Skip to content
Winning with Data Driven Marketing Podcast: Interviews with world-class marketers and growth experts Listen Now
×

Glossary

Market Research Fundamentals

Understanding market research is essential for anyone looking to conduct or analyze data.

Survey

A way of collecting information by asking specific questions to a group of people. Its purpose is to understand the larger population as a whole. Surveys are essential for gathering data and gaining insights, benefiting various sectors such as businesses, media, government, and academics in the information economy

Panel

A panel refers to a group of individuals who have been recruited in advance and agreed to provide feedback through various means such as online surveys, studies, in-depth interviews, focus groups, and more.

Qualitative Research

Qualitative research involves gathering and analysing non-numerical data, such as text, video, or audio. Its purpose is to understand concepts, opinions, or experiences. This type of research provides in-depth insights into a problem or generates new research ideas. Typically conducted through interviews, it allows researchers to observe behavioural cues that can help shape their questions.

Market Validation

Market validation is the process of testing the relevance and desirability of a product or concept through user research. Its goal is to determine, in the early stages, whether an idea is worth pursuing further.

Market Segmentation

Involves dividing potential buyers into groups based on their needs and their likelihood to respond similarly to marketing efforts.

Response Rate

Response rate refers to the percentage of the targeted population who have participated and responded to your survey.

Unbiased Results

Unbiased results are achieved when the sample data accurately represents the population, ensuring accurate survey outcomes. Achieving unbiased results involves careful consideration of survey design, precise question wording, appropriate question formats, and reliable data collection techniques.

Market research

Market research involves assessing the potential success of a new product or service by directly engaging with potential customers. It enables a company to identify its target market and gather valuable opinions and feedback from consumers regarding their interest in the product or service

Brand Insight

Brand insight involves understanding your brand and how it connects with the needs of your target audience. It encompasses various aspects such as brand awareness, brand perception, brand integrity, brand trust, as well as your brand's value proposition and mission.

DIY

A DIY survey refers to when an individual uses software to conduct market research independently, instead of relying on a service or agency. This approach involves utilising online research tools, typically found on self-serve market research platforms. These platforms offer a wide range of advanced tools and features that enable users to gather and analyse data quickly and efficiently.

Concept Testing

Concept testing involves conducting a survey to gather feedback from customer segments within the target market. It aids teams in evaluating various aspects such as product development, ad campaigns, messages, or claims. Whether it's testing a single concept or comparing multiple concepts through an A/B test, concept testing allows for informed decision-making, avoiding mistakes, customising products for potential customers, and providing data to support ideas within the company.

Comparison Testing

Comparison testing involves presenting participants with two or more products or concepts and asking them to compare and evaluate them. This approach differs from monadic testing, where each participant is shown a single product or concept for evaluation.

Product Insights

Product insights involve analysing the user experience when interacting with a product. This analysis includes both quantitative data, such as assessing the ease and efficiency of product usage, and qualitative data, such as capturing user emotions and feelings during product interaction. By gathering and analysing this data, development teams can enhance products and services to better meet the needs of their customers.

Ad concept testing

Ad concept testing involves evaluating initial ad concepts or more polished executions using qualitative or quantitative methods. The goal is to assess factors like relevance, understanding, impact, appeal, and potential longevity. This process is often referred to simply as concept testing

Have more questions?👀

we understand that navigating the world of market research can be overwhelming. That's why we offer personalized support to ensure you get the most out of our services.