.

Types of Market Research

Face-to-face interviews.

From their earliest days, market research companies would interview people on the street about the newspapers and magazines that they read regularly and ask whether they recalled any of the ads or brands that were published in them. Data collected from these interviews were compared to the circulation of the publication to determine the effectiveness of those ads.

Market research and surveys were adapted from these early techniques.

To get a strong understanding of your market, it’s essential to understand demand, market size, economic indicators, location, market saturation, and pricing.

Focus Groups

A focus group is a small number of representative consumers chosen to try a product or watch an advertisement.

Afterward, the group is asked for feedback on their perceptions of the product, the company’s brand, or competing products. The company then takes that information and makes decisions about what to do with the product or service, whether that's releasing it, making changes, or abandoning it altogether.

Phone Research

The man-on-the-street interview technique soon gave way to the telephone interview. A telephone interviewer could collect information in a more efficient and cost-effective fashion.

Telephone research was a preferred tactic of market researchers for many years. It has become much more difficult in recent years as landline phone service dwindles and is replaced by less accessible mobile phones.

Survey Research

As an alternative to focus groups, surveys represent a cost-effective way to determine consumer attitudes without having to interview anyone in person. Consumers are sent surveys in the mail, usually with a coupon or voucher to incentivize participation. These surveys help determine how consumers feel about the product, brand, and price point.

Online Market Research

With people spending more time online, market research activities have shifted online as well. Data collection still uses a survey-style form. But instead of companies actively seeking participants by finding them on the street or cold calling them on the phone, people can choose to sign up, take surveys, and offer opinions when they have time.

This makes the process far less intrusive and less rushed, since people can participate on their own time and of their own volition.

How to Conduct Market Research

The first step to effective market research is to determine the goals of the study. Each study should seek to answer a clear, well-defined problem. For example, a company might seek to identify consumer preferences, brand recognition, or the comparative effectiveness of different types of ad campaigns.

After that, the next step is to determine who will be included in the research. Market research is an expensive process, and a company cannot waste resources collecting unnecessary data. The firm should decide in advance which types of consumers will be included in the research, and how the data will be collected. They should also account for the probability of statistical errors or sampling bias .

The next step is to collect the data and analyze the results. If the two previous steps have been completed accurately, this should be straightforward. The researchers will collect the results of their study, keeping track of the ages, gender, and other relevant data of each respondent. This is then analyzed in a marketing report that explains the results of their research.

The last step is for company executives to use their market research to make business decisions. Depending on the results of their research, they may choose to target a different group of consumers, or they may change their price point or some product features.

The results of these changes may eventually be measured in further market research, and the process will begin all over again.

Benefits of Market Research

Market research is essential for developing brand loyalty and customer satisfaction. Since it is unlikely for a product to appeal equally to every consumer, a strong market research program can help identify the key demographics and market segments that are most likely to use a given product.

Market research is also important for developing a company’s advertising efforts. For example, if a company’s market research determines that its consumers are more likely to use Facebook than X (formerly Twitter), it can then target its advertisements to one platform instead of another. Or, if they determine that their target market is value-sensitive rather than price-sensitive, they can work on improving the product rather than reducing their prices.

Market research only works when subjects are honest and open to participating.

Example of Market Research

Many companies use market research to test new products or get information from consumers about what kinds of products or services they need and don’t currently have.

For example, a company that’s considering starting a business might conduct market research to test the viability of its product or service. If the market research confirms consumer interest, the business can proceed confidently with its business plan . If not, the company can use the results of the market research to make adjustments to the product to bring it in line with customer desires.

What Are the Main Types of Market Research?

The main types of market research are primary research and secondary research. Primary research includes focus groups, polls, and surveys. Secondary research includes academic articles, infographics, and white papers.

Qualitative research gives insights into how customers feel and think. Quantitative research uses data and statistics such as website views, social media engagement, and subscriber numbers.

What Is Online Market Research?

Online market research uses the same strategies and techniques as traditional primary and secondary market research, but it is conducted on the Internet. Potential customers may be asked to participate in a survey or give feedback on a product. The responses may help the researchers create a profile of the likely customer for a new product.

What Are Paid Market Research Surveys?

Paid market research involves rewarding individuals who agree to participate in a study. They may be offered a small payment for their time or a discount coupon in return for filling out a questionnaire or participating in a focus group.

What Is a Market Study?

A market study is an analysis of consumer demand for a product or service. It looks at all of the factors that influence demand for a product or service. These include the product’s price, location, competition, and substitutes as well as general economic factors that could influence the new product’s adoption, for better or worse.

Market research is a key component of a company’s research and development (R&D) stage. It helps companies understand in advance the viability of a new product that they have in development and to see how it might perform in the real world.

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U.S. Small Business Administration. “ Market Research and Competitive Analysis .”

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Retail Market Research for Opening Your First Store

October 17, 2017

In order to win over your customers, you need to offer them more than competitive prices. Their buying decisions heavily depend on factors like brand differentiation, reputation, and customer-oriented policies. This is exactly what every retailer just starting out needs to have in mind. However, to understand your role in the industry and adapt both your products and marketing campaigns to your customers' needs, you first need to do a thorough retail market research.

Here is how to do so.

What is Market Research and How is it Important for your Store?

Market research is defined as the data you gather about the industry you're about to enter, your competitors and your target audience. This is one of the most significant ways to make retail partnerships , offer functional products, create an effective marketing strategy, establish competitive prices, and develop your unique selling proposition. In other words, market research keeps you on track and enables you to focus on the important aspects of both your physical and online stores.

How to do a Retail Market Research?

There are two basic types of retail market research - primary and secondary. Primary is based on the data you've gathered yourself over time. It requires taking different approaches to collect information, such as online and offline surveys, in-depth customer interviews, consumer reviews, focus groups, sales records and your employees' feedback. On the other hand, doing secondary research means analyzing case studies, industry trends and other reports relevant to your business, done by someone else.

However, both these types of analyses share a common goal - to help you understand the industry you're about to enter. There are three crucial objectives of every effective retail market research - industry knowledge, in general, target segmentation and competitor analysis. Let's analyze each of them separately.

Collect Information on your Industry

To determine whether there is a place in the market for the type of store you want to open, you need to do a thorough research on your industry. This way, you will see how big the market is and how fast it is expanding or shrinking. To answer these questions, you need to pay attention to the secondary sources of information, such as trade journals, research companies, local government data and research hubs.

While local government data should give you an insight into the particular area of your niche, high-level market statistics gathered from organizations, trade publications, and research hubs will show the overall state of the market. Always use multiple resources for your research to make sure that the data you've gathered is relevant, valid and, above all, accurate.

Know who your Customers are

To deliver a personalized approach and address to your customers' needs and preferences effectively, you need to get to know them at a deeper level . The best way to do that is to build your buyer personas. There is a plethora of factors you need to take into consideration. For example, you need to consider both demographic data such as age, race, sex, education, and income, and psychographic information on your consumers, including their personality, values, beliefs, lifestyle, and values.

Research your Competition

Competitive research is crucial for building a store that stands out. The first step towards this is to identify your competition. Once you determine who your competitors are, you need to pay attention to a few vital things, including the quality of the products they sell, the number, productivity and motivation of their staff, the overall design of both their online and offline store and their marketing efforts.

Only by determining the strengths and weaknesses of your competition will you be able to deliver a personalized approach, offer better customer services, avoid the most common mistakes your competitors make and, in this way, gain a competitive edge.

Logically, the next step is the analysis of your own company based on the above mentioned data. Here, you can apply the SWOT (strengths, weaknesses, opportunities, threats) approach . You need to keep track of each of these aspects and analyze the course of action for each of them. Find a way to maximize your strengths and opportunities, as well as to reduce your weaknesses and threats.

What Tools to Use?

Conducting a detailed retail market research is a daunting task that requires investing a great deal of effort. To make it simpler, you need to implement a set of adequate market research tools into every segment of this process. The implementation of such research tools plays an integral role in both opening a brick-and-mortar store and building an e-commerce website to support it.

Similarly to attracting customers to your physical store, driving more traffic to your website and boosting conversion rates requires you to base your internet business ideas on market analysis and case studies on your industry customers and competitors.

Here are some of the most effective market research tools.

Market research tools : There are a wide range of platforms, including FedStats, Nielsen, Claritas MyBestSegments, SurveyMonkey and Survata that provide you with fresh data and updates on your industry, giving you a clear image of where, when and how to launch your retail startup.

Customer targeting tools : The best way to collect this information is through surveys, interviews and focus groups. Fortunately, the rise of market research tools has made this process much simpler to you. Platforms like American FactFinder, Think with Google: Marketer's Almanac, and MakeMyPersona will give you the invaluable information on your consumers and their buying habits.

Competitor analysis tools : Country Business Patterns provides you with the data on the areas of the country with large numbers of certain types of businesses. Additionally, Business Dynamics Statistics draws census data and helps you see economic data on job creation, startups and shutdowns, business openings, expansions, and closures.

Use Social Media Monitoring to Generate Instant Feedback

Apart from serving as a brilliant digital marketing technique, social networks are also invaluable market research tools . By being active on these platforms, you will be able to get users' instant feedback on your brand and products, as well as monitor their discussions about your competitors. When executed properly and combined with the tools listed above, social media will help you provide your consumers with real-time customer service and develop an authentic, omnichannel user experience.

Of course, this is something you don't have to do manually. Namely, you can automate this process by using a plethora of social media monitoring tools like Topsy, SocialMention, HootSuite and Talkwalker Alerts.

Always keep in mind that that the retail market constantly evolves and expands. In order to be on top of it, you need to keep track of these changes and conduct your research regularly. Even though this might seem like a never-ending process to you now, it will pay off in the long run, resulting in better conversion rates and higher ROI.

About the writer: Emma Miller is a Sydney-based writer with a degree in marketing. Interested in digital marketing, social media, start-ups and latest trends, Emma's a contributor at Bizzmark blog .

Join the #retail, #inspiringretail and #SmartStore conversations on Twitter @emma_k_miller & @RetailNext , as well as at www.facebook.com/retailnext .

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14 Market Research Examples

This article was originally published in the MarketingSherpa email newsletter .

Example #1: National bank’s A/B testing

You can learn what customers want by conducting experiments on real-life customer decisions using A/B testing. When you ensure your tests do not have any validity threats, the information you garner can offer very reliable insights into customer behavior.

Here’s an example from Flint McGlaughlin, CEO of MarketingSherpa and MECLABS Institute, and the creator of its  online marketing course .

A national bank was working with MECLABS to discover how to increase the number of sign-ups for new checking accounts.

Customers who were interested in checking accounts could click on an “Open in Minutes” link on the bank’s homepage.

Creative Sample #1: Anonymized bank homepage

After clicking on the homepage link, visitors were taken to a four-question checking account selector tool.

Creative Sample #2: Original checking account landing page — account recommendation selector tool

After filling out the selector tool, visitors were taken to a results page that included a suggested package (“Best Choice”) along with a secondary option (“Second Choice”). The results page had several calls to action (CTAs). Website visitors were able to select an account and begin pre-registration (“Open Now”) or find out more information about the account (“Learn More”), go back and change their answers (“Go back and change answers”), or manually browse other checking options (“Other Checking Options”).

Creative Sample #3: Original checking account landing page — account recommendation selector tool results page

After going through the experience, the MECLABS team hypothesized that the selector tool wasn’t really delivering on the expectation the customer had after clicking on the “Open in Minutes” CTA. They created two treatments (new versions) and tested them against the control experience.

In the first treatment, the checking selector tool was removed, and instead, customers were directly presented with three account options in tabs from which customers could select.

Creative Sample #4: Checking account landing page Treatment #1

The second treatment’s landing page focused on a single product and had only one CTA. The call-to-action was similar to the CTA customers clicked on the homepage to get to this page — “Open Now.”

Creative Sample #5: Checking account landing page Treatment #2

Both treatments increased account applications compared to the control landing page experience, with Treatment #2 generating 65% more applicants at a 98% level of confidence.

Creative Sample #6: Results of bank experiment that used A/B testing

You’ll note the Level of Confidence in the results. With any research tactic or tool you use to learn about customers, you have to consider whether the information you’re getting really represents most customers, or if you’re just seeing outliers or random chance.

With a high Level of Confidence like this, it is more likely the results actually represent a true difference between the control and treatment landing pages and that the results aren’t just a random event.

The other factor to consider is — testing in and of itself will not produce results. You have to use testing as research to actually learn about the customer and then make changes to better serve the customer.

In the video How to Discover Exactly What the Customer Wants to See on the Next Click: 3 critical skills every marketer must master , McGlaughlin discussed this national bank experiment and explained how to use prioritization, identification and deduction to discover what your customers want.

This example was originally published in Marketing Research: 5 examples of discovering what customers want .

Example #2: Consumer Reports’ market intelligence research from third-party sources

The first example covers A/B testing. But keep in mind, ill-informed A/B testing isn’t market research, it’s just hoping for insights from random guesses.

In other words, A/B testing in a vacuum does not provide valuable information about customers. What you are testing is crucial, and then A/B testing is a means to help better understand whether insights you have about the customer are either validated or refuted by actual customer behavior. So it’s important to start with some research into potential customers and competitors to inform your A/B tests.

For example, when MECLABS and MarketingExperiments (sister publisher to MarketingSherpa) worked with Consumer Reports on a public, crowdsourced A/B test, we provided a market intelligence report to our audience to help inform their test suggestions.

Every successful marketing test should confirm or deny an assumption about the customer. You need enough knowledge about the customer to create marketing messages you think will be effective.

For this public experiment to help marketers improve their split testing abilities, we had a real customer to work with — donors to Consumer Reports.

To help our audience better understand the customer, the MECLABS Marketing Intelligence team created the 26-page ConsumerReports Market Intelligence Research document (which you can see for yourself at that link).

This example was originally published in Calling All Writers and Marketers: Write the most effective copy for this Consumer Reports email and win a MarketingSherpa Summit package and Consumer Reports Value Proposition Test: What you can learn from a 29% drop in clickthrough .

Example #3: Virtual event company’s conversation

What if you don’t have the budget for A/B testing? Or any of the other tactics in this article?

Well, if you’re like most people you likely have some relationships with other human beings. A significant other, friends, family, neighbors, co-workers, customers, a nemesis (“Newman!”). While conducting market research by talking to these people has several validity threats, it at least helps you get out of your own head and identify some of your blind spots.

WebBabyShower.com’s lead magnet is a PDF download of a baby shower thank you card ‘swipe file’ plus some extras. “Women want to print it out and have it where they are writing cards, not have a laptop open constantly,” said Kurt Perschke, owner, WebBabyShower.com.

That is not a throwaway quote from Perschke. That is a brilliant insight, so I want to make sure we don’t overlook it. By better understanding customer behavior, you can better serve customers and increase results.

However, you are not your customer. So you must bridge the gap between you and them.

Often you hear marketers or business leaders review an ad or discuss a marketing campaign and say, “Well, I would never read that entire ad” or “I would not be interested in that promotion.” To which I say … who cares? Who cares what you would do? If you are not in the ideal customer set, sorry to dent your ego, but you really don’t matter. Only the customer does.

Perschke is one step ahead of many marketers and business leaders because he readily understands this. “Owning a business whose customers are 95% women has been a great education for me,” he said.

So I had to ask him, how did he get this insight into his customers’ behavior? Frankly, it didn’t take complex market research. He was just aware of this disconnect he had with the customer, and he was alert for ways to bridge the gap. “To be honest, I first saw that with my wife. Then we asked a few customers, and they confirmed it’s what they did also. Writing notes by hand is viewed as a ‘non-digital’ activity and reading from a laptop kinda spoils the mood apparently,” he said.

Back to WebBabyShower. “We've seen a [more than] 100% increase in email signups using this method, which was both inexpensive and evergreen,” Perschke said.

This example was originally published in Digital Marketing: Six specific examples of incentives that worked .

Example #4: Spiceworks Ziff Davis’ research-informed content marketing

Marketing research isn’t just to inform products and advertising messages. Market research can also give your brand a leg up in another highly competitive space – content marketing.

Don’t just jump in and create content expecting it to be successful just because it’s “free.” Conducting research beforehand can help you understand what your potential audience already receives and where they might need help but are currently being served.

When Spiceworks Ziff Davis (SWZD) published its annual State of IT report, it invested months in conducting primary market research, analyzing year-over-year trends, and finally producing the actual report.

“Before getting into the nuts and bolts of writing an asset, look at market shifts and gaps that complement your business and marketing objectives. Then, you can begin to plan, research, write, review and finalize an asset,” said Priscilla Meisel, Content Marketing Director, SWZD.

This example was originally published in Marketing Writing: 3 simple tips that can help any marketer improve results (even if you’re not a copywriter) .

Example #5: Business travel company’s guerilla research

There are many established, expensive tactics you can use to better understand customers.

But if you don’t have the budget for those tactics, and don’t know any potential customers, you might want to brainstorm creative ways you can get valuable information from the right customer target set.

