How to conduct market research? 3/7: Choosing the right methods

Summary

In this video, Dr. Pierre-Nicolas Schwab of IntoTheMinds explains how to select the right market research techniques for different business situations. He outlines three common scenarios: launching a local business, introducing an innovative product or service, and adapting to changes in the market. For each scenario, he recommends specific research methods, such as flow research, PESTEL analysis, qualitative studies, and co-creation sessions, to ensure businesses gather accurate insights that drive success. This episode provides valuable guidance for entrepreneurs and companies looking to make data-driven decisions.

Takeaways

• 😀 Market research is crucial for understanding your business context and making informed decisions.
• 😀 Dr. Pierre-Nicolas Schwab is the founder and director of a market research agency with over 15 years of experience.
• 😀 The script highlights three common situations where market research can provide valuable insights: local business launch, innovative product/service launch, and adapting to changing market conditions.
• 😀 For a local business launch, location is the key success factor, and market research should focus on foot traffic, competitor analysis, and sales potential.
• 😀 Flow research is essential for understanding the number of people passing by your future sales outlet, while competitor research helps assess the local market's capacity.
• 😀 In the case of launching an innovative product or service, PESTEL research can help analyze the market's general aspects and legal barriers to entry.
• 😀 Qualitative research is useful for understanding customer expectations when launching an innovative idea or service.
• 😀 Online surveys (quantitative research) help confirm customer preferences and identify obstacles to purchase for new products or services.
• 😀 When facing a changing competitive environment, qualitative research can help identify evolving customer needs and aspirations.
• 😀 Co-creation sessions, such as Design Thinking, can help businesses innovate by developing products or services that better align with customer needs.
• 😀 The next episode of the series will delve into trend research, PESTEL research, and competition research as essential tools for strategic decision-making.

Q & A

What is the main topic of this video?

The main topic of this video is choosing the right market research techniques for different business situations, explained by Dr. Pierre-Nicolas Schwab, founder of IntoTheMinds market research agency.

How long has Dr. Pierre-Nicolas Schwab been working in market research?

Dr. Pierre-Nicolas Schwab has been working in market research for 15 years.

What are the three common business situations where market research is particularly useful?

The three common situations are: 1) Launching a local business, 2) Launching an innovative product or service, and 3) Adapting to a changing competitive environment.

In the case of launching a local business, what is the first key factor to consider?

The location is the most important factor that will define the success or failure of your project. It needs to be confirmed through market research.

What is flow research, and how is it used in market research for a local business?

Flow research is a method used to measure the number of people passing by your future sales outlet. It helps in estimating the potential traffic and sales for the business location.

What other market research methods should be used when launching a local business?

In addition to flow research, competitor research in the catchment area should be conducted. This includes determining occupancy rates, average shopping baskets, and extrapolating potential turnover.

What steps should be taken when launching an innovative product or service?

For an innovative product or service, start with PESTEL research to understand the general market environment, including legal factors. Follow it with qualitative research to test your idea against customer expectations, and use quantitative online surveys to validate the findings.

What is PESTEL research, and why is it important in market research?

PESTEL research is an analysis of the Political, Economic, Social, Technological, Environmental, and Legal factors that could affect the market. It is important because it helps identify external factors that may present obstacles or opportunities for a new business or product.

How can qualitative research help a business in a changing competitive environment?

Qualitative research helps understand customer aspirations and the evolution of their needs over time, which allows businesses to adapt and develop products or services that meet future customer expectations.

What is Design Thinking, and how does it help businesses in market research?

Design Thinking is a collaborative, creative process often used in co-creation sessions to develop products or services that perfectly align with customer needs. It is an important tool for businesses looking to innovate and stay ahead in a changing competitive environment.

What can businesses do if they want to learn more or need help with market research?

Businesses can contact the IntoTheMinds market research agency by calling the displayed numbers or sending an email to [email protected] for assistance.

What will be discussed in the next episode of this series?

In the next episode, the video will cover trend research, PESTEL research, and competition research.