Market Research: A Guide on How Product Managers can use the Research Methodology Canvas
Product development is all about introducing ways to keep improving the product to get users constantly satisfied with using the product. And the best way to do this is through market research.
Market Research Definition
In product management, market research can be defined as the process of gathering information about users’ needs and preferences. And in doing this, your research will be focused on your consumers, competitors, and the industry.
Types of Market Research
There are two main types of market research in product management. They include;
i. Primary market research: This involves collecting data directly from the target audience.
ii. Secondary market research: This process involves analyzing already existing industry data.
Market Research Methodologies
There are two types of methodologies for carrying out market research.
- Qualitative methodology: This method seeks to analyze data by focusing on people’s behaviors, motivations, and experiences. This kind of data is not measured using numbers.
- Quantitative methodology: This method uses statistical analysis, surveys, questionnaires, and numerical data to conduct market research.
Kindly note that they are not the same as types of market research, as they can be used in both primary and secondary market research.
Do you want to learn how to write a captivating product vision statement? Then you should check this.
The Research Methodology Canvas and How to Use It
You can download the canvas by visiting this link
Endnote
Conducting research is crucial to building a customer-centric solution as a Product manager, hence the need to learn the different research types and methods.
Thank you for reading!
