Top-Tier Business Research and Analysis”

What is Market Research?

Market research is something many people believe they can just dive into — or even skip — when they start planning their business. Unfortunately, nothing could be further from the truth. Finding the right sources to trust, knowing what to research in the first place, and understanding the information you find can be a lot for someone who is also managing the other aspects of the business-building process, even with experience. Luckily, the experts at Wise have the connections and knowledge base to provide market research that is both up-to-the-minute and reliable.

Business Research and Analysis”

Market research methods

Surveys: Surveys are one of the most popular market research methods. They can be conducted in-person, via phone, email, or online. Surveys can help gather quantitative data on customer preferences, behaviors, and attitudes. Focus groups: Focus groups are small groups of people who are brought together to discuss a particular product or service. They are usually moderated by a market researcher who asks questions to elicit opinions and feedback from participants. Interviews: Interviews can be conducted in-person or via phone. They are usually more in-depth than surveys and can provide a deeper understanding of customer needs and motivations. Observational research: Observational research involves watching customers in their natural environment and recording their behaviors and interactions with products or services. This can provide valuable insights into how customers use products or services and what features they find most important. Secondary research: Secondary research involves analyzing existing data from sources such as government reports, industry publications, and competitor websites. This can help companies understand trends and identify opportunities in the marketplace. Social media analysis: Social media analysis involves monitoring social media platforms to gather insights into customer opinions, behaviors, and preferences. This can help companies understand how their brand is perceived and identify areas for improvement. A/B testing: A/B testing involves creating two versions of a product or service and testing them with different groups of customers to see which version performs better. This can help companies make data-driven decisions about product design and marketing strategies..