Here’s an example from a former client of Mitch McCasland, Founding Partner and Director, Brand Inquiry Partners. The company sold a product related to frequent business flyers and was interested in finding out information on people who travel for a living. They needed consumer feedback right away.

“I suggested that they go out to the airport with a bunch of 20-dollar bills and wait outside a gate for passengers to come off their flight,” McCasland said. When people came off the flight, they were politely asked if they would answer a few questions in exchange for the incentive (the $20). By targeting the first people off the flight they had a high likelihood of reaching the first-class passengers.

This example was originally published in Guerrilla Market Research Expert Mitch McCasland Tells How You Can Conduct Quick (and Cheap) Research .

Example #6: Intel’s market research database

When conducting market research, it is crucial to organize your data in a way that allows you to easily and quickly report on it. This is especially important for qualitative studies where you are trying to do more than just quantify the data, but need to manage it so it is easier to analyze.

Anne McClard, Senior Researcher, Doxus worked with Shauna Pettit-Brown of Intel on a research project to understand the needs of mobile application developers throughout the world.

Intel needed to be able to analyze the data from several different angles, including segment and geography, a daunting task complicated by the number of interviews, interviewers, and world languages.

“The interviews were about an hour long, and pretty substantial,” McClard says. So, she needed to build a database to organize the transcripts in a way that made sense.

Different types of data are useful for different departments within a company; once your database is organized you can sort it by various threads.

The Intel study had three different internal sponsors. "When it came to doing the analysis, we ended up creating multiple versions of the presentation targeted to individual audiences," Pettit-Brown says.

The organized database enabled her to go back into the data set to answer questions specific to the interests of the three different groups.

This example was originally published in 4 Steps to Building a Qualitative Market Research Database That Works Better .

Example #7: National security survey’s priming

When conducting market research surveys, the way you word your questions can affect customers’ response. Even the way you word previous questions can put customers in a certain mindset that will skew their answers.

For example, when people were asked if they thought the U.S. government should spend money on an anti-missile shield, the results appeared fairly conclusive. Sixty-four percent of those surveyed thought the country should and only six percent were unsure, according to Opinion Makers: An Insider Exposes the Truth Behind the Polls .

But when pollsters added the option, "...or are you unsure?" the level of uncertainty leaped from six percent to 33 percent. When they asked whether respondents would be upset if the government took the opposite course of action from their selection, 59 percent either didn’t have an opinion or didn’t mind if the government did something differently.

This is an example of how the way you word questions can change a survey’s results. You want survey answers to reflect customer’s actual sentiments that are as free of your company’s previously held biases as possible.

This example was originally published in Are Surveys Misleading? 7 Questions for Better Market Research .

Example #8: Visa USA’s approach to getting an accurate answer

As mentioned in the previous example, the way you ask customers questions can skew their responses with your own biases.

However, the way you ask questions to potential customers can also illuminate your understanding of them. Which is why companies field surveys to begin with.

“One thing you learn over time is how to structure questions so you have a greater likelihood of getting an accurate answer. For example, when we want to find out if people are paying off their bills, we'll ask them to think about the card they use most often. We then ask what the balance was on their last bill after they paid it,” said Michael Marx, VP Research Services, Visa USA.

This example was originally published in Tips from Visa USA's Market Research Expert Michael Marx .

Example #9: Hallmark’s private members-only community

Online communities are a way to interact with and learn from customers. Hallmark created a private members-only community called Idea Exchange (an idea you could replicate with a Facebook or LinkedIn Group).

The community helped the greeting cards company learn the customer’s language.

“Communities…let consumers describe issues in their own terms,” explained Tom Brailsford, Manager of Advancing Capabilities, Hallmark Cards. “Lots of times companies use jargon internally.”

At Hallmark they used to talk internally about “channels” of distribution. But consumers talk about stores, not channels. It is much clearer to ask consumers about the stores they shop in than what channels they shop.

For example, Brailsford clarified, “We say we want to nurture, inspire, and lift one’s spirits. We use those terms, and the communities have defined those terms for us. So we have learned how those things play out in their lives. It gives us a much richer vocabulary to talk about these things.”

This example was originally published in Third Year Results from Hallmark's Online Market Research Experiment .

Example #10: L'Oréal’s social media listening

If you don’t want the long-term responsibility that comes with creating an online community, you can use social media listening to understand how customers talking about your products and industry in their own language.

In 2019, L'Oréal felt the need to upgrade one of its top makeup products – L'Oréal Paris Alliance Perfect foundation. Both the formula and the product communication were outdated – multiple ingredients had emerged on the market along with competitive products made from those ingredients.

These new ingredients and products were overwhelming consumers. After implementing new formulas, the competitor brands would advertise their ingredients as the best on the market, providing almost magical results.

So the team at L'Oréal decided to research their consumers’ expectations instead of simply crafting a new formula on their own. The idea was to understand not only which active ingredients are credible among the audience, but also which particular words they use while speaking about foundations in general.

The marketing team decided to combine two research methods: social media listening and traditional questionnaires.

“For the most part, we conduct social media listening research when we need to find out what our customers say about our brand/product/topic and which words they use to do it. We do conduct traditional research as well and ask questions directly. These surveys are different because we provide a variety of readymade answers that respondents choose from. Thus, we limit them in terms of statements and their wording,” says Marina Tarandiuk, marketing research specialist, L'Oréal Ukraine.

“The key value of social media listening (SML) for us is the opportunity to collect people’s opinions that are as ‘natural’ as possible. When someone leaves a review online, they are in a comfortable environment, they use their ‘own’ language to express themselves, there is no interviewer standing next to them and potentially causing shame for their answer. The analytics of ‘natural’ and honest opinions of our customers enables us to implement the results in our communication and use the same language as them,” Tarandiuk said.

The team worked with a social media listening tool vendor to identify the most popular, in-demand ingredients discussed online and detect the most commonly used words and phrases to create a “consumer glossary.”

Questionnaires had to confirm all the hypotheses and insights found while monitoring social media. This part was performed in-house with the dedicated team. They created custom questionnaires aiming to narrow down all the data to a maximum of three variants that could become the base for the whole product line.

“One of our recent studies had a goal to find out which words our clients used to describe positive and negative qualities of [the] foundation. Due to a change in [the] product’s formula, we also decided to change its communication. Based on the opinions of our customers, we can consolidate the existing positive ideas that our clients have about the product,” Tarandiuk said.

To find the related mentions, the team monitored not only the products made by L'Oréal but also the overall category. “The search query contained both brand names and general words like foundation, texture, smell, skin, pores, etc. The problem was that this approach ended up collecting thousands of mentions, not all of which were relevant to the topic,” said Elena Teselko, content marketing manager, YouScan (L'Oréal’s social media listening tool).

So the team used artificial intelligence-based tagging that divided mentions according to the category, features, or product type.

This approach helped the team discover that customers valued such foundation features as not clogging pores, a light texture, and not spreading. Meanwhile, the most discussed and appreciated cosmetics component was hyaluronic acid.

These exact phrases, found with the help of social media monitoring, were later used for marketing communication.

Creative Sample #7: Marketing communicating for personal care company with messaging based on discoveries from market research

“Doing research and detecting audience’s interests BEFORE starting a campaign is an approach that dramatically lowers any risks and increases chances that the campaign would be appreciated by customers,” Teselko said.

This example was originally published in B2C Branding: 3 quick case studies of enhancing the brand with a better customer experience .

Example #11: Levi’s ethnographic research

In a focus group or survey, you are asking customers to explain something they may not even truly understand. Could be why they bought a product. Or what they think of your competitor.

Ethnographic research is a type of anthropology in which you go into customers’ homes or places of business and observe their actual behavior, behavior they may not understand well enough to explain to you.

While cost prohibitive to many brands, and simply unfeasible for others, it can elicit new insights into your customers.

Michael Perman, Senior Director Cultural Insights, Levi Strauss & Co. uses both quantitative and qualitative research on a broad spectrum, but when it comes to gathering consumer insight, he focuses on in-depth ethnographic research provided by partners who specialize in getting deep into the “nooks and crannies of consumer life in America and around the world.” For example, his team spends time in consumers’ homes and in their closets. They shop with consumers, looking for the reality of a consumer’s life and identifying themes that will enable designers and merchandisers to better understand and anticipate consumer needs.

Perman then puts together multi-sensory presentations that illustrate the findings of research. For example, “we might recreate a teenager’s bedroom and show what a teenage girl might have on her dresser.”

This example was originally published in How to Get Your Company to Pay Attention to Market Research Results: Tips from Levi Strauss .

Example #12: eBags’ ethnographic research

Ethnographic research isn’t confined to a physical goods brand like Levi’s. Digital brands can engage in this form of anthropology as well.

While usability testing in a lab is useful, it does miss some of the real-world environmental factors that play a part in the success of a website. Usability testing alone didn’t create a clear enough picture for Gregory Casey, User Experience Designer and Architect, eBags.

“After we had designed our mobile and tablet experience, I wanted to run some contextual user research, which basically meant seeing how people used it in the wild, seeing how people are using it in their homes. So that’s exactly what I did,” Gregory said.

He found consumers willing to open their home to him and be tested in their normal environment. This meant factors like the television, phone calls and other family members played a part in how they experienced the eBags mobile site.

“During these interview sessions, a lot of times we were interrupted by, say, a child coming over and the mother having to do something for the kid … The experience isn’t sovereign. It’s not something where they just sit down, work through a particular user flow and complete their interaction,” Gregory said.

By watching users work through the site as they would in their everyday life, Gregory got to see what parts of the site they actually use.

This example was originally published in Mobile Marketing: 4 takeaways on how to improve your mobile shopping experience beyond just responsive design .

Example #13: John Deere’s shift from product-centric market research to consumer-centric research

One of the major benefits of market research is to overcome company blind spots. However, if you start with your blind spots – i.e., a product focus – you will blunt the effectiveness of your market research.

In the past, “they’d say, Here’s the product, find out how people feel about it,” explained David van Nostrand, Manager, John Deere's Global Market Research. “A lot of companies do that.” Instead, they should be saying, “Let's start with the customers: what do they want, what do they need?”

The solution? A new in-house program called “Category Experts” brings the product-group employees over as full team members working on specific research projects with van Nostrand’s team.

These staffers handle items that don’t require a research background: scheduling, meetings, logistics, communication and vendor management. The actual task they handle is less important than the fact that they serve as human cross-pollinators, bringing consumer-centric sensibility back to their product- focused groups.

For example, if van Nostrand’s team is doing research about a vehicle, they bring in staffers from the Vehicles product groups. “The information about vehicle consumers needs to be out there in the vehicle marketing groups, not locked in here in the heads of the researchers.”

This example was originally published in How John Deere Increased Mass Consumer Market Share by Revamping its Market Research Tactics .

Example #14: LeapFrog’s market research involvement throughout product development (not just at the beginning and the end)

Market research is sometimes thought of as a practice that can either inform the development of a product, or research consumer attitudes about developed products. But what about the middle?

Once the creative people begin working on product designs, the LeapFrog research department stays involved.

They have a lab onsite where they bring moms and kids from the San Francisco Bay area to test preliminary versions of the products. “We do a lot of hands-on, informal qualitative work with kids,” said Craig Spitzer, VP Marketing Research, LeapFrog. “Can they do what they need to do to work the product? Do they go from step A to B to C, or do they go from A to C to B?”

When designing the LeapPad Learning System, for example, the prototype went through the lab “a dozen times or so,” he says.

A key challenge for the research department is keeping and building the list of thousands of families who have agreed to be on call for testing. “We've done everything from recruiting on the Internet to putting out fliers in local schools, working through employees whose kids are in schools, and milking every connection we have,” Spitzer says.

Kids who test products at the lab are compensated with a free, existing product rather than a promise of the getting the product they're testing when it is released in the future.

This example was originally published in How LeapFrog Uses Marketing Research to Launch New Products .

Related resources

The Marketer’s Blind Spot: 3 ways to overcome the marketer’s greatest obstacle to effective messaging

Get Your Free Test Discovery Tool to Help Log all the Results and Discoveries from Your Company’s Marketing Tests

Marketing Research: 5 examples of discovering what customers want

Online Marketing Tests: How do you know you’re really learning anything?

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The views and opinions expressed in the articles of this website are strictly those of the author and do not necessarily reflect in any way the views of MarketingSherpa, its affiliates, or its employees.

How top brands use market research – With examples!

In this video we’ll tell you about some of the best examples of impactful market research – that’s market research that’s really made a splash and created great success stories for brands.

What makes market research impactful?

Something to bear in mind whenever you’re doing market research is that it’s not necessarily a bad thing if the theory or hypothesis you originally had turns out to be wrong. 

The purpose of market research is to reveal the truth to you and your business, and even if that truth is a surprise or means that you have to change direction, at the very least you ended up more informed than you started. 

Here are some examples of companies who’ve used market research and seen great success (and better brand positioning ) as a result. 

How Little Moons used market research to reach their ideal audience

Let’s take Little Moons , UK mochi ice cream brand who early in twenty twenty one became the subject of a viral TikTok sensation, with sales rocketing up by more than one thousand percent. The team wanted to find out whether this was going to be a long-term trend, or whether sales would slow once the trend had passed. 

Using market research, Little Moons discovered that their new customers from TikTok weren’t to be their source of long-term sales and growth. 

They refocused their PR strategy to tell the TikTok story, and ended up being featured in publications that were actually read by their target audience. 

Bloom & Wild’s Valentine’s Day gamble

Let’s take UK flower delivery brand Bloom & Wild . When looking for their next campaign, they decided to put it to the people. 

They asked consumers what they really thought about red roses for Valentine’s Day. 

Through their research they discovered that people think red roses are a cliche, and that they’d overwhelmingly prefer a more thoughtful gift. 

So they chose not to sell red roses for Valentine’s Day twenty twenty one, resulting in a sizeable fifty one percent increase in press coverage year on year. 

And what about some big global brands?

Oracle, the Global IT leader, has created insightful content for its audiences for years. But they realised they needed a better understanding of what people wanted from their content. 

Using market research they found a completely new approach to how they created research reports, resulting in a five times increase in new business opportunities and a seven times increase in the value of those opportunities.  

And for even more evidence that market research is a crucial part of any marketer’s job, let’s look at an example of what happens when a company skips that all-important market research.

In 2013 Facebook partnered with HTC to launch a smartphone, called First. 

Using Facebook’s interface as its home screen, the First hit the market with a muted response to say the least. 

Poor sales and massive product development costs could have been avoided if Facebook had only tested the idea with their target consumers first. 

These are just a couple of examples of how market research can make or break your business. Make sure your brand is one of the success stories.  

We have loads more consumer profiling examples like these, so head to the link in the description below to hear about seven epic fails that consumer testing can help you avoid.

Here are the 4 ESSENTIAL types of consumer profiling

Learn about the 4 key consumer profiling types to get you started on your market research jouney

Marcus Evans

Senior Content Marketing Manager 

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100+ Market Research Questions to Ask Your Customers

Expert Writer

Dwayne Charrington shares insights on creating effective surveys, improving navigation, and using A/B testing for smarter decisions. Additionally, he focuses on optimizing mobile experiences and champions privacy-by-design, ensuring users feel satisfied, secure, and valued.

Asking the right market research questions can help you understand your target customers and map their behavior and preferences. 

But what does it actually mean?

Let’s look at a sample from a market research survey report for mapping brand awareness:

From this simple Q&A report, you can:

• Visualize the proportions of demographic segments among your audience.
• Measure how your brand is performing in comparison to others.
• Pick the top preferred brand among the customers, explore what makes it stand out, and apply the same techniques to your brand.
• See how your target market perceives brand advertisements and promotional efforts.

Now imagine if this type of data set is available for different aspects of your business – product development, marketing campaigns, optimization plans, and more.

That’s what market research does for you.

With the evolution of customer interaction points and constantly changing market trends, more and more businesses are fueling efforts to do in-depth market research, as evidenced by the steady increase in the revenue of the market research industry worldwide.

Market research can help you develop essential business strategies and maintain a competitive advantage over other brands to increase conversions and customer base.

And it all starts with asking the right questions to the right audience.

That’s why we have created this collection of 100+ market research questions to ask your target market. Each question aims to uncover a specific attribute about your customers. You can use a combination of these customer research survey questions, interviews, and othe marketing questionnaires for customers.

We have also added key tips to help you write your own effective market analysis questions if the needed.

100+ Great Market Research Questions to Ask Your Customers

The main challenge while designing and conducting research is – “What questions should I ask in my customer research survey?

That’s why we have a carefully curated list of market research questions to help you get started.

To Explore New Product Opportunities

• What was your first reaction to the product?
• Would you purchase this product if it were available today?
• What feature would you like to see on the website/product?
• Which feature do you think will help improve the product experience for you?
• Of these four options, what’s the next thing you think we should build?
• What’s the one feature we can add that would make our product indispensable for you?
• Would implementing [this feature] increase the usability of the [product name]?
• Please let us know how we can further  improve this feature.
• What problem would you like to solve with our product?

