If you are in the early stages of a new venture, you need to know how to deliver your product to your spouse, friend, and target audience. One of the best ways to get to know your target audience is to do market research. To reduce the risks on the life and profitability of the market research product in the market, companies that have just entered the market to reach the right target audiences, it is the most common method used by well-established companies, even political parties, that are already developing new products, to observe voter trends.
One of the most important problems of a new venture is to find a source of money. You may not have enough budget to spare for 5-digit numbers, especially for market research. Knowing your customer should be your priority so that you can develop your product as soon as possible, launch it, introduce it to the right target audience and make sales. So, is market research the only method for this?
What is market research?
Market research of your (potential) customers; It is a process that allows you to regularly monitor consumption habits, preferences, and approach to prices over certain data. With market research, you collect data about the potential market of your product and lay the groundwork to present it in the best way.
What are market research methods?
Market research can be different according to needs and business sector. The most preferred methods are below.
Quantitative Research
Quantitative research is market research that produces “countable data”, unsurprisingly. The aim of the research, which is carried out with the help of questionnaires determined according to the sector and product, is to collect numerical data that can be processed with the help of statistical science and to draw meaningful conclusions from it.
Quantitative research methods:
• Face to face meeting
• Telephone conversation
• Conversation over the Internet
• Computer assisted telephony (CATI)
• Computer-assisted personal interviews (CAPI)
Qualitative Research
Qualitative method is a research method that helps to draw in-depth conclusions with a smaller sample. With the qualitative method, it is aimed to obtain insights from small groups instead of large data that can be processed.
Qualitative research methods:
• Behavioral studies
• Focus group studies
• In-depth interviews
• Projective techniques
Market research firms’ fees can be costly to start or develop a business, depending on the nature of the research, the number of people to be interviewed and the method. While the focus groups selected in the research may seem useful for understanding consumers’ habits at certain times, they require you to allocate large budgets in the long run.
Yoorbit is the first and only application in the world where personal experiences can be scored, and the user can earn from all rated experiences. With our B2B Consumer Insight solutions, we have a technological infrastructure that enables you to reach the right target audience in a much shorter time and with much lower budgets.
Each user who uses Yoorbit and rates personal tastes, series, movies, books, hotels, wines, restaurants, songs, games, social media, shopping, concerts, education, history, etc. It provides very important data in determining user habits in all these categories and provides us with a very accurate user experience regarding their approaches to all aspects of life.
Yoorbit can identify people’s interests, tastes, people they interact with, and the environment, potential interests. If you want to get the right solutions with methods based on real user experience without tiring your budget, you can find the solution on Yoorbit.
