And the survey concludes….

As a new business or existing business, it is highly important to keep up with customer trends and their opinions of your product or service. This is where market research comes into play. You want to be able to understand your target audience and the future audience that could potentially buy your products or services. Without knowing exactly how well your product is doing in the market how would you know what things need to be fixed, improved, or left alone? Knowing this type of information allows marketers to make decisions and strategize new ways to drive traffic and ultimately increase sales. There are two types of research you can conduct as a marketer, qualitative and quantitative research. Quantitative is based on measurement, data, and statistical analysis. This can be done via surveys. Then there is qualitative, which is about asking questions to answer the reasoning behind consumer’s feelings and emotions with said products or services. Let’s say you are the owner of a new bikini line in Miami, Fl and you want to see how well your customers are liking your bikinis or if they would buy your new line of bikinis. This would be the perfect opportunity to conduct one of the two tests. If your decision is based more on the branded approach to the new line, you would go with a qualitative test. Getting an in-depth opinion on the new style, pattern, color, and design is much more complex and would require you having an actual conversation with your consumer, either in an interview setting or a focus group setting in order to get the opinions of a couple of different people at the same time. Conducting these experiments not only gives you insight on your target audience preferences but it also allows you to get ideas for the future and your future plans for your business. Market research allows you to create from your vision, with your audience in mind, make sure to listen to them!

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