Market Research Study
So you’ve built your custom online panel. Now, how can you make sure the resource is being used effectively? Your consumer panel functions as an extension of your brand and needs to be cared for, like any other valued resource.
All marketers will agree that market research is important. Because the media landscape is in a constant state of flux and marketers are constantly overwhelmed with data and business priorities, though, marketers tend to shave timelines, do “internal” research, and lose sight of the need for consumer marketing research for their organization.
Every entrepreneur runs their business idea by their nearest and dearest, gauging their reaction and obtaining what they deem to be useful information. Although primarily, it can produce ideas and objections that may not have been explored yet, it is vital to remember who these reviews are coming from; they will be biased! An entrepreneur’s enthusiasm and passion for their business idea, along with their personal connection to those they are asking will mean the data is far from relevant or useful.
‘Netnography’ is a term coined by Robert V. Kozinets (BBA, MBA, Ph.D.), an expert on social media, marketing research, innovation, and marketing strategy. The word “netnography” itself comes from “Internet” and “ethnography”. In essence, it is a set of techniques that adapt anthropological research to the world of the Internet. In netnography, online interactions are treated as a cultural reflection that provides deep human understanding.
Market research is critical to every business. Traditional market research is based on sampling, such as focus groups, and very often delivers skewed results and bad information. What people say and what people actually do are two totally different things.
If they use their tools correctly, the new age of Internet marketers have a wealth of information at their fingertips that give them a significant advantage over the competition.
Customers are your lifeblood. But it’s tough to actively manage these relationships unless you understand how they feel about you. That’s why every B2B business needs a programme of regular customer satisfaction research.
From checking e-mails, to editing a business presentation, technology has changed how we go about our day. Additionally, technology has changed market research. Advancements are helping us become more efficient and agile. In terms of market research, technology has carved out new opportunities as well as pitfalls for obtaining useful business intelligence.
In some respects, technology has made a market researchers job a little easier. Although there are mistakes that must be avoided, here are the five ways that technology has changed market research:
As a small-business owner, you might think you can't afford the services of a fancy marketing firm to keep track of how you are doing. Wrong! It can be easy and economical to measure your level of service. And it is a critical step toward achieving a level of service that will give you the competitive edge.
If you are considering building up a research panel of your own one of the key considerations is the nature of your profile survey. This will be the first survey, and hopefully not last, that a participant will see. Although the word ‘profile’ has mixed connotations, as in the negative context of racial profiling, it does play a key role in the research arena. This is especially true when it comes to online panels where maintaining a current profile survey is critical. They provide a clear of understanding of the panel’s composition.
Multitude of customers stands for different of choices, preferences and opinions. Segregating these customers based on their similarities makes life easy for the researchers. Hence, segmentation is the quintessential part of market research. Segmentation is a strong marketing strategy used by analysts that divide large target markets into different groups, subsets and sub-segmentations of customers with common aspirations, expectations and requirements from a product or service. This process helps in strategizing and analyzing the demand pattern for the particular segment.