To Collect Feedback on Existing Products

• Have you heard of [product name or category] before?
• How would you feel if [product name] was no longer available?
• How disappointed would you be if you could no longer use [Product/feature name?]
• How often do you use [product name]?
• How long have you been using [product name] for?
• When was the last time you used [product name]?
• Please rate the following product features according to their importance to you.
• According to you, In which area is this product/service lacking the most? Specify below.
• How does the product run after the update?
• Rate our product based on the following aspects:
• Have you faced any problems with the product? Specify below.
• What feature did you expect but not find?
• How are you planning to use [product or service]?
• How satisfied are you with the product?

To Segment the Target Market

Please specify your age.

• Please specify your gender.
• Select your highest level of education.
• What is your current occupation?
• What is your monthly household income?
• What is your current marital status?

• What is the name of your company?
• Where is your company’s headquarters located?
• Please specify the number of employees that work in your company.
• What is your job title?
• In which location do you work?
• Which activity do you prefer in your free time?
• Which other physical activities do you take part in?
• Where is your dream holiday destination?
• Please rate the following as per their priority in your life – Family, work, and social life?
• Are you happy with your current work-life balance?
• Do you describe yourself as an optimist or a pessimist?
• How often do you give to charity?
• How do you travel to work?
• How do you do your Holiday shopping?

To Conduct a Competition Analysis

• Which product/service would you consider as an alternative to ours?
• Rate our competitor based on the following:
• Have you seen any website/product/app with a similar feature?
• How would you compare our products to our competitors? 
• Why did you choose to use our [product] over other options?
• Compared to our competitors, is our product quality better, worse, or about the same?
• Which other options did you consider before choosing [product name]?
• Please list the top three things that persuaded you to use us rather than a competitor.
• According to you, which brand best fits each of the following traits.

To Gauge Brand Awareness

• [Your brand name] Have you heard of the brand before?
• How do you feel about this brand?
• How did you hear about us?
• Describe [brand name] in one sentence.
• If yes, please tell us what you like the most about [your brand name]?
• If no, please specify the reason.
• How likely are you to purchase a product from this company again?
• If yes, where have you seen or heard about our brand recently? (Select all that apply)
• Do you currently use the product of this brand?
• Have you purchased from this brand before?
• Of all the brands offering similar products, which do you feel is the best brand?
• Please specify what makes it the best brand for you in the category.
• Which of the following products have you tried? (Select all that apply)
• On a scale of 1 to 10, how likely would you recommend this brand to a friend or colleague?

To Map Customers’ Preferences

• Have you ever boycotted a brand? If so, which brand and why?
• What influences your purchase decision more – price or quality of the item?
• How many hours do you spend on social media like Facebook, Instagram, etc.?
• How do you do your monthly grocery shopping – online or through outlets?
• How do you search for the products you want to buy?
• Rate the factors that affect your buying decision for [product].
• What persuaded you to purchase from us?
• How likely are you to purchase a product from us again?
• Please rate the following aspects of our product based on their importance to you.
• What is the most important value our product offers to you?
• Which of the following features do you use least?
• How well does the product meet your needs?

To Map Customers’ Reservations

• Is there anything preventing you from purchasing at this point?
• What’s preventing you from starting a trial?
• Do you have any questions before you complete your purchase?
• What is the main reason you’re canceling your account?
• What are your main reasons for leaving?
• What was your biggest fear or concern about purchasing from us?
• What is the problem that the product/service helped to solve for you?
• What problems did you encounter while using our [product]?
• How easy did we make it to solve your problem?
• What is your greatest concern about [product]?
• Have you started using other similar products? If yes, what made you choose that product?

To Perform Pricing Analysis

• Would you purchase the product at [price]
• According to you, what should be the ideal price of the [product name]?
• Is our product pricing clear?
• According to you, what is the ideal price range for the product?

To Collect Feedback on Website Copy

• Please rate the website based on the following aspects:
• How well does the website meet your needs?
• Was the information easy to find?
• Was the information clearly presented?
• What other information should we provide on our website?
• How can we make the site easier to use?
• What could we do to make this site more useful?
• Is there anything on this site that doesn’t work the way you expected it to?
• How easy was it to find the information you were looking for?
• Have feedback or an idea? Leave it here!
• Help us make the product better. Please leave your feedback.

To Assess Website/Product Usability

• Are you satisfied with the website layout?
• What features do you think are missing on our website?
• What features do you not like on our website?
• Was our website navigation simple and user-friendly?
• How much time did it take to find what you were looking for on our website?
• Was it easy to find the products you are looking for?
• Was the payment process convenient?

To Uncover Market Trends and Industry Insights

• Did you purchase our product out of peer influence or individual preference?
• How do you form your opinion about our product?
• Do you follow trends of the product, or do you prefer to go with what you know?
• Do discounts or incentives impact your decision-making process?

Market Research Survey Templates

One of the easiest ways to conduct market research is to use survey templates. They can help you save time and effort in creating your own market research surveys.

There are many types of market research survey templates available, depending on your objectives and target audience. Some of the most popular ones are:

• Demographic Templates: These templates help you segment your customers based on their location. It can help you tailor your marketing strategies and offers to different customer groups.

• Consumer Behavior Templates: These templates help you keep your pulse on your target market.

Industry Insights Templates: These templates help you get detailed information about your target industry and business.

Case Study:

Check out how AWA Digital increased revenue per customer for Avis by understanding the market and promoting add-on products.

Read Full Story Here

Breakdown of Different Market Research Questions

The answer choices in a market research survey question can significantly impact the quality and reliability of the response data you collect from the audience.

Some answer types help categorize the audience, while others measure their satisfaction or agreement. 

So, before listing the customer research survey questions to ask your target audience, let’s understand their types:

Multiple Choice

A multiple-choice question type lets users select more than one answer from the given options. These questions are great for collecting multiple data sets using the same question and gauging people’s preferences, opinions, and suggestions .

Single Choice

In a single-choice question, the respondent can select only one answer from the given options. This question type is great for:

• Segregating the users.
• Prioritizing product updates based on user consensus.
• Disqualifying irrelevant respondents by placing the question at the start of your customer research survey.

Matrix Match

A matrix matching grid can combine multiple market research questions into one to make the survey shorter . There is only one condition – the individual questions should have the same response anchors as shown in the image below:

The questions are arranged in rows while the answer options occupy the grid columns.

Ranking Question

A ranking question can help map customers’ preferences and set priorities for product development . This question type asks the respondent to arrange the given options in their decreasing/increasing preference.

Dichotomous

A dichotomous question poses a simple yes or no scenario to the respondent. These question types can help disqualify irrelevant people from the survey and categorize the users into two groups .

Likert Scale

Likert scale market research questions can help you measure the extent of respondents’ agreement/disagreement with the given statement . The answer options are arranged from positive to negative sentiments or vice-versa, with the neutral option in the middle.

There are two types of Likert scales: 5-point and 7-point .

Open-ended market questions let you explore the respondents’ minds without adding any restrictions to the answer . This question type is followed by a blank space for the respondent to add a free-text response.

You can add an open-ended question as a follow-up after the first question to explore the reasons for the customer’s previous answer. It also lets you collect more in-depth information about their issues, pain points, and delights.

Tools like Qualaroo offer tons of different question types for your surveys. Just pick the question and match its answer option type from the drop-down. To make it more effective, you can add branching to the survey.

How to Write Your Marketing Research Questions

It’s imperative to have a dedicated repository of market research questions for your surveys. But nothing’s better than crafting your questions.

For this, you need to sit with your team and discuss what information you require from the customers. It lets you analyze and document how much data you already have in your system, which can help set the market research scope.

We have listed some questions you need to ask yourself before asking market research questions to your potential customers or target market:

Audience Segmentation Questions

Audience segmentation questions help to size up your target market and provide a granular view of the audience . Not all customers are equal, and audience segmentation makes it possible to focus on each group individually to address their issues, fears, and expectations.

Here’s what you need to know before you start writing customer research survey questions to understand your audience:

• Do we understand the demographics of the new market we are trying to target? (Age, location, ethnicity, education, company, annual income, etc.)
• What are the locations that drive the most customers to our business? How are these locations different from others?
• What are the interests, preferences, and fears of people from our new target market? Have we addressed these situations for our current customer base?
• What are the psychographics attributes of the current customers and potential market? Are we targeting these in our campaigns?
• What are the most popular engagement channels for our customers? Which channels drive the most traffic to our website?
• Do we have enough data to perform value segmentation to separate high-value customers from low-value customers? 
• How often do these high-value customers make a purchase?

Product-Based Market Research Questions

Product-based market research questions can produce precious insights to channel into your product development and optimization strategies . You can see how changing technology affects customers’ behavior, what new features they want to see in your product, and how they perceive your products and services over the competition.

Start by gathering information about the following:

• How does our product compare to the competition based on the features?
• What products do our competitors offer?
• What new features do customers want to see in our products? Do we have a product roadmap to deliver these updates?
• What unique solutions do our products offer? What is the value proposition that reflects this offering?
• Does our product incorporate the latest technological advancements?
• What channels do we use to collect product feedback from our users?
• What are customers’ preferences while choosing our products over competitors?

Pricing Market Research Questions

Pricing analysis can help you make your product more affordable to different customer segments while maintaining the desired gross margin. It also lets you restructure the pricing tiers to provide features depending on the customers’ requirements and company size .

Watch: (1/5) Supercharge Your Revenue With Data-Driven Pricing

Your sales and marketing team can help you hone in on the market research questions to ask your customers for running pricing analysis:

• Do the customers ever complain about the difficulty in finding the pricing information?
• What is the pricing structure of our competitors for the same products? What features do they include for a specific price?
• How do customers find our pricing when compared to the competitors?
• Do our products provide value for money to the customers? Does the sales pitch reflect this point?
• Can we restructure the pricing, and how will it affect the revenue?
• Are there any customer segments that have high-value potential but find the current pricing unaffordable? What are the plans for such customers?
• Are we in a situation to offer a basic free plan to encourage customers to try our product before upgrading?
• What promotions can we run to attract more customers?
• Should we target customers based on income, company size, or type of solution to set our product prices?

Brand Reputation Market Research Questions

A brand reputation questionnaire for marketing research gives you information on how well your target market knows about your brand. You can uncover previously unidentified channels to increase brand awareness and find potential customers to promote your brand .

Start by gauging what customers are saying about your brand:

• Which channels receive mentions of our brand? Are these posts positive or negative?
• Do we have a system in place to analyze and monitor these reviews and posts?
• What are the reviews of our brand on different sites? What is the overall impression of our brand in the market?
• How are we currently addressing the negative reviews and complaints? What do our customers think about the handling process?
• What is the impression of our brand in our target market?
• What brand awareness campaigns are our competitors running?
• Is our brand among the top choices of our target customers?

Advertisement & Campaign-Based Questions

These customer research survey questions let you assess the effectiveness of your current value propositions and campaigns . You can channel the customer insights into your advertising strategies to design targeted campaigns for different customer segments to reduce the overall acquisition cost and increase conversions.

Ask the following questions to collect information about the different marketing campaigns that are performing:

• What are the best modes to run the advertisement campaigns to reach our target audience?
• What is the estimated lifetime value of customers acquired from current campaigns? Is it higher or lower than the acquisition costs?
• Which campaigns bring the most ROI and why?
• How well do our advertisements present our value proposition to the customers? Do they address customers’ fears and expectations to attract them?
• Are we running A/B tests to improve our online campaigns? How are we gathering data to build the A/B test hypotheses – surveys, heatmaps, eye tracking, etc.?
• What advertisement campaigns do our competitors run?

7 Question Types to Use in Market Research Surveys

We mentioned earlier that market research questions provide important data for different operations like product development, marketing campaigns, sales pipeline and more.

But to what extent?

Let’s break it down to individual processes and understand how insights from customer research surveys can impact them:

To Know Your Target Market

Understanding your target audience is the fundamental aspect of market research, be it a new target market or existing customers. If you know what marketing research survey questions to ask your target market, you can identify different customer types’ unique traits and preferences.

The data can help you segment the users based on demographic, psychographic, geographic, and other attributes. These include their behavior, purchase preferences, age, location, habits, delights, frustrations, and more.

You can then create various customer personas and fuel your sales strategies to maximize ROI.

Case study – How Avis increased its revenue per customer

Avis, a leading car rental company, was looking to enhance customer experience by offering useful car add-ons like navigation systems, child seats, insurance, etc., to customers with their booking. So, it reached out to AWA Digital to find a way to promote these products and increase their sales.

AWA digital implemented customer research campaigns using targeted surveys to determine which add-ons were popular among the customers and why. 

Using these insights, the team added an interstitial pop-up just before the booking page to show relevant add-ons to the customers.

This simple update dramatically increased the sales of add-on items and helped Avis generate more revenue per customer.

Read the entire case study here .

To Plan the Product Roadmap

A product roadmap is a visual representation of the current status of your product and planned updates over time. It shows a high-level summary of planned activities and priorities for different teams to take the product to the next level. Understanding different types of summary can help you create more effective and concise roadmaps that clearly communicate your vision and strategy.

Steve Jobs famously said – “You’ve got to start with the customer experience and work backward to the technology. You can’t start with the technology then try to figure out where to sell it.”

And market research helps to align your product strategies with the customer demand. Using targeted marketing survey questions, you can gauge what new features or functionality customers want to see in your products.

It helps to plan product development strategies based on customers’ consensus to prioritize the ideas that can have the most impact on customers and replace intuition-based approaches with data-backed decisions.

Customers’ demands change with market trends and technological advancements. That’s why your product map also needs to evolve constantly with time to reflect these changes in your product development cycle.

By designing targeted market research questions to ask the customers, you can uncover their expectations to deliver optimal product solutions. 

That’s what our next case study demonstrates.

Case study – How customer research drives Twilio’s operations  

Twilio, a cloud communications platform places customer discovery and research at the core of their product development strategies. It helps its teams to anticipate customer needs in a constantly changing market.

Lack of time and budget are the two biggest challenges that the company faces in its product development cycle. So, the team uses targeted market research questionnaires for a product to understand the challenges the customers face today and the ones they will face tomorrow. 

With an abundance of ideas and no time to test them all, the feedback data from surveys is used to prioritize the hypotheses to run the tests. It makes the process more efficient and effective in producing positive results. 

This data-backed approach is used across 18 different teams at Twilio to release new functionality every week and deliver optimal solutions to the clients.

Read the complete case study here .

To Reduce Acquisition Costs

Your customer base consists of multiple customer segments with different preferences and purchase potential. That’s why you cannot sell to everyone and need to find the right audience for your products.

If an acquired customer doesn’t bring in more revenue than it costs to acquire them, it will increase your acquisition costs over time.

We don’t want that, do we?

For example, let’s say you are targeting the entire market population using the same campaign. If your acquisition cost per customer is $300 and you acquire 20 customers from one campaign, you need to make more than $6000 to register profits.

The difficulty is you don’t know about these customers’ purchase behavior and capacity, so you cannot be sure if you will reach your goals. It adds unnecessary risks to your marketing ventures.

But, if you were targeting a specific segment with high income, regular shopping habits, or proven history of brand loyalty, You can obtain better results.

Now, the question is – 

How will you separate these potential long-term customers from one-time buyers and high-value targets from other segments?

One way to do this is by building customer personas using the data from the market research survey questions. A buyer persona defines different attributes of a particular customer segment so you can hone in on the right audience to funnel your marketing efforts.

Here’s what a typical persona includes:

• Target regions
• Target demographic (age, marital status, gender)
• Ideal psychographics (hobbies, social channels, activities they indulge in, goals)
• Preferred interaction channels
• Favorite brands and products
• Total revenue till date
• Estimated lifetime value

Once you have a clearer picture of different customers, you can find high-value prospects with the potential to be long-term customers looking for product solutions that your business offers. 

You can then design the correct pitch using the market research data to bring in these customers and control the overall acquisition costs.

For example:

• Plugin the demographic and psychographic data into CRM software like BIGContacts or Salesforce to convert high-value targets.
• Use your CRM to create segmented lists of prospects based on estimated value, location, current status, and more. Then target these groups individually with personalized value propositions to increase conversion rates.
• Identify their preferred mode of communication and technographic inclinations to find the right opportunities to pitch your product offering at the precise moment.

Even if acquiring and retaining such customers costs more, their overall revenue can balance the acquisition costs to deliver higher profits.

To Design Targeted Marketing Campaigns

By knowing how your target audience behaves and interacts with your business, you can find the exact opportunities to target them with personalized campaigns.

• You can use mail campaigns to target website users with app-exclusive offers to encourage them to download your app and improve app adoption.
• Add in-app broadcast messages about upcoming offers, exclusive membership benefits, and other incentives for new users to push them towards the end of the funnel.
• Create multiple landing pages to target different customer types.
• Design location-based ad campaigns with personalized value propositions based on audience preferences and problems at each location. 

Case Study – How Canon’s campaigns generated 700% ROI

AWA digital was tasked by Canon, one of the biggest electronics companies worldwide, to assess and increase the demand for their products in different geographies. So, the AWA team conducted customer research using target market survey questions and discovered the following attributes about customers’ purchase behavior and reservations:

• In some regions, people were reluctant to spend money on a Canon camera as they weren’t sure if Canon was an authoritative brand.
• In other regions, authority was not as important to the users.

