Market Research

Quantitative

What is Market Research?

Market research is the process of gathering and analysing information about a particular market, industry or target group, to understand the needs, wants and perceptions of the market and make informed business decisions. It involves collecting and analysing data on consumer behaviour, market trends, competition and more. Market research can be divided into two main categories: primary research and secondary research.



Research involves collecting original data through methods such as surveys, interviews, focus groups, and observations. This data is collected specifically for the research project at hand.

Why do we run Market Research Workshops?

Advanguart runs a variety of market research workshops, depending on the specific research question and goals of the project. Here are a few examples of types of market research workshops that we may run:

  1. Surveys: Surveys are a method of collecting quantitative data from a large sample of people. Surveys can be conducted online, over the phone, or in person.
  2. Focus groups: Focus groups are a method of collecting qualitative data from a small group of people through moderated discussions.
  3. Interviews: Interviews are a method of collecting qualitative data from individual people through one-on-one conversations.
  4. Ethnography: Ethnography is a qualitative research method that involves observing and studying a particular culture or group of people in-depth, over an extended period of time.
  5. User testing: User testing is a method of evaluating the usability and user experience of a product or service by observing people using it.
  6. Online research: Running online surveys, online focus groups, and online interviews is another type of market research workshop that Advanguart runs, depending on the research objectives.

All of these methods can be used to collect market research data, and each has its own advantages and limitations. Advanguart will recommend the market research method that best suit the research objectives and goals, and we will use a combination of methods to triangulate the data, in order to get a more complete picture of the subject.

What are the benefits of Market Research Workshops?

Market research workshops offer a wide range of benefits for organisations, Here are a few examples:

  1. Informed Decision Making: Market research workshops provide organisations with valuable data and insights that can inform business decisions and strategies, such as product development, marketing, and overall growth.
  2. Increased understanding of target market: Market research workshops help organisations to better understand their target market, their needs, wants, and perceptions.
  3. Identify new business opportunities: Market research workshops can help organisations to identify new business opportunities and assess the potential for growth in new markets.
  4. Cost-effective and time-efficient: Market research workshops provide a cost-effective and time-efficient way to gather feedback and insights from a large number of participants at once.
  5. Improved marketing strategies: Market research workshops can provide valuable insights into consumer behaviour, preferences, and trends that can be used to develop effective marketing strategies.
  6. Understanding the competition: Market research workshops can help organisations to understand the competition, their strengths and weaknesses, which can help them to identify potential areas for differentiation.
  7. Collaboration and team building: Market research workshops bring teams together to work on a common goal and can foster collaboration, and teamwork and build cohesion among team members.
  8. Increased customer satisfaction: Market research workshops can help organisations to measure customer satisfaction and gather feedback about their products and services which can lead to increased customer satisfaction and loyalty.

Overall, market research workshops provide valuable data and insights that can inform business decisions and strategies, and help organisations to better understand their target market, identify new business opportunities, and improve their overall performance. Advanguart will recommend the market research methods that best suit the research objectives and goals, and we will use a combination of methods to triangulate the data, in order to get a more complete picture of the subject.

What deliverables will Market Research Workshops produce?

The deliverables from a market research workshop will vary depending on the specific goals and objectives of the research project, but some common deliverables that may be produced include:

  1. Research report: A comprehensive report detailing the findings of the market research, including key insights, recommendations, and actionable items.
  2. Transcribed interviews and observations: A written record of the observations, which can be used to supplement the research report and provide additional context.
  3. Data visualisation: Visual representation of the data, showcasing the research findings and allowing for easy data exploration and analysis
  4. Action plan: A detailed plan outlining the steps that the organisation will take to implement the recommendations and insights from the market research.
  5. Presentation or summary of findings: A summary of the research findings that can be used to communicate the insights to different stakeholders in the organisation.
  6. Training materials and manual: A document that contains step by step guide for conducting market research.
  7. Video and audio recording if applicable: A recording of the session if it was done with audio and video, can be used to further analyse the data and provide additional context.

All of these deliverables are created to help the organisation understand the research insights, how to apply them, and communicate the findings. Advanguart works closely with clients to ensure that the research deliverables align with their specific needs and goals. Additionally, market research can provide valuable insights and feedback that can inform product development, advertising, public policy, branding and positioning, and more.