Market Research has always been an important component of business strategy and an organized effort to gather information about consumers’ needs, wants, and habits; market trends; and competition. Market Research is an overall great business function to help answer questions that influence business decision-making. In order to be a successful company, businesses have used Market Research to develop business decisions that, when implemented correctly, generate a considerable return on investment (ROI).
There are two widespread methods of Market Research, which are Survey Research and Focus Groups; both of which have their own benefits and weaknesses.
- Survey Research – Surveys can be more cost effective and provide more quantifiable data that can be easily analyzed, but are less personal or interactive.
- Focus Groups – Focus groups tend to encourage good discussions, but can be time consuming and costly, plus create qualitative data that can be harder to analyze.
Reliability is a key factor in business decision-making. With either method of research, your business will want to make sure that the information collected is going to provide accurate and reliable information in order to make informed business changes and decisions.
So, which method of market research is more reliable? First, let’s breakdown each method. Continue reading