I posted recently that in terms of using market research to understand market dynamics, there are four types of market research – exploratory, descriptive, explanatory, and predictive/casual research. For an introductory description of each type, see that blog post .
Each has its’ interesting facets. I do all four as required for individual clients. All four are meant to shed light (insight) – like the light shown in this photo that I took recently.
My two favorite types of market research are exploratory research and predictive research. When market disruptions occur, for example, exploratory research can be done to understand what’s emerging – sometimes providing market leadership opportunities. Also, working with clients to explore something they don’t understand – whether it’s a new market or something else – results in them being more able to make capable business decisions. Providing clients with research-driven exploratory insight can be gratifying as it can guide improved business planning. On another hand, predictive research is when creative juices really flow – conducting both research and analysis to “connect the dots” of how to move forward to bring about specific results.
Contact me for your market research needs.