Any number of methods can be used to gather data such as online or face-to face surveys of individuals or groups of respondents, such as focus groups to gather feedback. In this blog I go through some of the terms and methods, which perhaps you may not have heard of, for collecting market research data.
Dyad or Triad
This is a type of qualitative research where two (Dyad) or three (Triad) participants are being interviewed by a single interviewer, effectively creating a mini focus group. This allows for the interviewer to observe the discussions and gain more information than would be possible in a larger group. This research method is common when respondents are relatively equal as far as their ability to make purchase decisions for a company. The method of using a Dyad or Triad is best when you need to determine the influences on decision making.
This technique is best used in focus groups or interviews. The projective technique helps to stimulate the participant’s minds by having them think in a more creative and subjective way. Several examples of projective techniques are: sentence completion, the attribution of human characteristics and associations to objects, and expressive drawing. Projective techniques encourage the participants to think outside the box and perhaps suggest improvements for the product or service that may not have been thought of otherwise.
This is when the initial respondent sample is selected at random and subsequent respondents are then selected by referrals or information from the earlier respondents. This type of sampling is used when it is hard to locate or contact the required number of respondents for a research sample.
This is a statistical technique used to determine how participants value the different attributes of a new product or service such as price, function or the benefits in comparison to another. A set of product or service designs are shown to participants, who will review and compare them in relation to the different attributes. The implied value for different attributes of the compared product or service can then be determined. This then can be used to create different market models, to estimate market share, revenue and profitability of these products or services. This would most likely be used in the lead up to the launch of a new product or service to help determine viability.
Trade-off analysis is one way to understand how Specifiers make their product choices. This method is used to inform the effect of decreasing one or more key factors, whilst simultaneously increasing one or more other key factors for a product or service. This can help to identify the relationship between two similar factors, for example the price and cost of a product or service. Participants are asked to choose a limited number of attributes from a selection, so giving an indication of the importance to particular attributes. Trade-off analysis can be used to inform a strategy about the product or service, such as whether to increase or lower price, or to adapt customer service.
There are many methods for conducting market research; the method you choose can be dependent upon your research objectives, whether you want the outcome of the research to be more qualitative or quantitative, your budget and timescales. Competitive Advantage can help you choose a method for your research and conduct it for you, guiding your decisions along the way.
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eBook: A how to guide for Market research in the Construction Industry