Exploratory research. Expand into new markets
Posted: Wed Dec 11, 2024 8:54 am
Every marketing or insights professional accumulates a good understanding of their consumer or client over time. But what happens when the brand wants to expand into new markets that it doesn't know? Then exploratory research is necessary to find out everything that is important to know in order to expand successfully. Discover all the keys!
What is exploratory research?
Exploratory research is a type of market research that creates an initial overview of new markets in which one wishes to begin operating.
Exploratory research is often used as the first phase of a broader research process. In this first phase, initial hypotheses about the most important aspects of the market are collected, validated or discarded. Anything that is found to be important can be studied in greater depth in the next phase.
Exploratory market research: When to do it?
Exploratory market research will be necessary whenever the brand decides to expand into new markets in which it has not previously operated .
Let's think about this expansion in a broad way, which may include:
Entering a new geographic market. Assuming that other markets operate in the same way as the local market is a mistake that can be fatal. Consumers do not think, feel, do or buy the same things in every country . For example, when talking about sustainability in food, English consumers first think about saving plastic in packaging, while French consumers think about choosing local products that do not require transport.
Expanding into a new target audience or use case. Different consumers have different needs, and to make matters worse, we all have different needs depending on the use we want to make of the product. For example, a bicycle brand that wants to expand into personal mobility solutions will need to research what is important to urban cyclists, which is likely very different from what cycling enthusiasts value in their bikes.
New brand creation. If you are creating gambling data korea phone number a new brand to launch into the market, there will be a lot of things you need to figure out in order to make the right strategic decisions.
In all these cases, exploratory research will serve to make that first outline, take the first decisions, and list everything that remains to be found out in the next phases of the research .
Exploratory research design
The most common objective of exploratory research is to discover and understand, rather than quantify, different realities . For this reason, qualitative research methodologies are frequently used in exploratory research . Quantitative methodologies such as online surveys are also sometimes used in exploratory research, although they are much more frequent in a second phase.
Qualitative exploratory research
Among the most frequent methodologies in exploratory research are in-depth interviews and focus groups .
In-depth interviews : These are interviews, usually via the internet, in which a moderator gathers the views of one person. A number of in-depth interviews are usually conducted to obtain a diversity of viewpoints. They work particularly well with sensitive or highly thought-provoking topics, as well as with professional B2B market research audiences.
Focus groups : Here, the interview is conducted jointly with a group of 10 or 12 people. With this technique, it is possible to see how the group's opinions are formed during the meeting and to determine where the common points and differences are. Online focus groups work very well with all types of B2C research.
Quantitative exploratory research
The high efficiency of online surveys means that they are increasingly used for quantitative exploratory research. Rather than discovering consumer mindsets, they are used to validate or reject previously established hypotheses and to quantify some key aspects that clearly need to be investigated. Online surveys are often used to determine market structure – which products are purchased, which brands, how often – to draw consumer profiles – who buys, who uses – or to determine the most common reasons for choosing a product.
Benefits of exploratory research
Exploratory market research is a fundamental phase in many research processes, but it is important to know when and how to use it.
Its main benefit is that it allows the researcher to understand at an early stage some basic realities that will help to take the first steps with greater confidence and will allow saving resources by focusing on what is important to have acceptance in the market .
In addition, exploratory research will lay the foundation for further research to detail and quantify any aspect .
As for its limitations , it must be taken into account that this phase of the research serves to point in the right direction, but as it is very often based on qualitative information, it is advisable to carry out a subsequent quantification and validation before establishing definitive strategies.
Exploratory research. How to get started?
Through We are Testers you can carry out exploratory research with total flexibility .
The platform allows you to design and carry out both in-depth interviews and focus groups to collect the qualitative information you need. Through our online surveys, you can then validate all your hypotheses and quantify any aspect that has appeared during the quantitative exploration.
What is exploratory research?
Exploratory research is a type of market research that creates an initial overview of new markets in which one wishes to begin operating.
Exploratory research is often used as the first phase of a broader research process. In this first phase, initial hypotheses about the most important aspects of the market are collected, validated or discarded. Anything that is found to be important can be studied in greater depth in the next phase.
Exploratory market research: When to do it?
Exploratory market research will be necessary whenever the brand decides to expand into new markets in which it has not previously operated .
Let's think about this expansion in a broad way, which may include:
Entering a new geographic market. Assuming that other markets operate in the same way as the local market is a mistake that can be fatal. Consumers do not think, feel, do or buy the same things in every country . For example, when talking about sustainability in food, English consumers first think about saving plastic in packaging, while French consumers think about choosing local products that do not require transport.
Expanding into a new target audience or use case. Different consumers have different needs, and to make matters worse, we all have different needs depending on the use we want to make of the product. For example, a bicycle brand that wants to expand into personal mobility solutions will need to research what is important to urban cyclists, which is likely very different from what cycling enthusiasts value in their bikes.
New brand creation. If you are creating gambling data korea phone number a new brand to launch into the market, there will be a lot of things you need to figure out in order to make the right strategic decisions.
In all these cases, exploratory research will serve to make that first outline, take the first decisions, and list everything that remains to be found out in the next phases of the research .
Exploratory research design
The most common objective of exploratory research is to discover and understand, rather than quantify, different realities . For this reason, qualitative research methodologies are frequently used in exploratory research . Quantitative methodologies such as online surveys are also sometimes used in exploratory research, although they are much more frequent in a second phase.
Qualitative exploratory research
Among the most frequent methodologies in exploratory research are in-depth interviews and focus groups .
In-depth interviews : These are interviews, usually via the internet, in which a moderator gathers the views of one person. A number of in-depth interviews are usually conducted to obtain a diversity of viewpoints. They work particularly well with sensitive or highly thought-provoking topics, as well as with professional B2B market research audiences.
Focus groups : Here, the interview is conducted jointly with a group of 10 or 12 people. With this technique, it is possible to see how the group's opinions are formed during the meeting and to determine where the common points and differences are. Online focus groups work very well with all types of B2C research.
Quantitative exploratory research
The high efficiency of online surveys means that they are increasingly used for quantitative exploratory research. Rather than discovering consumer mindsets, they are used to validate or reject previously established hypotheses and to quantify some key aspects that clearly need to be investigated. Online surveys are often used to determine market structure – which products are purchased, which brands, how often – to draw consumer profiles – who buys, who uses – or to determine the most common reasons for choosing a product.
Benefits of exploratory research
Exploratory market research is a fundamental phase in many research processes, but it is important to know when and how to use it.
Its main benefit is that it allows the researcher to understand at an early stage some basic realities that will help to take the first steps with greater confidence and will allow saving resources by focusing on what is important to have acceptance in the market .
In addition, exploratory research will lay the foundation for further research to detail and quantify any aspect .
As for its limitations , it must be taken into account that this phase of the research serves to point in the right direction, but as it is very often based on qualitative information, it is advisable to carry out a subsequent quantification and validation before establishing definitive strategies.
Exploratory research. How to get started?
Through We are Testers you can carry out exploratory research with total flexibility .
The platform allows you to design and carry out both in-depth interviews and focus groups to collect the qualitative information you need. Through our online surveys, you can then validate all your hypotheses and quantify any aspect that has appeared during the quantitative exploration.