Using these insights, AWA optimized the ads campaigns’ messaging for different locations to include what consumers deemed important purchase factors.

The results?

With in-depth customer feedback, Canon generated an overall ROI of 700% in all regions using personalized campaigns to target the audience.

To Improve Brand Awareness

Whether you are into soft drinks or not, You probably would have heard of Coca-Cola’s 2011 Share-A-Coke ad. This single campaign put the Coke brand back on the map and reversed the 10-year steady decline in sales in the US.  

Coke understood what motivates their customers and delivered a product offering that appealed to the masses to increase its brand equity- the excitement to get a Coca-Cola bottle with their name on it.

How did they do it?

In 2011, Coca-Cola rolled out its share-a-coke campaign in Australia. The company debranded the traditional Coke logo from the bottle and replaced it with the phrase “Share a Coke with” followed by a name.

The campaign used the list of the country’s most popular names (nicknames). The purpose was to make people go out and find the Coke bottle with their name on it and share it with their friends. The campaign was subsequently rolled out in 80 countries.

How did it impact Coca-Cola as a brand:

• In Australia, it’s estimated that the campaign increased Coke’s share by 4% and increased consumption among young adults by 7%.
• #ShareACoke became the top trending hashtag on Twitter globally and received over 1 billion impressions.
• In the USA, the campaign increased Coke’s market share by over 2% and brought 11% more sales compared to the previous year.

It’s not limited to big brands only.  

Understanding the customers and placing your product’s value offering along with their habits, lifestyle, and behavior can help you extend your brand’s reach.

Today, there are multiple touchpoints to connect with your customers and map their journey to uncover their issues, motivations, and fears to address in your campaigns.

• Monitor brand mentions on social media and engage with the users to cultivate an online community and promote your brand.
• Reach out to satisfied customers and turn them into your brand ambassadors.
• Use targeted ad campaigns that connect people’s emotions and general behavior to imprint your brand’s image in their minds.

Quick Tips for Writing Awesome Market Research Survey Questions

With the inter-team research complete, you are ready to write your own market research questions to ask your target audience. Keep these general dos and don’ts in mind to ensure that the market survey fulfills the purpose without affecting the data quality or response rate.

Use Mutually Exclusive Response Options

If you are using response anchors with specific ranges like age group or income, check that the options do not overlap . Otherwise, it will produce an irregular data set.

Please specify your age:

In the above example, the respondent lying on either extremity of the given age ranges may get confused on which option to choose. For example, a 28-year-old respondent can choose from both second or third options.

Plus, two different respondents of the same age may select different options, which will skew your demographic data.

You can avoid this confusion by creating mutually exclusive groups as shown below:

Always Add A “Not Applicable” Or “Rather Not Say” Option

Since market research questions extract personal information, some respondents may not want to share such details with you. These include questions about age, income, gender, hobbies, social activities, and more.

Forcing such questions on the customers without allowing them to skip can irate them and lead to survey abandonment .

That’s why you can also use Qualaroo’s skip and branching logic to create smart surveys that only ask relevant questions to your respondents based on their previous answers.

Calculate the Required Sample Size

Sample size plays a vital role in your market research questions to determine the reliability of your response data.

If the response volume is low, the results may not be conclusive to point towards customers’ consensus. On the other hand, a larger sample size than required means a waste of the company’s valuable resources and time.

That’s why it’s important to calculate the required sample size to estimate the number of responses you need for your market research survey questions.

You can use any survey sample size calculator available online to get started. Just fill in the required details to get the required sample size.

For example, to reach a statistical significance of 99%, you need at least 3145 responses to your market research questionnaire.

Consider Adding Incentives

Studies show that incentivized customer research surveys or questionnaires fetch higher response rates than general surveys.

The incentives encourage customers to invest their time in a survey and get something in return.

It means creating a gated questionnaire for market research can help you reach the required sample size quickly . The incentive can be a simple discount code, free shipping coupon, free ebook, or other freebies.

However, there is a possibility that irrelevant respondents may fill out the survey randomly just to get to the offer, which may skew the results. You can use screening questions to filter out unsuitable respondents.

Avoid Double-Barreled Market Research Questions

A double-barreled question poses two questions into one. The problem with such questions is that the respondent may have opposing views about the two statements in the questions. It makes it harder for them to choose one answer from the options .

“Please rate the [product name] on a scale of 1-10 based on overall quality and price?”

Here, the respondent may find the product quality appreciable while thinking it to be overpriced at the same time. In such a case, they may skip the question or select any option randomly.

You can easily sidestep this hurdle by breaking your double-barreled market research question into two to make it less confusing for the respondents.

Importance of Market Research

We mentioned earlier that market research questions provide important data for different operations like product development, marketing campaigns, sales pipeline, and more.

Understanding your target audience is the fundamental aspect of market research, be it a new target market or existing customers. If you know what customer research survey questions to ask your target market, you can identify different customer types’ unique traits and preferences.

AWA Digital implemented research campaigns using targeted customer research surveys to determine which add-ons were popular among the customers and why.

Case study – How customer research drives Twilio’s operations

Twilio, a cloud communications platform, places customer discovery and research at the core of its product development strategies. It helps its teams to anticipate customer needs in a constantly changing market.

Lack of time and budget are the two biggest challenges that the company faces in its product development cycle. So, the team uses targeted market research questionnaires for a product to understand the challenges the customers face today and the ones they will face tomorrow.

With an abundance of ideas and no time to test them all, the feedback data from customer research surveys is used to prioritize the hypotheses to run the tests. It makes the process more efficient and effective in producing positive results.

AWA Digital was tasked by Canon, one of the biggest electronics companies worldwide, to assess and increase the demand for their products in different geographies. So, the AWA team conducted a customer research survey using target market questions and discovered the following attributes about customers’ purchase behavior and reservations:

• In other regions, authority was not so important to the users.

Whether you are into soft drinks or not, you probably would have heard of Coca-Cola’s 2011 Share-A-Coke ad. This single campaign put the Coke brand back on the map and reversed the 10-year steady decline in sales in the US.  

Coke understood what motivates its customers and delivered a product offering that appealed to the masses to increase its brand equity- the excitement to get a Coca-Cola bottle with its name on it.

• In Australia, it’s estimated that the campaign increased Coke’s share by 4% and consumption among young adults by 7%.

It’s not limited to big brands only. 

Market Research: A Key to Your Business’ Success

Market research is a vital process for any business wanting to understand its customers and market better. By asking the right questions and using the right tools like Qualaroo, you can gain valuable insights that can help you improve your products or services, enhance your customer experiences, and grow your business.

In this blog, we have shared some of the best market research questions to ask your customers, as well as some of the best customer research survey templates to find market trends and industry insights. We hope that this blog has helped you learn more about market research and how to conduct it effectively.

About the author

Dwayne Charrington

Dwayne Charrington is an expert writer in customer feedback management, UX design, and user research. He helps businesses understand user intent and enhance the customer experience. Dwayne covers feedback management, lead generation, survey accessibility, and the impact of AI and VR on user interaction. He shares insights on creating effective surveys, improving navigation, and using A/B testing for smarter decisions. Additionally, he focuses on optimizing mobile experiences and champions privacy-by-design, ensuring users feel satisfied, secure, and valued.

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20 Top Market Research Companies (2024)

Self-serve market research are helpful when you need answers fast.

But a market research company can be a great asset when you need data on a more personalized or granular level.

The data collected by a top market research firm can help you optimize your product marketing, communications strategy, customer experience, online user experience, and more.

From completely bespoke services to expert reporting on the topics that matter most to your audience, these are 20 of the best consumer and B2B market research companies.

Ipsos is a market research company that connects businesses with online communities.

When you work with Ipsos, you'll be matched with a community of people that share traits with your ideal customers. These similarities help you figure out what your ideal customer or user may respond to.

Ipsos’ wide range of services covers multiple industries, including retail, healthcare, transportation, politics, and automotive.

With Ipsos, you can do things such as:

• Assemble custom panels of consumers
• Record interviews and mystery shopper journeys that document retail experiences
• View reports about key consumer insights and demographics
• Run brand, packaging, and product testing
• Conduct message testing for public affairs projects
• Develop studies measuring the quality of healthcare and patient satisfaction
• Engage in public opinion polling

You can also work with an Ipsos strategist to get further insights about your market.

Ipsos recruits its panel and community members through a variety of advertising channels, and participants aren’t paid for their involvement. Instead, members receive points they can later redeem for prizes.

Because Ipsos services are so customizable, you’ll need to get in touch with their sales team to discuss your needs and receive a price quote.

2. Edelman DXI

Edelman Data & Intelligence (DXI) provides its customers with insights related to their target markets, customer behaviors, and broader economic trends .

The company is part of the Edelman global communications firm. By working with their DXI unit, you can get help with:

• Social listening and analysis
• Competitive market analysis
• Content auditing
• Paid media planning
• Risk forecasting
• Workforce analytics

Edelman DXI has offices throughout the world, so they can provide insights across a wide variety of global markets and audiences.

Because Edelman DXI services will be unique to each client, you’ll need to get in touch with the company to learn more about how much it will cost to become a client.

3. Exploding Topics

Exploding Topics is an alternative to traditional market research firms.

Rather than relying on a small panel sample or audience group selected by a firm, you can glean insights from what might be the world’s largest repository of consumer wants, needs, and insights: the internet.

First, we use artificial intelligence (AI) to listen to conversations happening across:

• News outlets
• Social networks

Next, our data analysis experts use this information to help identify the top market trends, topics, brands, and technologies that interest consumers and businesses today.

We enter these findings into our searchable database—and use it as the basis for insightful, actionable reports that break down the top trends you need to know about right now.

Our data stretches back 15 years and covers over 40 industries. Plus, it’s updated every day—so you always have fresh insights to work with.

Whether you rely on our reports or prefer to search the database yourself, you can use Exploding Topics data to support your:

• Entry into new markets
• Product development
• New marketing strategies
• Startup investing
• Competitor acquisition
• New business formation

You can access some of our trend data and reports for free right now. For complete access to every Exploding Topics data point and report—including our Meta Trends feature that shows how trends intersect—you’ll need a paid Exploding Topics Pro plan.

It’s just $1 for the first two weeks of your Exploding Topics Pro membership, and as little as $39 per month (billed annually) after that.

Gartner ’s market research services overlap with those offered by Ipsos, but cover a few additional industries including education, energy, and finance.

As a Gartner customer, you can:

• Review prepared reports
• Engage in personalized consulting services
• Attend industry events

The data gleaned from these reports and activities can help your company enhance its internal business operations as well as improve consumer-facing products or campaigns. Gartner’s information can be useful for:

• Understanding how to best position your brand
• Improving project strategy development and decisions
• Estimating tech lifecycles and improving corporate purchasing
• Evaluating your top market competitors
• Developing a more sustainable business strategy
• Determining how AI may impact your business
• Preparing for economic changes
• Improving your company’s market share

Some of Gartner’s reports are available for free on their website. That way, you can get a taste of what the company offers. If it seems like the right fit for your needs, you’ll need to get in touch with the Gartner team to get a price quote.

5. IMS Marketing

IMS is a full-service marketing agency—but they offer a market research arm to help B2B clients better understand how to position their brand and products.

Their customized services can help with:

• Understanding customer feedback
• Testing the feasibility of a new product or market
• Analyzing the competitor landscape
• Creating market segments
• Researching new audience groups
• Identifying and improving brand perception
• Pinpointing gaps in existing or prior research attempts

IMS Marketing is like Edelman DXI in that its services are entirely bespoke—the company doesn’t offer prepared reports like Gartner or Exploding Topics.

You can only become an IMS client after meeting with the company and allowing them to get a full understanding of your business, market, and objectives. 

6. Forrester

Forrester is a market research firm that provides insights for business, government, and technology operations.

While B2C businesses can use Forrester, a lot of the firm's data is especially valuable for B2B markets.

You can use Forrester insights to:

• Explore what business customers need and want
• Develop your tech stack to keep pace with competitors
• Prepare for supply chain and development challenges
• Review prepared sales strategy templates
• Discover competitor weaknesses

Forrester offers advisory services and access to data-rich reports, so you can choose whether you’d like to take a more self-directed approach or have hands-on help.

A single Forrester report may cost $1,000 or more, and advisory services are custom quoted based on your needs. Anyone interested in working with Forrester directly will need to get in touch with their sales team to discuss options.

Kantar offers market research services for a range of B2C industries, including consumer packaged goods (CPG), fashion, hospitality, retail, and technology.

Kantar’s research solutions include:

• Collection of qualitative consumer data in over 80 global markets
• Customized research surveys with panels prepared from a network of over 150 million respondents
• The development of healthcare professional and patient panels
• Expert survey design

The company also offers Kantar Marketplace, a do-it-yourself market research platform that lets users guide their own data collection and analysis efforts.

Marketplace access is available on either a pay-per-use plan or with an annual commitment starting at $50,000.

You can’t sign up on the Kantar website, though—for access to Marketplace as well as bespoke Kantar research services, you’ll need to get in touch with their sales team.

8. Bellomy Market Intelligence

Bellomy Market Intelligence is a consulting firm that works with retail, healthcare, financial, technology, energy, and consumer goods businesses.

Like several of the other market research firms on this list, Bellomy offers its clients access to panels of consumers that meet relevant B2B or B2C audience criteria.

You can then use these panels to:

• Run quick polls with rapid response times
• Host open-ended discussions to collect feedback
• Create ongoing focus forums for asynchronous discussions
• Watch as a Bellomy moderator leads members of your panel in an online chat
• Conduct one-on-one, in-depth interviews
• Track consumer behaviors and motivations with repeated daily online surveys
• Host in-person focus groups and retail events to collect data

Bellomy then uses AI tools to help its clients glean insights from qualitative and quantitative research results.

As with many other market research groups, you’ll need to get in touch with Bellomy to learn more about its available services and prices.

Campos is a market research firm focused on branding, product development, and customer experience data.

Campos works with corporations and public institutions seeking a rebrand. Its services overlap with those provided by IMS and Bellomy, and include:

• Product pricing research
• Consumer segmentation and analysis
• Demand forecasting
• Focus group creation
• In-depth interviews for customer journey mapping
• In-store observations

Unlike many research firms that conduct most of their analysis online—such as through video interviews and web-based simulations—Campos specializes in face-to-face analysis.

The company maintains a research center in Pittsburgh, where they're able to:

• Assemble and interview large panels
• Host software usability testing sessions
• Create model stores and homes for interaction testing
• Run mock jury simulations

Campos clients may watch the studies in action through two-way mirrors or view a live stream of research activities. The firm can also arrange for similar in-person experiences at partner locations around the U.S.

Campos services are based on scope and need, so you'll need to get in touch with the firm if you're interested in working with them.

10. Matrix Sciences

Matrix Sciences is a research and testing firm for agriculture and food brands.

The company's research arm conducts studies to discover consumer opinions around food products. They deliver a mix of quantitative and qualitative data through processes like:

• In-home product usage analysis
• Whole-household evaluations and interviews
• Panel discussions and interviews about food products or ideas
• Studies around how product packaging stands out in stores

Matrix Sciences also maintains a panel of expert sensory researchers who provide research and feedback around how a food item may be perceived. This process considers a product's:

• Visual appearance

Like Campos, much of Matrix Science's research happens in-person. The firm maintains 14 testing locations in the U.S. and Canada.

Prospective customers must get in touch with the company to discuss tests, options, and pricing.

Knit is an AI-powered research platform that quickly delivers panel data and analysis to clients.

You can use the tool to conduct qualitative and quantitative research. Tell Knit what you need, and the platform will assemble a panel from their database of over five million consumers.

Knit panelists range from 13 to 65 years old and are verified as real through a process involving both video and AI-generated questions.

Panelists can answer questions via video or survey form, depending on how the Knit study is set up.

You won't have to watch hours and hours of video, though. Knit uses GPT-4 to analyze these recordings and create:

• Video summaries
• Quick takeaways
• Key theme summaries
• Highlight reels

The platform also includes an AI research assistant that can answer questions about the data you get from Knit.

YouGov is a public opinion polling service.

The company offers opinion polling data for free on its website. These free data sets cover public opinion on topics related to:

• Business and economy
• Digital technology and media
• Entertainment, arts, and culture
• Health and science
• International affairs
• Politics and current affairs
• Travel and transport

You can dig down into each area of interest to learn about people's thoughts on specific people, brands, events, and more.

YouGov also provides data about survey respondents' habits. For example, they provide data on Americans' typical hours of sleep per night:

[ss of " How many hours of sleep do Americans actually get in a night?" chart from https://business.yougov.com/content/48919-52-of-americans-say-they-sleep-7-hours-a-night-but-many-want-even-more-time-in-bed ]

The ability to sift through all of YouGov's collected polling data may be enough for some users. If not, the company offers self-serve surveys, prepared surveys, and even custom research solutions for paying customers.

By working with YouGov, you can survey 26 million panelists living in 55 markets.

