Market Research Study
Your may already be conducting online market research for your business—but you may not know it. Some of the easiest to use and most common tools are located right at your fingertips. Web searches, online questionnaires, customer feedback forms—they all help you gather information about your market, your customers, and your future business prospects.
So you got the final sign-off on your MROC and are anxious to get your community launched… One of the first things you’ll want to do (if you haven’t already) is figure out who you want involved in your “core team” for the initiative, and how large you want your team to be. This is a trickier decision than it seems, and here’s why:
Asking questions about past behaviors in a survey is quite common, but also problematic. The assumption is that respondents can give an accurate account of what they did, how often they did it or how much time, energy and money they spent doing it. The fact is that our memory fails more than we want to admit. Respondents, often and unintentionally make memory-based errors which lead to over- or understatements of their actions.
When it comes to access to public opinion, companies have more access to their customers and potential customers than ever before. Whereas in the past organisations would have paid good money to have market research carried out for them in their target area of the market, these days social media allows companies to talk to their target demographic directly.
A question I often get when discussing online qualitative exercises is: what does the output look like? It’s true that qualitative data doesn’t come as easily packaged in a nice graph or chart as quantitative data does. In fact, how you analyze and captivatingly display qualitative results is a process that requires not only an analytical and logical mind but also a creative touch.
Imagine this — your company has decided to create a smartphone app and the vice president has asked you to be the team leader. Your team’s assignment is to nurture the concept. When you meet with your VP next week, you will specify the kind of apps your company might develop, determine what the different apps might do, and focus on your target audience for each possible app.
As your project matures, you understand how important it is to have a research design. Such a plan will guide your team and your company’s decision makers. It will lay out the methods and procedures you need to employ as you collect information.
Where would we market researchers be without them? Well, for one, we’d have samples sizes of zero and a serious lack of consumer insights. Whether we are conducting qualitative or quantitative research, we depend on everyday consumers to participate as respondents in our surveys. But a critical component of any good research study is identifying who the target respondents should be and then finding them.
Making a difference in the Market Research landscape is easier said than done, especially if you’re one of those researchers not living and working in developed countries such as Germany, the UK and the US. However, borders have become blurry in the age of globalisation and digitalisation and luckily, there is a way you can up your game and get ahead in this increasingly competitive field: private online communities
Online consumer surveys aren’t just limited to the desktop browser, this we know. Making your online consumer survey mobile compatible with mobile browsers not only grants your respondents great access on the go and possibly boost your response rate, but it also has the potential to revolutionise the environment in which you conduct your survey.
A study of brands and their 2012 profits has revealed there is a veritable sweet-spot to be found in brands that target the mid-income market. This income bracket catapulted 7 of their favourite brands to the top 10 global brands. So what does this tell us about these consumers as a target market? Just how much can we learn about our target market when we look at their spending habits?