These sources often come in the form of market reports, which consist of industry information compiled by a research agency such as Pew, Gartner, or Forrester. Because this information is so portable and distributable, it typically costs money to download and obtain it.
Internal sources
Internal sources deserve more credit for supporting market research than they typically get. Why?
This is market data your organization already has!
Average revenue per sale, customer retention rates, and other historical data on the health of new and existing accounts can help you draw conclusions about what your buyers might want right now.
Now that we’ve covered these general categories of market ig database research, let’s get more specific and look at the various types of market research you can choose to conduct.
Types of market research
Interviews
Interviews allow for face-to-face discussions (in person and virtual) so you can allow for a natural flow or conversation and observe your interviewee's body language while doing so.
Discussion groups
Focus groups give you a handful of carefully selected people watch a demo, provide feedback, and/or answer specific questions.
Research on the use of products / services
Product or service usage research provides insight into how and why your audience uses your product or service, and the specific features of that item. This type of market research also gives you insight into the usability of the product or service for your target audience.
Observational research
Observational research allows you to sit back and observe the ways your target audience members use your product or service, what works well in terms of UX, what obstacles they encounter, and what aspects might be easier for them to use and implement.
Buyer persona research
Buyer persona research gives you a realistic view of who your target audience is, what their challenges are, why they want your product or service, what they need from your business and brand, and more.
Market segmentation research
Market segmentation research allows you to classify your target audience into different groups (or segments) based on specific, defining characteristics; this way, you can determine effective ways to meet their needs, understand their pain points and expectations, learn about their goals, and more.