Because the company offers several bespoke solutions in addition to its free data, you'll need to set up a call with YouGov to learn more about options and pricing.

13. Fieldwork

Fieldwork is a qualitative market research firm offering solutions for focus groups.

You can engage Fieldwork to run a consumer focus group at their facilities throughout the U.S., your office, or another location around the world. Online focus groups are also an option for Fieldwork customers.

Fieldwork's support for medical and legal testing sets them apart from some other market research firms on this list. The company maintains permanent and portable medical simulation labs, and can also support:

• Medical device testing for FDA approval
• Medical device usability testing
• Mock jury research
• Trial simulations

If you're interested in working with Fieldwork to run a focus group, you'll need to submit a request for proposal through the company's website.

14. Kadence

Kadence is an international marketing and scientific research firm.

The company offers research services that can help you:

• Better understand customer preferences
• Improve market segmentation
• Plan the best way to enter a key market
• Streamline retail shopping experiences
• Evaluate how well marketing assets resonate with customers
• Assess brand metrics
• Find new market opportunities

Kadence conducts their research in several ways, including through:

• In-person focus groups
• Phone interviews
• Online communities
• In-person testing

They even offer sensory research and testing that's guided by neuroscience. This includes measuring eye movements and brain states when evaluating the reaction to a marketing campaign.

Kadence maintains offices in 13 countries. If you're interested in working with the Kadence team, you'll need to get in touch to request a price quote.

15. Second to None

Second to None provides mystery shopping services and conducts customer experience research.

You can work with the firm to conduct primary market research campaigns. These include:

• Customer surveys
• Brand reputation research
• Online community feedback
• Online and in-person mystery shopping

Second to None offers solutions for both B2C and B2B brands in a variety of industries including:

• Foodservice
• Financial service
• Consumer products and services
• Retail sales

Like many of its competitors, Second to None doesn't publish its pricing online. If you think the company's services are the right fit for your brand, you'll need to request an initial consultation with the firm.

16. Civicom

Civicom is a market research services group offering online and offline options.

The company can facilitate a variety of market research projects, including:

• Online focus groups
• Recorded in-person panels
• Mock jury trials
• Usability testing
• Hybrid online and in-person focus groups

Civicom also offers its own AI-powered report generation tool called Quillit . Civicom's clients can use Quillit to create summaries, produce research reports, and format documents. The tool is GDPR and HIPAA compliant, too.

The company's ability to conduct hybrid focus group sessions is notable—if you aren't sure what kind of market research work you need, Civicom is a good place to start.

You'll need to call, email, or chat with Civicom team members online to learn more about options and pricing.

17. Cascade Insights

Cascade Insights is a custom market research firm for B2B technology companies.

Cascade Insights works with companies that produce a product or service related to:

• Generative AI
• Cybersecurity
• Internet of Things (IoT) devices
• Computer hardware
• IT infrastructure

You can work with Cascade Insights to learn more about your ideal B2B customer through several types of market research services including:

• Customer experience research
• Product research
• B2B marketing and sales enablement research

Unlike some of its competitors, Cascade Insights continues to support its customers beyond the handoff of research findings. Every report comes with a plan for implementing the firm's findings.

The company also provides additional optional consulting and support services including strategy mentorship, marketing audits, and done-for-you marketing content.

If you're interested in working with Cascade Insights, you'll need to get in touch with the company to request a consultation and price quote based on your market research goals.

18. C+R Research

C+R Research is a qualitative and quantitative market firm delivering customer insights.

The firm serves a variety of consumer companies, including those focused on:

• Food and beverage
• Consumer packaged goods (CPG)
• Consumer equipment
• Financial services
• Media and telecom

The company provides support for their clients through qualitative, quantitative, and agile research services including:

• Advertising tests
• Package tests
• Pricing analysis
• Customer satisfaction surveys
• Research panels and focus groups
• Online discussions
• In-depth interviews

C+R Research can also provide support for audience segmentation, customer journey mapping, and workshop facilitation.

If you're part of a consumer-focused brand and are interested in C+R Research services, you'll need to contact the firm to schedule a consultation.

Radius is a data science company focused on consumer research.

The company conducts more than one million quantitative surveys and 3,000 qualitative research sessions every year across 60+ countries. Radius conducts different types of research, including:

• Choice-based analysis
• Targetable segmentation
• Perceptual mind mapping
• Maximum difference scaling (MaxDiff)

The company applies these different techniques to research activities like:

• Retail shopping analysis
• Virtual and augmented reality experiences
• Ideation workshops
• Consumer chats
• Immersive insight sessions

Radius also says that it develops projects using a customized mix of non-traditional approaches—so if you've found it difficult to get the right research for your brand, Radius is worth a closer look.

To learn more about the company's techniques and methods, you'll need to contact the Radius team and schedule an initial meeting.

20. Corona Insights

Corona Insights is a bespoke market research services firm.

Like Cascade Insights, Corona works with its clients to develop a complete plan of action. This may entail:

• Identification of research needs
• Development of a research plan
• Execution of market research activities
• Review of findings
• Development of action plans

The company's primary and secondary data research services are broad, and include:

• Scientific surveys
• Online and in-person focus groups
• Statistical analysis
• Observational research
• Journey mapping
• Literature reviews
• User experience (UX) testing
• Econometrics

The company offers multilingual research, too. Coupled with the breadth of options, this makes Corona Insights a good fit for many companies across different industries and regions.

Potential clients must contact Corona Insights via their website to learn more about market research costs and services.

If you want a custom research solution, it's best to explore working with a market research consulting firm like Ipsos, Kantar, Corona Insights, or Radius.

For more self-directed or self-paced market analysis , tools like Exploding Topics and Knit might be a better fit.

Make sure that the tool you choose has the industry data, panelist profiles, or research approach you need to get the most accurate data for your company. With insights from the right market research agency, you'll be able to accurately and effectively improve strategy, product development, and more.

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9 Best Marketing Research Methods to Know Your Buyer Better [+ Examples]

Published: August 08, 2024

One of the most underrated skills you can have as a marketer is marketing research — which is great news for this unapologetic cyber sleuth.

From brand design and product development to buyer personas and competitive analysis, I’ve researched a number of initiatives in my decade-long marketing career.

And let me tell you: having the right marketing research methods in your toolbox is a must.

Market research is the secret to crafting a strategy that will truly help you accomplish your goals. The good news is there is no shortage of options.

How to Choose a Marketing Research Method

Thanks to the Internet, we have more marketing research (or market research) methods at our fingertips than ever, but they’re not all created equal. Let’s quickly go over how to choose the right one.

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1. Identify your objective.

What are you researching? Do you need to understand your audience better? How about your competition? Or maybe you want to know more about your customer’s feelings about a specific product.

Before starting your research, take some time to identify precisely what you’re looking for. This could be a goal you want to reach, a problem you need to solve, or a question you need to answer.

For example, an objective may be as foundational as understanding your ideal customer better to create new buyer personas for your marketing agency (pause for flashbacks to my former life).

Or if you’re an organic sode company, it could be trying to learn what flavors people are craving.

2. Determine what type of data and research you need.

Next, determine what data type will best answer the problems or questions you identified. There are primarily two types: qualitative and quantitative. (Sound familiar, right?)

• Qualitative Data is non-numerical information, like subjective characteristics, opinions, and feelings. It’s pretty open to interpretation and descriptive, but it’s also harder to measure. This type of data can be collected through interviews, observations, and open-ended questions.
• Quantitative Data , on the other hand, is numerical information, such as quantities, sizes, amounts, or percentages. It’s measurable and usually pretty hard to argue with, coming from a reputable source. It can be derived through surveys, experiments, or statistical analysis.

Understanding the differences between qualitative and quantitative data will help you pinpoint which research methods will yield the desired results.

For instance, thinking of our earlier examples, qualitative data would usually be best suited for buyer personas, while quantitative data is more useful for the soda flavors.

However, truth be told, the two really work together.

Qualitative conclusions are usually drawn from quantitative, numerical data. So, you’ll likely need both to get the complete picture of your subject.

For example, if your quantitative data says 70% of people are Team Black and only 30% are Team Green — Shout out to my fellow House of the Dragon fans — your qualitative data will say people support Black more than Green.

(As they should.)

Primary Research vs Secondary Research

You’ll also want to understand the difference between primary and secondary research.

Primary research involves collecting new, original data directly from the source (say, your target market). In other words, it’s information gathered first-hand that wasn’t found elsewhere.

Some examples include conducting experiments, surveys, interviews, observations, or focus groups.

Meanwhile, secondary research is the analysis and interpretation of existing data collected from others. Think of this like what we used to do for school projects: We would read a book, scour the internet, or pull insights from others to work from.

So, which is better?

Personally, I say any research is good research, but if you have the time and resources, primary research is hard to top. With it, you don’t have to worry about your source's credibility or how relevant it is to your specific objective.

You are in full control and best equipped to get the reliable information you need.

3. Put it all together.

Once you know your objective and what kind of data you want, you’re ready to select your marketing research method.

For instance, let’s say you’re a restaurant trying to see how attendees felt about the Speed Dating event you hosted last week.

You shouldn’t run a field experiment or download a third-party report on speed dating events; those would be useless to you. You need to conduct a survey that allows you to ask pointed questions about the event.

This would yield both qualitative and quantitative data you can use to improve and bring together more love birds next time around.

Best Market Research Methods for 2024

Now that you know what you’re looking for in a marketing research method, let’s dive into the best options.

Note: According to HubSpot’s 2024 State of Marketing report, understanding customers and their needs is one of the biggest challenges facing marketers today. The options we discuss are great consumer research methodologies , but they can also be used for other areas.

Primary Research

1. interviews.

Interviews are a form of primary research where you ask people specific questions about a topic or theme. They typically deliver qualitative information.

I’ve conducted many interviews for marketing purposes, but I’ve also done many for journalistic purposes, like this profile on comedian Zarna Garg . There’s no better way to gather candid, open-ended insights in my book, but that doesn’t mean they’re a cure-all.

What I like: Real-time conversations allow you to ask different questions if you’re not getting the information you need. They also push interviewees to respond quickly, which can result in more authentic answers.

What I dislike: They can be time-consuming and harder to measure (read: get quantitative data) unless you ask pointed yes or no questions.

Best for: Creating buyer personas or getting feedback on customer experience, a product, or content.

2. Focus Groups

Focus groups are similar to conducting interviews but on a larger scale.

In marketing and business, this typically means getting a small group together in a room (or Zoom), asking them questions about various topics you are researching. You record and/or observe their responses to then take action.

They are ideal for collecting long-form, open-ended feedback, and subjective opinions.

One well-known focus group you may remember was run by Domino’s Pizza in 2009 .

After poor ratings and dropping over $100 million in revenue, the brand conducted focus groups with real customers to learn where they could have done better.

It was met with comments like “worst excuse for pizza I’ve ever had” and “the crust tastes like cardboard.” But rather than running from the tough love, it took the hit and completely overhauled its recipes.

The team admitted their missteps and returned to the market with better food and a campaign detailing their “Pizza Turn Around.”

The result? The brand won a ton of praise for its willingness to take feedback, efforts to do right by its consumers, and clever campaign. But, most importantly, revenue for Domino’s rose by 14.3% over the previous year.

The brand continues to conduct focus groups and share real footage from them in its promotion:

What I like: Similar to interviewing, you can dig deeper and pivot as needed due to the real-time nature. They’re personal and detailed.

What I dislike: Once again, they can be time-consuming and make it difficult to get quantitative data. There is also a chance some participants may overshadow others.

Best for: Product research or development

Pro tip: Need help planning your focus group? Our free Market Research Kit includes a handy template to start organizing your thoughts in addition to a SWOT Analysis Template, Survey Template, Focus Group Template, Presentation Template, Five Forces Industry Analysis Template, and an instructional guide for all of them. Download yours here now.

3. Surveys or Polls

Surveys are a form of primary research where individuals are asked a collection of questions. It can take many different forms.

They could be in person, over the phone or video call, by email, via an online form, or even on social media. Questions can be also open-ended or closed to deliver qualitative or quantitative information.

A great example of a close-ended survey is HubSpot’s annual State of Marketing .

In the State of Marketing, HubSpot asks marketing professionals from around the world a series of multiple-choice questions to gather data on the state of the marketing industry and to identify trends.

The survey covers various topics related to marketing strategies, tactics, tools, and challenges that marketers face. It aims to provide benchmarks to help you make informed decisions about your marketing.

It also helps us understand where our customers’ heads are so we can better evolve our products to meet their needs.

Apple is no stranger to surveys, either.

In 2011, the tech giant launched Apple Customer Pulse , which it described as “an online community of Apple product users who provide input on a variety of subjects and issues concerning Apple.”

"For example, we did a large voluntary survey of email subscribers and top readers a few years back."

While these readers gave us a long list of topics, formats, or content types they wanted to see, they sometimes engaged more with content types they didn’t select or favor as much on the surveys when we ran follow-up ‘in the wild’ tests, like A/B testing.”  

Pepsi saw similar results when it ran its iconic field experiment, “The Pepsi Challenge” for the first time in 1975.

The beverage brand set up tables at malls, beaches, and other public locations and ran a blindfolded taste test. Shoppers were given two cups of soda, one containing Pepsi, the other Coca-Cola (Pepsi’s biggest competitor). They were then asked to taste both and report which they preferred.

People overwhelmingly preferred Pepsi, and the brand has repeated the experiment multiple times over the years to the same results.

What I like: It yields qualitative and quantitative data and can make for engaging marketing content, especially in the digital age.

What I dislike: It can be very time-consuming. And, if you’re not careful, there is a high risk for scientific error.

Best for: Product testing and competitive analysis

Pro tip:  " Don’t make critical business decisions off of just one data set," advises Pamela Bump. "Use the survey, competitive intelligence, external data, or even a focus group to give you one layer of ideas or a short-list for improvements or solutions to test. Then gather your own fresh data to test in an experiment or trial and better refine your data-backed strategy."

Secondary Research

8. public domain or third-party research.

While original data is always a plus, there are plenty of external resources you can access online and even at a library when you’re limited on time or resources.

Some reputable resources you can use include:

• Pew Research Center
• McKinley Global Institute
• Relevant Global or Government Organizations (i.e United Nations or NASA)

It’s also smart to turn to reputable organizations that are specific to your industry or field. For instance, if you’re a gardening or landscaping company, you may want to pull statistics from the Environmental Protection Agency (EPA).

If you’re a digital marketing agency, you could look to Google Research or HubSpot Research . (Hey, I know them!)

What I like: You can save time on gathering data and spend more time on analyzing. You can also rest assured the data is from a source you trust.

What I dislike: You may not find data specific to your needs.

Best for: Companies under a time or resource crunch, adding factual support to content

Pro tip: Fellow HubSpotter Iskiev suggests using third-party data to inspire your original research. “Sometimes, I use public third-party data for ideas and inspiration. Once I have written my survey and gotten all my ideas out, I read similar reports from other sources and usually end up with useful additions for my own research.”

9. Buy Research

If the data you need isn’t available publicly and you can’t do your own market research, you can also buy some. There are many reputable analytics companies that offer subscriptions to access their data. Statista is one of my favorites, but there’s also Euromonitor , Mintel , and BCC Research .

What I like: Same as public domain research

What I dislike: You may not find data specific to your needs. It also adds to your expenses.

Best for: Companies under a time or resource crunch or adding factual support to content

Which marketing research method should you use?

You’re not going to like my answer, but “it depends.” The best marketing research method for you will depend on your objective and data needs, but also your budget and timeline.

My advice? Aim for a mix of quantitative and qualitative data. If you can do your own original research, awesome. But if not, don’t beat yourself up. Lean into free or low-cost tools . You could do primary research for qualitative data, then tap public sources for quantitative data. Or perhaps the reverse is best for you.

Whatever your marketing research method mix, take the time to think it through and ensure you’re left with information that will truly help you achieve your goals.

Don't forget to share this post!

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Home / Resources / 9 Retail Marketing Strategies & Examples for 2024

9 Retail Marketing Strategies & Examples for 2024

• By: Nick Chasinov
• Date: July 3, 2024

Table of Contents

The retail landscape is ever-changing, making marketing a crucial component for attracting customers, boosting sales, and achieving success. With the constant emergence of new technologies and methods, businesses need to stay updated and implement effective strategies. This article explores nine impactful retail marketing strategies that can help drive sales in 2024, highlighting successful examples to inspire and guide your efforts.

What is Retail Marketing?

Retail marketing involves various strategies and techniques that businesses use to promote their products or services, enhance brand visibility, drive traffic to their stores, and ultimately generate sales. It includes a range of digital and traditional marketing channels such as search engine optimization (SEO), social media , email campaigns , and content marketing . The primary objective is to attract potential customers, engage them, build trust, and encourage purchases.

One essential aspect of retail marketing is the use of data analytics to monitor and evaluate campaign effectiveness. By examining metrics like store traffic, conversion rates, and customer behavior, businesses can gain valuable insights and make informed decisions to optimize their strategies. This data-driven approach enables targeting specific customer segments, personalizing marketing messages, and improving overall return on investment (ROI).

