In essence, (market) research is the structured collection and analysis of information about a market, product/services, or customer/employee. It is conducted for various reasons, including:
- Gaining insights (what are the latest market trends? How do people feel about...?)
- Generating ideas (what do my customers/employees need and why?)
- Measuring impact (are we achieving our objectives?)
There are two types of (market) research
There are two types of (market) research: qualitative and quantitative research. Qualitative research is descriptive in nature, and its output often consists mostly of text (often forming hypotheses). On the other hand, quantitative research aims to generate 'hard' numbers and data (testing hypotheses). The choice between them depends on the context, and in some situations, it may be interesting to combine qualitative and quantitative research.
Highberg focuses on various areas of expertise.
Highberg and (market) research
Highberg supports organizations in solving the most pressing marketing, communication, and employee issues based on hard facts (data). We assist our clients in making the right choice regarding the type of (market) research, developing the research design, and conducting the research (qualitative and/or quantitative). We bring together data from various sources and have access to our own ISO-certified panels for conducting research among consumers, employees, and business audiences. As a client, you get direct online access to these (market) research panels.
We analyze the data using Data Science and make the insights actionable through dashboards.
Setting up and conducting (market) research is often challenging, especially in ensuring compliance with privacy guidelines set in the GDPR, for example. Therefore, outsourcing (market) research and collaborating with a professional external partner like Highberg is always a smart choice. Our specialists stand out through customer focus, quality, and speed at a very competitive price.
Step-by-step plan: from business question to insight & action
To achieve the most relevant insights and demonstrably impact the top line, a step-by-step plan is followed.
- It begins with defining the business question: what is the challenge, and why is it relevant? This can then be translated into analytical questions. Choices such as opting for quantitative or qualitative research, online or offline methods, one-time or recurring surveys, using an existing customer database, or requiring a panel are all important considerations.
- Once the research design is aligned with you, we, in collaboration with you, proceed to prepare for the research. This includes tasks such as formulating questions and sending out announcements.
- Following the preparation, we initiate the fieldwork. After collecting all the data, it is transformed from an unstructured amount of data into a structured set of information.
- The next phase involves analysis using data science techniques. The outcomes are then visualized in a dashboard. As a client, you can use these insights to implement actions based on the findings.
- Finally, various metrics are used to verify whether the results have been achieved or if adjustments are necessary.
Having professional (market) research conducted: results
Every (market) research leads to one or more results and/or final products. However, the type of (market) research that has been conducted determines the nature of the results. In a customer satisfaction survey, for instance, it may become clear on which points your company can still improve in the future to better please your customers. Whereas in an image survey, it emerges how your target audience actually perceives your company, brand, or product.
The insights from (market) research thus lead, among other things, to products and services that better align with needs, a better experience, and successful innovation. (Market) research is also conducted to gather data about the market or customers for the purpose of Marketing Data Science. By combining data from (market) research with data from other sources (such as CRM), we can make analyses to improve retention, optimize customer value, or determine the right price level, for example.
End product when outsourcing market research
The final product that we ultimately deliver is predetermined. Broadly speaking, there are three end products for our clients:
- Report (including summary, conclusion, and recommendations)
- Data (SPSS or Excel)