Market Research

What is the purpose of Market Research?

The function of market research is to gather data on potential customers. The collected data advances creative decision making. This therefore reduces the risks involved in making these decisions, as it delineates their likes and dislikes regarding the topic.

This research provides the information to determine the essential details of each crucial market variable, the variables being product, price, place and promotion. For instance, a customer survey can reveal the most efficient method of packaging your product and what price customers are willing to pay for it. Sales research helps determine where to place your product -- geographically as well as the merits of an online strategy. Demographic research details the habits of your customers, including where they get their information so you can make smart advertising buys to promote your product. In relation to my own product, i.e. a music video, only two of these variables require consideration, as it is a media artefact which will be delivered via digital means as opposed to a physical object.

Market research generally falls into two main methodological bands: qualitative and quantitative. 

Qualitative research is an in-depth examination of what people think, feel or do and, crucially, why. It provides a truthful and personal recognition of their attitudes. Qualitative data, however, does not offer statistically robust findings, particularly on large scales. In regard to my own product, it would be appropriate to collect qualitative data concerning the creative aspects of this process, as it generates a platform to structure my artistic ideas around

Quantitative data is a measurement of how many people think, feel or behave in a certain way and uses statistical assessments to determine the results. If you want to know how many customers have a certain preference in relation to music and creative ideas, quantitative research would be appropriate. 

While these are often used as independent practices they can also be suitably combined into mixed-methodology research. For example, in relation to a customer satisfaction survey, an initial piece of qualitative research could identify their needs and priorities; then a subsequent quantitative survey could measure how satisfied the customers are that you are meeting those needs.

How qualitative research works

Qualitative research follows a semi-structured discussion guide to ensure that all topics under consideration are covered and that the discussion stays relevant. The questioning, however, is open and participants are encouraged to explore the reasons for their responses. The discussion process can reveal fundamental views, motivations and preferences. It can explore reactions to messages, printed material, design features and new products, test understanding of terminology, and help generate new concepts etc.

The most commonly used qualitative approaches are focus groups and depth interviews.

Focus groups customarily involve five to eight participants congregated to discuss a number of subjects, guided by a moderator. The dynamic forces of the interaction between participants is an important feature of a focus group.

Interviews are conducted by telephone or face-to-face. The more intimate environment allows participants to talk openly.

Qualitative research is usually recorded and transcribed. The transcriptions form the data which is then analysed by the moderator. Groups can also be video-recorded and can also be observed in real-time at venues specially designed for that purpose.

You can expect a report or a presentation of the findings supported by precise quotes from the participants.

How quantitative research works

Quantitative research uses a structured questionnaire with mainly closed questions, i.e. the respondents select their answers from given lists of possible responses. A range of question types may be used. For example, rating questions can measure strength of feeling such as importance or satisfaction, ranking questions can determine preferences, and so on.

Quantitative research may be paper-based, as in a postal survey, or computerised, as in a telephone or online survey. A computerised survey can also be conducted face-to-face using a laptop or on site using PDAs (hand-held computers).

Because of its statistical nature, sample size is important for quantitative research. Thirty is generally held to be the minimum number of responses for any area of interest although a larger sample size will produce more reliable data. This data is frequently present in the form of a graph or chart of some kind.

When and how I will use qualitative data in the process

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• Before any creative decisions are made, I will conduct a focus group in relation to their preferences concerning music genre music video content & design, plus and their rationale behind them. In addition to how they personally consume music and how they respond to certain products, concentrating heavily on why.
• Several interviews will be conducted, in reaction to my developing creative ideas regarding my music video concept. My first series of interviews will attend to my three initial ideas for my video, followed by another series of interviews involving peoples’ responses to my storyboard animatic. If any of my artistic ideas are modified, further interviews will be conducted to allow their opinion(s).
•  A survey or interview will be complied to illustrate my audience’s satisfaction.

When and how I will use quantitative data in the process

•  I intend to create a closed-ended questionnaire which will be distributed in a variety of ways: via email; a poll on my blog, plus printed on paper which will be actively handed to my peers. The survey will comprise questions relating to gender, age, location, occupation and income, so I can distinguish my audience demographic. Like the qualitative I intend to carry out, some questions will also enquire about the audience's music and media consumption preferences, however, their responses will be limited to a list of options.
• I will conduct a short survey succeeding the construction of my music video and ancillary texts, to measure the effectiveness of them as an ensemble.