Another critical element is omnichannel marketing, which ensures a seamless and integrated shopping experience across multiple platforms. Consistency in branding, messaging, and user experience is maintained whether customers are browsing a website, using a mobile app, or engaging on social media. A cohesive omnichannel experience enhances customer satisfaction, increases repeat purchases, and fosters long-term loyalty.

Why is Retail Marketing Important?

Retail marketing is vital for business growth and success. The rising popularity of online shopping has intensified competition in the retail industry. Effective marketing helps businesses stand out, capture the attention of their target audience, and reach a broader customer base. It builds brand loyalty, drives sales, and facilitates business growth. Without a well-planned strategy, thriving in today’s competitive marketplace can be challenging.

Leveraging social media platforms like Facebook, Instagram, and X (formerly known as Twitter) is a key component of retail marketing. Social media has transformed customer interaction, providing direct channels for engagement, product showcasing, and targeted advertising.  By effectively utilizing social media, businesses can increase brand visibility, drive traffic, and boost conversions.

Search engine optimization (SEO) is another critical element. Optimizing a website to rank higher in search results makes it more likely for potential customers to find your store. By incorporating relevant keywords, creating high-quality content, and building backlinks, businesses can improve their search engine visibility. This leads to increased organic traffic and higher chances of converting visitors into customers.

9 Retail Marketing Strategies to Drive Sales

Now, let’s explore nine powerful retail marketing strategies to drive sales and achieve business goals in 2024:

1. Upsell Your Products

Upselling involves offering customers a higher-priced or upgraded version of a product they are already interested in. By highlighting the additional features, benefits, or value of the upgraded product, you can encourage customers to spend more. This strategy not only increases your average order value but also enhances customer satisfaction by providing them with a better product.

2. Optimize Product Page

Your product pages are crucial to your online store’s success. Optimizing these pages can significantly impact your conversion rate and boost sales. Focus on creating compelling product descriptions, using high-quality images or videos, providing detailed specifications, and incorporating customer reviews. Ensure your product pages are visually appealing, easy to navigate, and provide all the necessary information to help customers make informed buying decisions.

3. Implement Abandoned Cart Reminders

Cart abandonment is a common issue in ecommerce. To combat this and recover lost sales, implement abandoned cart reminders. By sending automated emails to remind customers about the items left in their carts, you can nudge them to complete their purchases. Offer incentives such as discounts or free shipping to encourage them to return and finalize their order.

4. Start an Affiliate Marketing Program

Affiliate marketing is a cost-effective way to expand your reach and revenue. Partner with affiliates or influencers who promote your products or services to tap into their audience. Offer competitive commission rates and provide affiliates with marketing materials, tracking links, and promotional codes to facilitate their marketing efforts. Implement an efficient tracking system to measure affiliate performance and reward them accordingly.

5. Consider a Referral Program

A referral program leverages the power of word-of-mouth marketing. Encourage your existing customers to refer friends, family, or colleagues to your store by offering incentives such as discounts, store credits, or exclusive offers. This strategy not only drives new customers to your business but also strengthens customer loyalty and trust.

6. Invest in Geofencing Marketing

Geofencing marketing uses location-based targeting to deliver personalized advertisements or promotions to potential customers entering a specific geographical area. Set up virtual boundaries or “geofences” around your physical store or other relevant locations to target customers nearby and increase foot traffic. Use appealing and compelling offers to entice customers to visit your store and make a purchase.

7. Create User-Generated Content

User-generated content (UGC) includes reviews, testimonials, photos, videos, or social media mentions created by your customers. UGC builds trust, authenticity, and social proof, which are crucial for driving sales. Encourage customers to share their experiences with your products and offer incentives or features that showcase their contributions. Share UGC on your website and social media platforms to engage your audience and attract new customers.

8. Run an Influencer Campaign

Influencer marketing remains a highly effective strategy. Collaborate with influencers who align with your brand values and have a significant following in your target market. Through product reviews, sponsored posts, or giveaways, influencers can generate awareness, increase brand visibility, and drive qualified traffic to your store. Ensure the influencer campaign is authentic, transparent, and resonates with your target audience.

9. Send SMS Messages

SMS marketing is a direct and immediate way to reach customers and drive retention . Send personalized text messages to notify customers about new product launches, limited-time offers, flash sales, or exclusive discounts. Craft concise and impactful messages, offering special perks or deals exclusively for customers who opt-in to receive SMS updates. Be mindful of frequency and timing to avoid overwhelming your customers and ensure a positive user experience.

Retail Marketing Best Practices

It’s important to keep these retail marketing tips in mind when implementing these strategies:

• Upselling : Communicate the added value and benefits of upgraded products to encourage higher purchases.
• Product Page Optimization : Include interactive elements like 360-degree views or virtual try-on features for a more immersive experience.
• Abandoned Cart Reminders : Personalize reminders and offer incentives to create urgency.
• Affiliate Marketing : Build strong relationships with affiliates by providing regular updates and exclusive offers.
• Referral Programs : Ensure a seamless experience for both referrers and referred customers with valuable incentives.
• Geofencing Marketing : Use data analytics to tailor offers based on customer behavior within geofenced areas.
• User-Generated Content : Feature UGC prominently on your website and social media to influence purchasing decisions.
• Influencer Campaigns : Focus on long-term partnerships for sustained impact.

Successful Retail Marketing Examples

Now that we have explored the nine retail marketing strategies, let’s take a look at successful examples that illustrate its effectiveness:

How Glossier Boosted Their Sales

Glossier, a popular beauty brand, successfully utilized user-generated content (UGC) and social media marketing to boost engagement and drive sales. By encouraging their customers to share photos and reviews of their products on social media, Glossier created a strong sense of community and authenticity around their brand.

Glossier’s strategy involved reposting customer photos on their official Instagram account and featuring UGC on their website. This not only built trust and social proof but also motivated other customers to share their experiences, further increasing brand visibility and engagement.

In addition to UGC, Glossier ran targeted influencer campaigns to reach a wider audience. They collaborated with beauty influencers who shared their genuine experiences with Glossier products, creating authentic and relatable content that resonated with their followers. These campaigns increased brand awareness, website traffic, and ultimately, higher sales.

Increase Sales by Partnering with Teknicks

Teknicks is a leading retail marketing agency. We help well-known online retailers boost sales by implementing a comprehensive retail marketing strategy. By optimizing product pages, addressing cart abandonment with reminders, and launching a referral program, we achieved significant rises in conversion rates and overall revenue. Our personalized email marketing, which segments the customer base and sends targeted emails with product recommendations based on past purchases and browsing behavior, drives repeat purchases and increases customer loyalty.

Furthermore, we leverage social media influencers to promote the retailer’s products, reaching a wider audience and generating buzz around their brand. By partnering with influencers whose values align with the retailer’s brand identity, we create authentic and engaging content that resonates with the target market.

Ready to take your retail marketing to the next level? Schedule a strategy call today to discover how we can help drive your business growth.

References:

• Avery, Jill. “Glossier: Co-Creating a Cult Brand with a Digital Community.” Harvard Business School Case 519-022, January 2019. (Revised October 2019.)

About the Author

• Nick Chasinov

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Retail Marketing Strategy: The Ultimate Guide for 2024 and Beyond + Examples

Retail marketing is a tricky business. That is why, f or this guide, we consulted the retail marketing experts at Acceleration Partners , an award-winning, global partner marketing agency with extensive experience in retail, to give you a deeper  understanding of what a great retail marketing strategy involves , and the best tactics for retail marketing success in 2024 (and beyond!). 

Retail marketing as a whole doesn’t get the attention it deserves.  Most people focus on e-commerce alone and its potential, but in reality, it only accounts for 14% of global retail sales . The other 86% comes from people walking into stores and buying products in person. 

This presents a unique opportunity to use online and offline marketing to drive revenue for your retail business. If you don’t use the right retail marketing channels, potential customers will go to a competitor without thinking twice. 

So, what makes for a truly successful marketing strategy, and how do you develop and implement one that works for your unique brand?

That is exactly what we’re covering today—everything you need to know to create and implement your own successful strategy, along with examples, case studies, and tips from the best in retail marketing! 

Skip to What You Need

What it Takes to Build a Successful Retail Marketing Strategy

At its core, a great marketing strategy for retail starts with knowing your customer. This means going beyond basic demographics to understand their needs, preferences, and shopping behaviors.

By developing detailed customer personas and analyzing data from past purchases and interactions, retailers can tailor their messaging and offerings to resonate with their ideal customers.

Another crucial element is creating a cohesive brand experience across all touchpoints .

From the layout of your physical store to your website design and social media presence, every interaction should reinforce your brand identity and values. Consistency in messaging, visuals, and customer service helps build trust and loyalty among your target audience.

A third crucial element for a great retail promotional strategy is Omnichannel integration . By ensuring that customers can interact with your brand effortlessly across different platforms, you enhance their overall experience and increase the likelihood of repeat business.

In today’s retail environment, customers expect a seamless shopping experience across all channels – whether they’re browsing online, shopping in-store, or using a mobile app. A successful retail strategy must integrate these various touchpoints to create a cohesive and frictionless customer journey.

Let’s take a closer look at these three key elements, with real-world examples and a retail marketing strategy case study from the experts at Acceleration Partners :

1. Detailed Customer Personas

Do you have a clear enough understanding of your target customers?

Do you know what they want and how they perceive certain brands and marketing styles? Are you turning them off or hitting the right notes?

Achieving breakaway success will be difficult until you can confidently answer these questions. The good news is that you can cheaply and effectively gain a deep understanding of your customers. 

How do you do that?

By sending out questionnaires to past customers or those visiting your store and website. This isn’t a customer satisfaction survey. Instead, you’re trying to understand what they’d like to accomplish with the kinds of products and services you’re selling. 

For example, if you sell beard care products, you’d want to know why customers buy. Is it to boost their confidence, live better lives, get a date, etc.? The answers inform both what you offer and how you position those products. 

Beardbrand deeply understands its customer base and showcases that with its Keep On Growing® mission. 

The company launched successful retail marketing campaigns, which fostered loyalty and culminated in a partnership with Target stores. 

Here are a few questions you can ask to get a better understanding of your customers:

• What brought you here today?
• What problem are you solving with X product?
• What’s your biggest challenge related to X (with x being the problem you address). 

In online questionnaires, you’ll want to determine the customer’s needs. If you have a bigger, more expensive product that takes some time to consider, you also want to know which buying funnel stage they’re in. This gives you the ability to adapt your messaging accordingly. The AARRR lead funnel framework is a helpful method to optimize communication for ‘Acquisition, Activation, Retention, Referral, and ultimately Revenue.’  

2. Cohesive Brand Experience

A cohesive brand experience stands out as a cornerstone of successful marketing strategies.

This concept goes beyond visual consistency, encompassing every facet of how customers interact with a brand.

From the moment a potential customer encounters a store’s signage or visits its website to their final purchase and beyond, each touchpoint contributes to the overall brand perception.

A truly cohesive branding experience ensures that these interactions are consistent and meaningful, reinforcing the brand’s values and promises at every turn. 

Here are a few key features to consider when optimizing brand experience for your customers:

Visual Consistency

This involves maintaining a consistent visual identity across all platforms. This includes the use of the same color schemes, logos, fonts, and overall design aesthetic in physical stores, on the website, in advertising materials, and on social media platforms.

Messaging Consistency

The brand’s voice, tone, and core messages should be consistent across all communications. Whether a customer is reading an email newsletter, browsing the website, or talking to a sales associate in-store, they should receive the same key branding messages and values.

Customer Service Alignment: All customer service interactions, whether online, over the phone, or in-person, should reflect the brand’s values and personality. This means training all staff to understand and embody the brand ethos in customer interactions.

Product Presentation

Products should be displayed and described consistently across all channels. This includes product photography, descriptions, and how items are arranged in-store versus online.

Mystery Shopper

A great way to gauge and test all these is through a practice known as ‘mystery shopping.’  Your business can hire individuals to act as secret shoppers or customers to gather information about various aspects of the shopping and customer engagement experience.

3. Omnichannel Integration

The final piece of the retail marketing puzzle is ensuring your products appear wherever your customers can easily find and access them. If you opened a new physical store, would you go deep in the woods and put it in a place that could only be accessed after a 2-hour hike? 

Of course not.  It would make a great getaway but a horrible store location!

Whether customers browse products on a mobile app, purchase on a website, or visit a physical store, omnichannel integration ensures a consistent and fluid experience throughout their journey.

As consumer behaviors evolve, with shoppers frequently switching between online and offline channels, retailers who master omnichannel integration gain a significant competitive edge.

This strategy enhances customer satisfaction, drives loyalty, increases sales, and provides valuable insights into consumer behavior.

Watch this video to learn how Starbucks used an omnichannel marketing strategy to grow brand loyalty.

Case Study: Retailer Drives $46M Global Revenue Through Buy Now Pay Later Partners

Now that you have a better understanding of the core elements of a successful retail marketing strategy, let’s take a look at a case study to demonstrate how powerful a good strategy is when you take a data-driven approach and fully understand your customers and how best to meet their needs:

Acceleration Partners was engaged by a large global retailer who wished to expand its customer base to include millennial and Gen Z women.

Engaging these previously unengaged demographic groups could drive exponential growth and revenue for the retailer by opening up a whole new market segment.

Supporting research data points showed that:

• The estimated purchasing power of Gen Z amounts to $140 billion, whereas the estimated purchasing power of Millennials amounts to $2.5 trillion
• Over $600 billion in household purchases may be influenced by Millennials
• Female buyers account for 85% of all consumer purchases

To engage the new target demographics, Acceleration Partners took a data-driven approach, researching the best ways to leverage existing affiliate partnerships and the most effective new partnerships to engage Millennial and Gen Z women.

Based on their findings, the client services team recommended that they continue to pay affiliates a percentage-based commission but add the option to pay flat fees for specific placements.

They also recommended that the retailer engage 10 new Buy Now Pay Later (BNPL) enabled partners because most BNPL users are Millennials or Gen Z (75% of BNPL users in the US and 80% globally).

Adding BNPL partners drove purchases by meeting the target demographic where they were and offering them an easily accessible and more convenient shopping experience that involved fewer clicks.

Using BNPL partners also meant that the retailer could implement a one-time card, where customers within the BPNL app could break payments up into installments without the partners needing to be added as payment solutions on the retailer’s website.

This innovative, data-backed approach led to some incredible results for the retailer:

The retail marketing strategy developed by Acceleration Partners integrated into the retailer’s existing affiliate partnerships and added new BNPL partnerships. The success of this strategy is demonstrated by the measurable results they achieved:

• $46M revenue driven by all BNPL partners
• 49% of revenue came from Millennials
• $1.3M revenue driven from a single BNPL partner
• 37% revenue increase in placements with one U.S. BNPL partner

As you can see, a good retail marketing strategy is essential for success and, when done right, can drive exponential growth and revenue for your brand.

4 Retail Marketing Strategies for 2024

Now, let’s look at different marketing tactics you can use to make the most of your strategic marketing efforts. 

1. Targeted Social Media Platforms

Social media, when used properly, is a powerful way to connect with your ideal customer. Advertisers from every industry have taken note. Worldwide retail digital ad spending will surpass $50 billion in 2024. 

This shows just how effective social media marketing can be for your business. However, there’s one problem most people don’t realize – it’s difficult to grow a large presence on all social media channels at once. 

Look closely; you’ll realize that most successful social media businesses start with one or two platforms. After building up their presence, they expand to other social sites. It is important to do the same thing to succeed in retail marketing.

What channel works best for you based on the products you’re selling and the audience you’re targeting? 

For example, brands such as Frank Body have built large Instagram followings. In fact, it used Instagram to grow to $20 million in annual revenue and secure deals with Target, Sephora, and Ulta Beauty.

This platform is introducing even more tools, like Instagram stories, that retailers can use to grow their reach and build an engaged customer base.

Other brands are using Facebook to reach their ideal customers. Thursday Boot Company went from selling a few boots a week to selling thousands a month with targeted Facebook Ads focused on its customers’ lifestyles.

Williams Sonoma focused heavily on Pinterest and has grown a massive following. It now derives a lot of referral traffic and sales from the platform. 

I’m not showing you these examples so you go and try your hand at each of them. Select a single platform that works well with your products and audience and focus on growing there first. 

2. Email Marketing with a Twist

Email marketing is one of the most effective ways to connect with customers and generate revenue. 

There’s one big challenge: inboxes are crowded. The average office worker receives over 100 emails a day. Unless your emails stand out from the crowd, they’ll be ignored, and people will unsubscribe. 

Prevent this by using simple behavioral segmentation to send targeted emails to your audience members and past customers. I’ll touch on a few of the highest-impact tactics: 

 Pages visited

The average e-commerce store has multiple products for sale, each with a unique page. When someone visits, they’ll interact with the product pages they’re interested in and ignore the rest. Track this using your email marketing software and send relevant email automation based on the pages a visitor has viewed. 

There was a time when the software was very expensive, but modern email marketing tools are quite cheap , and they make it simple to segment people based on website activity.

