By considering how you will use the insight generated, you can better understand the types of questions you need to ask and the data that will guide your decisions.

Market research techniques are generally divided into Quantitative and Qualitive. Quantitative helps you to understand the key dimensions that pull consumers apart in the market and includes the following methods:

Public Channels

Most often you can find some level of demographic information through public sources. This could be governmental, chambers of commerce, national press, industry specific associations or even from trade fairs and exhibitions. The great thing about public sources is that they tend to be free to access, but the information within may be limited in nature.

This information can help you to identify the differences between your audience against say a national average. They could also be used at a broad level to understand market penetration or the potential market size.

Marketing Channels

One channel you can easily take information are marketing and advertising channels such as website analytics, social media accounts and similar.

Social media is the main reason why the everyday person has an understanding of analytics and demographics. Most data including website visitors or video viewers is broken down into sex, age and location. Although this can help us to understand our audience at the broadest level, it offers little insight beyond this. Social media platforms collected user data for years before turning this data into a source of revenue through advertising. Despite the amount of data being captured, many criticise the broad nature of the output. As an example for nearly every twitter account, ‘Dogs’ will be the number one interest. Whilst there has never before been a way to collect such information at such volume, we must question the value of the information we are getting from social channels, and this will undoubtedly need to be combined with qualitative research to form a full picture.

Data gathered from your website/social media channel should give you a good idea of how and who is currently interacting with your marketing efforts. There has always been an issue though that marketing and sales systems rarely link up and so seeing the relationship between social media activity and your sales figures may not be as simple as is desirable. The same data is often used as the starting point on native advertising platforms, allowing you to tailor messaging to those already interacting with your brand.

If you are looking to segment your CRM, then look no further. Bonamy Finch are the experts on segmentation. With over 1500 successful projects we combine insight from multiple sources and techniques. Multi-national organisations turn to us for their challenging projects, to find out why you should to: sign up for our next event or get in touch

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