Maneet Puri

Maneet Puri heads LeXolution IT Services, a professional KPO outsourcing company that deals with a variety of KPO services. The company provides seamless and cost effective business support functions like internet market research, mailing list development and virtual assistant services to its worldwide clients.

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Internet Market Research - Various Types Of Research Modes

Maneet Puri

April 09, 2009

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Internet market research is the process of searching the internet to find information about your target markets so that you can further analyze it to better your business processes. By accumulating valuable information about your niche market segments, you can seek to explore new opportunities in the market, identify potential problems and monitor the performance of your company in the market.

The results and findings of internet market research helps facilitate effective decision making. Here are some potential benefits of internet market research activities.

  • You can explore new opportunities in the market and evaluate them.
  • You can analyze the various segments of your target marketplace.
  • You can select the best and most appropriate target market.
  • It helps in better positioning of the product in the market.
  • You can use the information for enhancement of the product development process.
  • It helps to plan and implement strong marketing strategies that further seeks to achieve business objectives.

The benefits of internet market research are many. However, you also need to figure out what kind of research methodology would be the best for you and will help you deliver more value. Here are three types of market research:

Exploratory Research
This kind of research is used to search the market for new ideas and explore potential market opportunities. It is a highly unstructured form of research that can be used to explore the possibilities of a situation or search for a problem. In fact, the findings are based majorly on secondary data such as data available in different departments of the company, case studies, pilot projects etc. exploratory research gets you general information about the markets and various segments of the same.

Descriptive Research
This is more detailed than the former version of research. Descriptive research accumulates detailed information about the markets. It includes answers to all the who-what-why-where-when-how types of questions. Because it is more structured, it offers a detailed analysis of the markets that can be understood well and applied further. In fact, descriptive research provides specific answers to multiple points questions. For example, what age group of users buy what type of the products and from which location. . It requires huge volumes of data collection and high analytics.

Casual Research
This is again a generic form of research that helps you understand the causes and effects of the relationship between the business and its target audiences. You can not only identify potential problems but also locate specific causes of the problems. This in turn can guide your to formulate effective solutions and eliminate the root cause of the problem altogether.

All the modes of research have different courses and different methodologies. However, one thing that they have in common is Internet. All the three type of research uses internet as their prime medium to locate information apart from other offline sources. The internet provides unbiased information from across the world with absolutely no constraint of geographical limitations. This means you can have access to global information and cater to a worldwide audience.


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