Getting Started with DIY Market Research
Savannah Trotter • 2 Sep 2022
As both research departments and budgets shrink, it’s becoming increasingly difficult to get the same level of insights with far fewer resources.
Thankfully, DIY market research has the solve.
How to Use DIY Market Research
Whether you're a small start-up or a well-established brand, it should come as no surprise that consumer insights can be incredibly beneficial for every aspect of your organization.
While DIY research was once an arduous process full of menial tasks, it has since become an elegant solution to the "do more, with less" problem that so many companies face.
And when it comes to practical applications, there are innumerable ways to utilize research for your business. Some of the most popular areas of experimentation include:
Product Research: Product research allows you to investigate and test every aspect of your product, from MVP to post-launch upgrades. Evaluate whitespace opportunities, test concepts, and optimize features through experiments like concept tests, conjoint analysis, MaxDiff, and more.
Brand Research: This type of research helps you measure the overall performance of your brand through metrics like brand awareness, usage, purchase, loyalty, and net promoter score (NPS). Similarly, you can use studies like brand tracking or brand health tracking to keep a pulse on the market and understand how your brand performs over time.
Pricing Research: Pricing Research enables you to test price sensitivity in the market and discover what consumers are willing to pay for your offerings through experiments like conjoint analysis, price rating, Gabor-Granger, or Van Westendorp’s Price Sensitivity Meter.
Marketing & Advertising Research: Just as the name implies, marketing and advertising research allows you to test your messaging, copy, visuals, and other collateral through ad concept testing, heat mapping, conjoint analysis, and more. Receiving feedback directly from your target audience will help you refine your collateral and create more impactful marketing campaigns.
Customer Experience Research: Also known as user experience research, these studies involve diving into customer feedback to better understand their experiences with your products and brand. Explore user preferences, sentiments, and key drivers of loyalty through market segmentation, Voice of the Customer (VoC) research, customer satisfaction surveys, and more.
Content Research: For those in marketing, media, or entertainment, content research allows you to analyze and integrate audience feedback into your content to maximize its effectiveness. Through experiments like concept testing and conjoint analysis, you can better understand the topics that resonate with your audience(s) and deliver content that expands your influence.
Best Practices for DIY Market Research
While experienced research and insights professionals can often jump right into DIY techniques- it's not exclusive to experts! Even newcomers can thrive with a bit of guidance and support:
- Choose the Right Platform: Picking the best platform for your research is crucial for long-term success. An end-to-end solution that allows you to build projects, distribute surveys, and visualize the results in a single hub will significantly simplify and streamline your operations. And if you plan on running more complex research studies in the future, like MaxDiff or Conjoint analysis, automation is key- and will save you a lot of time.
- Do Your Homework Before You Begin: Before you dive into any project, you'll need to outline your goals and objectives. Whether it's your first or 101st project, think carefully about what (exactly) you want to find out and how you plan to do so. Similarly, work with all stakeholders involved to lay out your goals, timelines, and roadmap. Presenting all of these items upfront can save you a lot of stress on the back end.
- Take Your Time on the Design: A poorly designed survey with poorly worded questions will get you nowhere. But writing effective and unbiased questions is not quite as simple as you'd think. As a general rule of thumb, don't make your surveys too long and keep the questions straightforward. It can also help to have your co-workers test (and retest) your survey until the language and user experience are flawless. If you're looking for some additional guidance on this topic, check out our blog on survey question design here or see our guide to SightX survey logic here.
- Don't Be Afraid to Ask for Help: When in doubt- ask the pros! Whether you need simple survey scripting or analysis assistance- take advantage of supportive research services to guide your experience. Not only will this make your projects more effective in the short team, but you can also fill your own knowledge gaps long term.
- Test Frequently: Whether you're running a brand tracker or developing a new product, frequent testing can help you verify your data and keep a pulse on the market. While every project will require a different level of iterative testing, it's important to consider how outside factors may be affecting your respondents. Volatile markets, pandemics, and political turmoil can all have a massive effect on consumer psychology. Plus, the more often you flex your research muscles, the stronger they will become.
- Take Time for Continuing Education: Grow your basic understanding into a solid foundation with educational content and resources. There are many ways to go about it- be it attending industry trade events, catching relevant webinars, or perusing the SightX Blog- you can’t go wrong.
DIY Market Research with SightX
If you’re ready to dive in, SightX has the tools you need to jumpstart and streamline your research workflow. Our platform is the next generation of consumer insights tools: a single unified solution for consumer engagement, understanding, advanced analysis, and reporting.
Whether you are ready for a total DIY experience or prefer some guidance and support- we’ve got you covered. Reach out today to get started!
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