In most cases, we find ourselves relying on our intuitions or common sense to make business decisions. However, for businesses that depend on large financial resources with a high likelihood of failure project failure, then market research would come in handy. Market research is basically conducted to reduce risks.

We all operate in diverse sectors. Whether your business operates in chemicals, metals, healthcare, education, food & drink, energy & utilities, retail & consumer, sports, telecommunication, marketing, media & advertising, and others, the type of information depends on the problem you want to solve.

The following table provides some of the information you might need for your market research

Need	Nature of Information	Applicable methods
Crisis management	Feelings, ratings, attitudes	Survey, focus group
Satisfaction	Ratings	Face-to-face/survey/internet/mail
A/B testing	Preferences, attitudes	Focus groups, surveys
Usability testing	Attitudes, likelihood
Attitude/ use	Attitude, awareness, frequency	Focus group, surveys, face-to-face
M & E	Ratings, attitudes	Survey, face-to-face/internet/mail
Training Needs	Needs, ratings, preferences	Survey, face-to-face/internet/mail
Segmentation	Needs, behavioural, psychographic, firmographic, demographic	Cluster analysis, surveys

Method	Advantages	Disadvantages
Face-to-face Interviews	Better explanations, high accuracy, better for product placement, depth	Costly, organizational complex, time, control difficulty
Telephone Interviews	Low cost, high speed	No visuals, no contact
Self-completion Interviews	Audience motivation, high response rate
Online Surveys	Improved accuracy, saves , time

The use of telephone to collect data through telephone interviews

It is unstructured interviews that allows interviewees the freedom of exploring additional information and changes in direction of interview. It is a qualitative data collection approach that allows collection of descriptive and rich data around information such as perceptions, attitudes, behaviours. You can adopt this as a standalone or integrate with other method.

Collection of data by interacting with group members. Members are carefully selected to participate in discussion of issues. Used to answer questions on how, what, and why to provide processes, attitude, and behaviour.

Collection of both quantitative and qualitative data. Useful in either industrial or B2B market research. Allows comparison of responses, flexible, ask follow up questions, allow respondents opportunity to expound on a topic.

The proportion on respondents that get invitation to participate in a survey and accept to go ahead with the survey. Varies depending on market research.

Grouping of customers based on attitude – feelings, thoughts. Helps design messages that suit the target market. Used when a client wants to create products, services, and communication to appeal to specific audience. Useful for segmentation of customers.