Telling market research from consumer research could be tricky. Some companies use these two terms interchangeably. However, this article is going to compare their core definitions, purpose, and format.
What is market research?
Market research answers different business questions. It is the practice of gathering factual and statistical information about a target market and customers. It helps you understand the success rate of a new or modified product and also how your brand is perceived by your consumers.
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What is consumer insights research?
Consumer research is the practice of analyzing the data collected during market research, to understand your consumers' behavior. It takes you a step further and helps you predict how your audience will react to your product or service. In simple terms, consumer insights help you push your future efforts in the right direction.
What is the difference between consumer insights research and market research?
According to the Greenbook blog, "market research" is a multi-purpose term that is used to refer to research, analytics, consumer insights, and data whereas "consumer insights" is an industry term referring to data and analytics in a decision-making context for businesses.
The table below summarizes the general differences between these two terms:
|Consumer insights research||Market research|
|Focus on the future growth||Focus on the present and the past|
|Gives multi-disciplinary recommendations||Answers to specific questions|
|Uses multiple data resources||Analyzes each data resource separately|
|Works with marketing seamlessly||Contributes to marketing|
|Conducted in micro-level||Conducted in macro-level|
And, What are the similarities?
They are both essential for a business's success. Both market research and consumer insights research are crucial for making decisions regarding new products, modifications, or even advertisement methods. They minimize the risk of doing guesswork by providing detailed quantitative and qualitative information about the market and consumers.
How does Peekage run market research?
Using its app-based platform, Peekage conducts market research by product sampling.
Users share their data through the application and then the Peekage team detects the right users to test your product and give feedback. This method is the most efficient way to spend the market research budget and gain actionable insights from your target market.
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- Market research is an all-purpose term used to refer to data, analytics, and research while consumer insight is an industry term used when making decisions for the business.
- Both consumer and market research are necessary to run a successful business and minimize the risks of guesswork.
- Product trial (product testing) is one cost-effective and efficient method to conduct market research and get applicable consumer insights.