Start by setting an automation trigger that sends an email to people who’ve visited a page two times or more within 30 days (or however long it takes people to go from consideration to purchase). If you have a large product catalog, focus first on the most popular product and expand from there. 

Email opens and clicks

This segmentation method focuses on finding the kind of content your subscribers are interacting with and sending more of it. When someone first becomes a subscriber, it’s natural to lead them through a welcome series and send them different types of content. 

After that, what do you do? 

It would be far from ideal to send them multiple offers about products they may or may not be interested in. To avoid this dilemma, you can track what kind of emails subscribers are opening and the links they’re clicking. 

For example, someone signs up for Acme Inc.’s mailing list about an active lifestyle and activewear. Acme Inc. doesn’t know whether the subscriber is a man or woman, whether they prefer running or weight training, or if there is any other information about the subscriber. 

Acme Inc. sends out all kinds of emails to new subscribers and notices that they’re only clicking on links related to women’s products and content. It also realizes that the subscriber likes yoga pants and running shoes. In the future, Acme Inc. will send more content tailored to the subscriber’s behavior. 

This is not a manual process. Advanced tools like Active Campaign or OmniSend allow tags to be applied or contact records to be updated based on behavior. You can then send messages to specific groups of people, which get opened and clicked and generate revenue. 

Past purchases

This may be the most powerful type of behavioral segmentation. Your subscriber has told you they’re interested and is ready to spend cold hard cash. 

You can send similar promotions to them regularly . Even if they don’t buy from you, it’ll be well received because it’s something they’re interested in. 

ASOS takes this strategy to heart. The only things I bought from it were shoes and jackets. The company sends me an email every few days. About 70% of them are focused on shoes and outerwear. The other 30% are emails about interesting content and different product categories. 

These emails are created through email content automation . The software inserts the right products for you. But there’s an important aspect to keep in mind when you’re segmenting based on behavior. Your customer may be interested in much more than you know. In addition to emails promoting similar products, add different product categories to the mix.

3. Pop Up Shops

E-commerce has a significant drawback – you can’t touch, feel, or smell a product before buying it. In many situations, that matters. Another thing to consider is that some consumers only shop at places they’re familiar with. That means they’re unwilling to try a new brand they found online. 

A pop-up shop can help you reach a segment of your market that would otherwise be inaccessible. Other benefits include:

• You’re able to create a multi-channel experience connecting consumers online and offline
• More cost-effective than a fully-fledged retail location
• The ability to develop deeper connections with customers and get feedback in real-time
• An opportunity to soft launch new collections at select locations and test market demand

These are just a few of the many benefits associated with pop-up shops, and brands like Kylie Cosmetics have recognized their power. 

People reportedly waited outside for 11 hours or more before getting inside. Smaller retailers are also creating meaningful experiences for their customers who often travel to participate in the activity. 

For offline businesses, it’s possible to partner with an online retailer to expand your reach. As long as you remember what we said about marketing and brand consistency,

There are several things to keep in mind when you’re planning a popup shop campaign. It’s more than choosing a retail space and sending out an email to your subscribers:

• Do you want a new retail space or a section of an already existing business? Kylie Cosmetics pop up shops took advantage of Top Shop’s stores. 
• Will you need any licenses, permits, or insurance?
• What kind of payment system will you be using? 
• Will the furniture be provided, or must you rent/buy it yourself?
• What’s the event’s goal (a certain sales figure, brand awareness, etc.)
• Staff policies and guidelines (or hiring new staff) 

It takes a considerable amount of effort, but it can be one of the most powerful ways to connect with a larger market because it’s an experience. 

RealReal launched a pop-up shop and had guests from Vogue and Vanity Fair cover it. The end result was exposure, revenue, and goodwill. 

4. Brand Ambassadors

The last retail marketing tactic I want to touch on is using brand ambassadors to extend your online and offline reach. 

A brand ambassador is someone who’s paid (or otherwise rewarded) to endorse a company’s products and services. They work closely with your in-house teams to create and conceptualize marketing campaigns that increase awareness and revenue. 

In fact, this is the exact strategy Lululemon used to grow from a single yoga studio to a multi-billion dollar company. 

I want to clarify something: a brand ambassador marketing initiative differs from an influencer marketing initiative. Read this article to get a sense of how other brands are empowering their ambassadors.  

Of course, your brand ambassadors can be influencers in their own right, but it’s not a prerequisite. Depending on your reach, products, and goals, there are many ways to run a brand ambassador program. Consider the following things before you launch it:

Take cues from successful programs in the past

Brand ambassadors have been in use for a long time. It’s not something that started with social media or the internet. Research companies that have gone before you to understand what set their successful campaign apart and how you can replicate that success. 

Start small and iterate.

This is obvious, right? Not exactly. 

Many retailers are so excited about the thought of a brand ambassador program that they recruit as many people as they can. In the end, they’re unable to give their early ambassadors the tools and attention they need to succeed. 

It’s better to move slowly and steady in the early stages. Focus on finding people who’re already talking about you and recruiting them to your cause. Use social listening tools like Mention or Brand24 to find them. 

How are you compensating ambassadors?

Influential ambassadors may require cold, hard cash, but many of your early converts won’t. The best ambassadors are people who’re already familiar with your brand and would use your products whether they were being paid or not. 

That said, they’ll work closely with you to build awareness and drive revenue. This will require time and energy on their part, so a simple thank you won’t cut it. 

Daniel Wellington runs a college brand ambassador program that rewards participants with merchandise, exclusive event invites, concert tickets, gift cards, and more. 

Finally, let your brand ambassadors do their thing. Apart from a few guidelines, it’s important to give them room to work. 

They’re advocates of your brand and are best suited to communicate what makes you unique to them. They can add their own spin to your marketing, which you may have never considered. If you make them rehearse that message or change it too much, then it loses its ring of authenticity. 

Retail marketing is constantly evolving, and it’s important for you to evolve along with it. Otherwise, it’ll be impossible to stand out from the crowd. 

The specific techniques may change from year to year, but the underlying strategies remain the same. It’s important to understand what your customers want and need from you and then deliver it in a way that’s convenient to them. 

Focus on one or two of the tactics outlined here, and you’ll see massive revenue, engagement, and brand awareness improvements. 

Let us know more about your favorite retail marketing strategies in the comments, and don’t forget to share!

Frequently Asked Questions

How can i use customer data to improve my marketing efforts.

Customer data is a goldmine for understanding your audience. By analyzing purchase history, website behavior, and preferences, you can personalize marketing messages and offers. This lets you target the right people with the right content, leading to higher engagement, sales, and customer satisfaction.

How could email marketing be useful to online retailers?

Email marketing is a powerful tool for online retailers. It lets them directly reach interested customers with personalized offers, promotions, and new product information. This can drive sales, boost brand loyalty, and bring back customers who abandon their carts. Effectively, email marketing allows you to connect with your audience and turn them into repeat buyers.

What are the most effective marketing channels for retail businesses today?

Here are just a few communication channels retail marketers can use:

Email marketing, which has an average ROI of $44 for every $1 spent and allows retailers to drive sales, build customer relationships, promote products, and automate communications.

Social media marketing, which helps increase brand awareness, reach new customers, and build relationships on platforms like Facebook, Instagram, and Twitter.

Peer-to-peer or word-of-mouth marketing, where satisfied customers share positive experiences with their networks, which is especially powerful as online content becomes oversaturated and paid content is trusted less.

About the author : Daniel Ndukwu is the founder and CEO of KyLeads . There, he helps retail businesses create meaningful experiences and increase audience engagement while generating more leads using surveys, quizzes, and smart popups. When not working, you can find him spending time with his family or and traveling as much as possible. 

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AI market research and consumer insights in CPG (7 examples)

Understanding consumer behavior and market trends is crucial for success in the fast-paced world of Consumer Packaged Goods (CPG).

Traditional — non-AI-supported — market research methods often fall short of providing the real-time, actionable insights needed to stay ahead in a competitive landscape, resulting in the launch of products late and the risk of low product success rate.

This is where Artificial Intelligence (AI) revolutionizes market research and delivers deeper consumer insights.

Let’s explore how AI is transforming market research in the CPG industry and how companies can leverage these advancements to drive growth and innovation.

The evolution of AI-driven market research in CPG

Thanks to the capability of AI to process vast amounts of data quickly and accurately, manufacturers can gain real-time insights into emerging market trends based on many different data sources — e.g., past behavior, social media signals, or predicted future patterns. Automating this data collection and analysis therefore not only speeds up the research process but it can also provide a more comprehensive understanding of the market.

How exactly does AI improve market research?

Market research has always been a cornerstone of the CPG industry, helping companies understand consumer preferences, track market trends, and develop effective marketing strategies. Traditionally, this involved surveys, focus groups, and manual data analysis; methods that — while useful — can be time-consuming and therefore limited in scope.

1. Predictive analytics

AI-powered predictive analytics uses historical data to forecast future trends and consumer behavior based on common patterns. This helps CPG companies anticipate market shifts, plan product launches, or adjust the schedules and budgets of marketing strategies.

2. Sentiment analysis

Sentiment analysis uses natural language processing (NLP) to interpret and categorize opinions from sources like social media, reviews, and other online platforms. By understanding how consumers feel about their products, brands can tailor their messaging, improve product features, and address any negative feedback proactively.

3. Consumer segmentation

AI can quickly identify and create distinct consumer segments by analyzing demographic, geographic, and behavioral data. This allows CPG companies to create targeted marketing campaigns that resonate with specific groups, improving engagement and conversion rates.

For instance, an AI model might identify a segment of health-conscious consumers who prefer organic ingredients, guiding a brand’s product development and marketing efforts.

4. Identification of trends

AI algorithms can sift through large datasets to identify emerging trends and patterns. This capability is particularly valuable for spotting new market opportunities and staying ahead of competitors. For instance, AI might detect — based on social signals or popular content — a growing interest in plant-based foods before it becomes mainstream, allowing companies to capitalize on the trend early.

5. Real-time insights

Unlike traditional methods that need a significant “processing” time between data collection and the outcome of the analysis, always-on AI systems can provide real-time insights. This allows CPG companies to react quickly to changing market conditions, such as a sudden shift in consumer preferences or a new competitor entering the market.

6. Synthetic testing

AI can also create large-scale virtual simulations that mimic market conditions, in a process called synthetic testing , based on real-world data points — which would typically include insights into how consumers interacted with similar products in the past (purchase behaviors, preferences & demographic information), social media signals, or consumer feedback.

This approach significantly reduces the time and cost associated with traditional testing methods, as the validation of concepts can be done at a massive scale by using synthetic data generated by AI from the provided data. Thanks to that, synthetic testing can be used to explore a wider range of scenarios and provide deeper insights into potential consumer responses to new products or services.

The future of living audiences

Read more about living audiences

The concept of “living audiences” clearly represents a significant shift in how CPG companies will approach consumer engagement in the future: performing market research and validating concepts at much greater speed with high accuracy thanks to AI-generated data.

When the AI models become more integrated within the technological stack of retailers, they will offer increasingly precise insights into consumer behavior, allowing for hyper-personalized marketing efforts that are responsive to even the slightest changes in consumer preferences. What still requires additional data today to run these extensive simulations will inevitably shift towards predictive concepting, and be replaced by real-time sentiment analyses, instantaneous consumer insights, and that will propagate into autonomous pricing optimization and predictive sales analytics.

Benefits and challenges of AI-driven market research

Speed and efficiency: AI significantly reduces the time required for data analysis, providing faster insights

Accuracy: AI can process and analyze vast datasets with high accuracy, reducing the risk of human error

Deep insights: AI offers a more detailed understanding of consumer behavior and market trends

Interpreting AI insights: Translating complex AI-generated insights into actionable business strategies that non-technical stakeholders can understand

User adoption: The largest benefit of AI integration into market research is helping the existing teams in their daily operations, speeding up their work and improving their outputs. Current employees have to be trained to adopt and effectively use AI tools as a “co-pilot”

Implementing AI in CPG market research

AI is transforming market research in the CPG industry, offering deeper, real-time insights into consumer behavior and market trends. By leveraging AI-driven analytics, CPG companies can enhance their decision-making, create more effective marketing strategies, and stay ahead of the competition.

As AI technology continues to evolve, its role in market research will only become more significant, furthering the need to set a comprehensive AI strategy .

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4 Retail Marketing Strategies for Small Shops Attract more customers to your small retail business with these actionable marketing tips.

By Jason Hennessey Edited by Chelsea Brown Aug 19, 2024

Key Takeaways

• Marketing your small retail business involves a creative, multichannel approach.
• You can maximize both in-store and online opportunities by using the simple yet effective marketing strategies listed in this article.

Opinions expressed by Entrepreneur contributors are their own.

As a small retail shop owner, you have big ambitions but, perhaps, a tight budget. You want to attract more customers but not blow all your means on expensive ads or social media marketing. What are some strategies to implement now and attract more customers?

From the in-store experience to upping your digital "curb appeal," here are some simple yet effective ways to market your retail store.

Related: 4 Strategies to Help You Attract More Local Customers to Your Small Business

1. Curate the in-store experience

An eye-catching storefront and thoughtful merchandising work wonders to not only draw in passersby but also increase sales . Carefully curating the in-store experience — from product displays to the checkout process to your customer service team — is essential for effective retail marketing.

The overall atmosphere of your store is important. Consider the colors, furniture, lighting, music and even scent. A pleasant ambiance makes the shopping experience more enjoyable and encourages customers to browse your store.

Make it easy for customers to find what they are looking for, with an intuitive layout and intentional product displays. Design your displays to highlight your best products, seasonal items or current promotions. Pair related products together (in proximity) to encourage customers to purchase complementary items. For example, place sunglasses near summer clothing or athletic equipment near sportswear.

Train staff to provide a positive, consistent customer service experience. For example, all staff should welcome guests as they enter the store and provide personalized recommendations based on the products customers are interested in.

2. Make it Meta (organic and ads)

With more than three billion monthly active users , Meta (formerly Facebook) is the biggest social media platform around. Meta is particularly effective when it comes to marketing a small retail business, whether through organic content or paid advertising.

First, create and optimize your Facebook business page to effectively describe your business, reflect your visual branding, share business updates, promote products and engage with customers. Your Facebook posts should have a consistent aesthetic and tone of voice so that when people visit your profile, they get a positive and clear impression of your business.

Meta also offers powerful ad-targeting tools to reach specific demographics based on location, interests and shopping behavior. You can run Meta ads on Facebook and Instagram to promote your store, online products, special offers or events.

Meta is also a great platform for sharing user-generated content. Encourage your customers to share photos of their purchases and tag your store. This type of content serves as impactful social proof and testimonials for your products.

Related: How to Make Money With Facebook Ads

3. Run pin-worthy product promos

If you sell products online through your website, then Pinterest is the place for promotion. With over 500 million active users , Pinterest is an extensive online marketplace that allows people to discover new products and brands.

Pinterest — like Google, Bing or YouTube — works as a search engine. People search for how-to guides, products, video content, etc., and the algorithm generates their feed to match. By creating content "pins" related to what people are searching for, you can get your products to rank high in Pinterest search.

The types of content that tend to perform best on Pinterest are product showcases with high-quality images, step-by-step tutorials featuring your products, seasonal inspiration boards and customer testimonials or reviews.

Experiment with different topics and content formats to see what your customers enjoy most. Use tools like Tailwind to automatically circulate your Pins, improving visibility and traffic.

4. Up your digital curb appeal with SEO

You don't need to depend on casual foot traffic to keep your store busy. Search Engine Optimization (SEO) works to attract local customers searching online. Through geo-specific targeting, you can drive more customers to your physical storefront.

Use an SEO keyword tool like Semrush to identify searchable key terms related to your product, niche and/or location. For instance, if you run a women's boutique clothing store in Brooklyn, some key terms to target might include "women's clothing store brooklyn" (50 searches per month) and "brooklyn dress shop" (70 searches per month).

You'll then incorporate these key terms into the content on your website, whether on your main pages (home, about, contact, etc.), product pages or blog posts. Ensure that the content effectively describes the key term you wish to target on each page, respectively.

Implement on-page SEO best practices , like writing concise page titles, descriptions and page headings, to improve the "searchability" of your website. Identify question-based keywords, like "how to dress for an interview" to target longer, more descriptive blog post content.

Create a Google Business Profile that includes your hours, location, phone number and website link. Add eye-catching photos of your storefront, products and staff, and request that happy customers leave reviews on your profile. This will work to build trust and attract more local customers.

Related: 8 Best Free and Low-Cost SEO Tools for Small Businesses

In summary, marketing a small retail business involves a creative, multichannel approach. In-store merchandising, Meta organic content and ads, Pinterest and SEO strategies can all be used to drive more online sales and local customers. From curating eye-catching displays and personalized customer service to creating content for Meta and Pinterest, these strategies come together to form a cohesive marketing plan that maximizes both in-store and online opportunities.

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International market entry strategies for businesses.

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Salvador Ordorica is the CEO of The Spanish Group LLC , a first-class international translation service that translates over 90 languages.

