Uncovering Hidden Treasures: Essential Tools for Market Research

“Research is formalized curiosity. It is poking and prying with a purpose.” — Zora Neale Hurston

Maybe I was an archaeologist in my past life. You know… in the likes of Lara Croft and Indiana Jones. Because I am always fascinated by what has been uncovered that sheds new light on the history of human civilization. I’m sure Nathan Drake (from the video game Uncharted) would be excited to find items of pottery in the ancient city of Pompeii in a room that was likely part of the servant’s quarters in a vast residential complex. And I imagine Robert Langdon beaming to find a giant Buddha among the diminished Dadu, Qingyi, and Minhe Rivers in Leshan, China. Or the Relic Hunter’s Sydney Fox walking in footprints made from a 113-million-year-old 7-ton acrocanthosaurus and a 60-foot tall sauroposeidon in Dinosaur Valley State Park in Texas.

Well, this fascination for discovering unbeknownst secrets combined with creativity and problem-solving skills, come in handy as a marketing consultant too. Only… instead of relics, I find hidden sources of market and competitive intelligence. After all, in my profession, it is important to understand the dynamics of the market at a macro and micro level in order to develop effective marketing strategies for my clients and their businesses to stay competitive in the market.

So, in essence, I could be considered a treasure hunter of some sort. Because like them, I look for clues and craft a map outlining a company’s market strategy for both short-term and long-term success. If only I could look as hot as Alicia Vikander or Angela Jolie in Tomb Raider or have the tools of Harrison Ford in Raiders of the Lost Ark.

Wait… actually, in Market Research, there are some cool tools to use, as well. Here are some of them:

PRIMARY RESEARCH is research that is conducted by the business itself. It can provide specific and detailed insights into the target market.

• Surveys are a popular tool for gathering information from a large number of people. They can be conducted in a variety of formats, including online surveys, paper surveys, and phone surveys. Surveys can be used to gather both quantitative data (e.g., how many people prefer a certain product) and qualitative data…