In today's interconnected world, businesses are constantly seeking ways to broaden their horizons and enter new markets. Business leaders cannot deny the allure of international expansion, but they often encounter challenges and uncertainties on the path to success.

I’ve been running an international translation company that started operating in Irvine, California, and now we’ve entered into over 18 foreign countries. So, I will share what I’ve learned over the years, exploring the essential components of international market entry strategies, the pivotal role of cultural intelligence and some real-world case studies of companies that have triumphed on the international stage.

Market Entry Strategies

Before embarking on the journey of international expansion, businesses must first carefully assess their motivations and goals. Market entry is not a one-size-fits-all endeavor; rather, it demands a customized approach based on factors such as the industry, target market and available resources.

Are you looking to tap into new customer bases, reduce dependence on a single market or take advantage of cost-efficiency in other countries? Each objective requires a tailored market entry strategy.

1. Exporting

Exporting is a market entry strategy where a business sells its products or services to foreign customers. It typically involves shipping goods or delivering services across international borders, often through intermediaries or distributors. Exporting is a relatively low-risk option for entering international markets, as it allows companies to leverage their existing products or services without making significant investments in foreign operations.

2. Licensing And Franchising

Licensing allows businesses to grant foreign entities the right to use their intellectual property, such as trademarks or patents. Franchising involves replicating a successful business model in foreign markets. These options offer a quicker market entry but require careful management .

3. Joint Ventures And Partnerships

This strategy allows businesses to share the risks and costs associated with expanding into foreign markets. It's a mutually beneficial arrangement where both parties work together to achieve common goals while maintaining a degree of independence. However, successful execution requires careful negotiation, clear agreements and effective cooperation to navigate cultural differences and ensure the venture's success.

4. Acquisitions And Mergers

Market entry via acquisition or merger with foreign businesses offers speed and access to established customer bases and distribution networks. But it brings integration, cultural and stakeholder challenges. It's high-risk, high-reward, demanding thorough due diligence and post-acquisition management for international success.

5. Wholly-Owned Subsidiaries

This represents a market entry strategy where a company establishes complete ownership and control of its operations in a foreign market. In this approach, the business sets up a new entity or company in a foreign country, fully owned by the parent company. While this gives the parent company maximum autonomy and decision-making power, it also entails significant financial investment and higher risks. Wholly-owned subsidiaries are ideal when a business seeks tight control over operations, brand consistency and long-term market presence in the foreign market.

The Role Of Cultural Intelligence

In working with international markets, I've learned that one of the key challenges is navigating the cultural diversity of global markets.

Cultural intelligence , often referred to as cultural quotient (CQ), is the ability to understand and to be able to adapt to different cultural contexts effectively. In international business, cultural intelligence plays a pivotal role in the failure or success of market entry strategies.

• Understanding The Local Market

Cultural intelligence helps businesses understand the values, customs and preferences of the local population. Adapt services to resonate with locals to gain local market understanding, enhancing your success in market entry.

• Building Trust And Relationships

Establishing trust with local partners and customers is paramount. Hire local people to understand the culture of each place. This makes you prioritize cultural intelligence, respecting customs and etiquette, exemplified in successful partnerships worldwide.

• Effective Communication

Language barriers can be a significant hurdle in international business. Cultural intelligence involves effective communication strategies that transcend linguistic differences. To achieve this, prioritize cross-cultural training for your team, hire local experts and foster a culturally sensitive work environment.

• Adaptation And Innovation

Successful market entry often requires adapting products or services to meet local needs and preferences. Cultural intelligence implies innovation and adaptation in response to cultural insights.

To achieve a successful market entry through cultural intelligence as a company, I have focused on adapting services to local customs, languages and trends. Simultaneously, we encourage innovation in translation technology to maintain a competitive advantage across diverse markets.

Case Studies: Companies That Successfully Entered The International Market

Now, let's dive into some case studies, drawing inspiration from companies that have successfully entered international markets.

I think Apple's gradual but well-calculated entry into various international markets exemplifies "market entry success factors." Their localized approach to product launches and marketing is a masterclass in tailoring strategies to diverse audiences.

2. McDonald’s

We can see that McDonald's excels with franchising as a market entry strategy. Their ability to adapt their menu to local tastes while maintaining a consistent brand image is impressive.

3. Coca-Cola

Coca-Cola's global success underscores the significance of adapting to diverse drinking cultures. In the 1970s , the "I'd Like to Buy the World a Coke" campaign and the unforgettable jingle propelled international expansion. Coca-Cola maintained a consistent product while allowing room for cultural taste adjustments. Meticulous adaptation in advertising, promotions, distribution and pricing cemented its global triumph.

Today, international market entry is not just an option; it's a necessity for businesses seeking growth and sustainability. Expanding into international markets is a transformative experience that can propel a company to new heights. By leveraging the right strategies and a global mindset, businesses can unlock the door to global success and write their success stories in the international market.

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Ai use cases in business: examples and benefits.

Home » AI Use Cases in Business: Examples and Benefits

AI Business Applications are transforming the way organizations operate, enabling them to enhance efficiency and make better decisions. By automating routine tasks and providing insights from data, businesses can focus on growth and innovation. Many companies are exploring various use cases of AI, such as optimizing customer interactions and improving market research processes.

Understanding how these applications work is crucial for organizations looking to remain competitive. From analyzing consumer behavior to predicting market trends, AI can significantly improve operational effectiveness. The benefits of adopting AI in business go beyond mere efficiencies; they encompass better customer experiences and informed strategic decisions.

Transforming Business Operations with AI

Transforming business operations with AI opens up new avenues for improved efficiency and productivity. By integrating AI business applications, organizations can automate routine tasks, freeing up employee time for more strategic activities. This automation can streamline workflows in areas such as customer service, inventory management, and sales forecasting, which can enhance overall performance.

Moreover, AI enhances decision-making capabilities by providing data-driven insights. When businesses analyze consumer behavior or market trends through AI models, they gain valuable understanding that can inform strategy. For example, predictive analytics can help a company anticipate customer needs, thus enabling proactive engagement. Embracing these transformations not only boosts operational efficacy but also positions organizations for sustained competitive advantage in a rapidly evolving marketplace.

Optimizing Processes and Efficiency

AI Business Applications play a pivotal role in optimizing processes and improving efficiency within organizations. They streamline workflows by automating repetitive tasks, allowing employees to focus on higher-value activities. For instance, data analysis tools powered by AI can quickly process vast amounts of information, turning insights into actionable strategies with remarkable speed and precision.

Moreover, AI enhances decision-making by providing predictive analytics, which helps businesses anticipate market trends and consumer behavior. This foresight allows companies to allocate resources more effectively and respond swiftly to changes. Additionally, by utilizing AI-driven reporting tools, organizations can generate detailed reports that reveal inefficiencies and areas for improvement. Improved coordination across teams results from these insights, fostering a culture of continuous optimization and ultimately leading to sustained growth and operational excellence.

Enhancing Customer Experiences

AI Business Applications play a crucial role in enhancing customer experiences by transforming how businesses interact with their clients. With advancements in AI technology, organizations can now analyze vast amounts of customer data to gain valuable insights into preferences and behaviors. By understanding these insights, businesses can tailor their offerings, ensuring a personalized experience for each customer.

One effective way to enhance experiences is through the implementation of chatbots, which provide 24/7 customer support. Another strategy involves predictive analytics, allowing companies to anticipate customer needs before they arise, fostering a proactive approach. Furthermore, sentiment analysis tools can help identify customer emotions based on feedback, enabling businesses to respond more effectively. Lastly, leveraging customer journey mapping helps visualize each touchpoint, refining interactions and driving engagement. By responsibly utilizing AI Business Applications, organizations can significantly boost satisfaction and loyalty among their customers.

AI Business Applications in Various Sectors

AI Business Applications span a multitude of sectors, transforming the way businesses operate and interact with their customers. In retail, AI tools can analyze consumer behavior to personalize shopping experiences, driving higher engagement and sales. The healthcare industry benefits from AI by predicting patient outcomes and improving diagnostic accuracy, ultimately enhancing patient care.

Additionally, in finance, AI applications enable real-time fraud detection and risk assessment, safeguarding assets and ensuring compliance. The manufacturing sector utilizes AI to optimize supply chains through predictive maintenance, minimizing downtime and enhancing productivity. Overall, the diverse AI business applications are revolutionizing operations across various sectors, offering significant benefits like cost reduction, enhanced customer satisfaction, and informed decision-making. These innovations illustrate the essential role of AI in shaping a more efficient and responsive business environment.

AI in Retail

AI Business Applications in retail can transform how businesses engage with customers and solve operational challenges. AI tools enhance inventory management by predicting demand, which ultimately reduces excess stock and minimizes losses. For instance, retailers can utilize data analytics to anticipate customer buying patterns, enabling them to stock products more efficiently.

Additionally, AI-driven personalization creates tailored shopping experiences. By analyzing customer data, brands can recommend products based on individual preferences, boosting customer satisfaction and loyalty. Moreover, AI chatbots serve as 24/7 customer support agents, answering queries in real time, which leads to improved customer service and engagement.

• Inventory Optimization : Utilizing AI to forecast demand helps in maintaining optimal stock levels and reducing waste.
• Personalized Marketing : AI allows retailers to deliver customized offers and recommendations, enhancing the shopping experience.
• Customer Support Automation : Implementing AI chatbots can streamline customer service, providing instant assistance and improving response times.

With these applications, retailers can not only enhance operational efficiency but also significantly improve customer relationships.

Personalized Shopping Experiences

Personalized shopping experiences harness the power of AI business applications to transform how consumers engage with brands. By analyzing user behavior and preferences, AI can offer tailored recommendations that feel uniquely curated for each shopper. This level of personalization not only enhances user satisfaction but also drives sales and customer loyalty. Retailers can utilize customer insights to predict future purchasing behaviors and adjust their offerings accordingly, ensuring relevance and appeal.

To implement personalized shopping experiences effectively, businesses can focus on three key strategies. First, they can use data analytics to understand customer habits, allowing targeted marketing efforts. Second, integrating chatbots can provide real-time assistance, answering inquiries and suggesting products based on individual preferences. Lastly, employing AI-driven recommendation engines can enhance online shopping by presenting relevant products, increasing the likelihood of conversion. These strategies exemplify how AI business applications can elevate the overall shopping journey, making it more efficient and enjoyable for consumers.

Inventory Management and Demand Forecasting

Efficient inventory management and accurate demand forecasting are vital elements in any successful business. By integrating AI business applications, companies can optimize their inventory levels and make informed decisions based on predictive analytics. This not only reduces excess stock but also minimizes the risk of stockouts, ensuring that customer demand is met consistently.

To achieve effective inventory management and demand forecasting using AI, consider the following key strategies:

Data Analysis : AI systems analyze historical sales data, identifying trends and patterns that can inform future inventory needs.

Real-Time Monitoring : Businesses can use AI to track inventory in real-time, allowing for quick adjustments based on current sales and market demands.

Forecasting Models : Advanced algorithms can predict future demand with a high degree of accuracy, taking into account seasonality and market fluctuations.

Supply Chain Optimization : AI can enhance collaboration with suppliers, predicting delays and adjusting orders to maintain optimal inventory levels.

By implementing these strategies, companies can gain a significant competitive advantage, improving operational efficiency and ultimately increasing profitability.

AI in Finance

AI is revolutionizing the finance sector by enhancing efficiency, accuracy, and decision-making processes. Through AI business applications, financial institutions can analyze vast amounts of data real-time, identifying trends and making informed investment decisions. This capability is particularly crucial in managing risks and predicting market fluctuations, ensuring that organizations remain competitive in a rapidly changing environment.

Several key AI applications are transforming finance. First, algorithmic trading systems leverage AI to evaluate market conditions and execute trades at optimal times. Second, fraud detection systems utilize AI to monitor transactions and flag unusual activities quickly. Lastly, robo-advisors offer personalized financial advice based on an individual’s financial behavior and goals. These advancements illustrate how AI in finance not only streamlines operations but also improves client trust and satisfaction.

Fraud Detection and Prevention

Fraud detection and prevention are critical components of any modern business strategy. Businesses face numerous threats, including identity theft, financial fraud, and data breaches. Implementing effective AI business applications helps organizations identify fraudulent activities before they escalate. By analyzing patterns in transaction data, AI algorithms can sift through vast amounts of information to flag anomalies that human analysts may overlook.

AI can enhance fraud detection through machine learning models that improve continuously as they process more data. These systems learn to recognize behaviors indicative of fraud, allowing businesses to respond swiftly and accurately. Additionally, the use of predictive analytics can help organizations anticipate potential fraudulent actions based on historical data trends. Adopting these AI-driven strategies not only protects revenue streams but also fosters trust among customers, contributing to long-term business success.

Automated Customer Support

Automated customer support has transformed how businesses interact with their clients, improving efficiency and satisfaction. With the help of AI business applications, companies can provide round-the-clock assistance, ensuring that customers receive timely responses to their inquiries. By integrating chatbots and virtual assistants, businesses can automate handling routine inquiries, allowing human agents to focus on more complex issues.

One significant advantage of automated customer support is its ability to collect and analyze customer data. This capability enables businesses to understand customer preferences and behaviors better. Through continuous learning, AI systems can enhance their responses and service quality over time. Ultimately, this leads to a more personalized experience for users, fostering loyalty and engagement. Companies that adopt these AI-driven solutions not only streamline operations but also create a more interactive customer journey, highlighting the many benefits of embracing innovative technologies.

Benefits of AI Business Applications

AI Business Applications offer numerous advantages for businesses aiming to enhance efficiency and effectiveness. Firstly, these applications streamline processes by automating repetitive tasks, allowing teams to focus on strategic initiatives that require human insight. Additionally, they provide valuable data analytics capabilities, enabling organizations to make informed decisions based on real-time insights.

Moreover, AI-driven solutions can significantly improve customer engagement through personalized interactions. By analyzing customer behavior, businesses can tailor their marketing efforts to provide relevant content, thus enhancing the overall customer experience. Furthermore, AI applications reduce operational costs through improved resource management and error reduction. In today’s competitive environment, embracing AI can position businesses for long-term success by fostering innovation and enhancing adaptability to market changes. By understanding these benefits, organizations can strategically implement AI Business Applications to drive growth and operational excellence.

Operational Efficiency and Cost Savings

AI Business Applications play a crucial role in enhancing operational efficiency and achieving cost savings. By automating repetitive tasks, businesses can streamline workflows, reduce human error, and save valuable time. This efficiency not only improves productivity but also allows employees to focus on more strategic activities.

Moreover, AI can analyze vast amounts of data to identify inefficiencies within processes. This insight enables organizations to make data-driven decisions that can significantly minimize costs. For instance, predictive maintenance powered by AI reduces downtime by anticipating equipment failures. Integrating AI into various business functions leads to a leaner operation, ultimately resulting in considerable financial benefits and a stronger competitive edge in the market. By adopting AI-driven solutions, companies position themselves not only to survive but to thrive in a rapidly evolving business environment.

Improved Decision Making

AI Business Applications play a transformative role in improving decision-making within organizations. By integrating sophisticated algorithms and data analysis, businesses can utilize AI to sift through vast amounts of information, facilitating timely and informed choices. Advanced AI tools eliminate biases that often arise from manual data interpretation, assuring accuracy and reliability in decision-making processes.

Several factors enhance decision-making through AI integration. First, AI can automate data collection and analysis, significantly reducing the time required to derive insights. This efficiency allows teams to focus on implementing strategies rather than getting bogged down by data management. Second, AI systems offer predictive analytics, which enable businesses to forecast trends and make proactive decisions. Lastly, enhanced collaboration occurs when insights are centralized and easily shareable. This leads to better-informed teams and cohesive strategies that drive business success. By capitalizing on AI Business Applications, organizations can ultimately make smarter, quicker decisions that resonate with market demands.

Conclusion on AI Business Applications

AI business applications have transformed the way companies operate, delivering numerous benefits across various sectors. By automating routine tasks and enhancing data analysis processes, businesses can improve efficiency and make informed decisions. The integration of AI in areas like market research and customer feedback analysis showcases its potential to derive meaningful insights that drive strategic initiatives.

Moreover, companies harnessing AI technologies have reported increased productivity and better customer engagement. As organizations explore these applications, staying abreast of evolving tools and methods will be essential. Understanding the unique needs of clients can help businesses choose the right AI solutions that yield the greatest value.

Future Trends and Considerations

As AI business applications continue to evolve, businesses must stay ahead of emerging trends to remain competitive. One significant trend is the shift towards greater personalization powered by AI. Companies are increasingly using AI to analyze customer data, gaining insights that drive tailored marketing strategies and product recommendations. This personalization not only enhances the customer experience but also improves retention rates and customer loyalty.

Another important consideration is the ethical use of AI. As businesses integrate advanced technologies, they must prioritize transparency and data privacy. Establishing clear policies for data usage will build trust with customers and mitigate risks associated with data breaches. Additionally, as AI capabilities expand, companies should focus on upskilling their workforce to work alongside these technologies effectively. This dual approach—embracing innovation while fostering a responsible AI culture—will define successful business strategies in the years to come.

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