Market Research Study
We’ve all been there before: you have an email with a specific call to action (in this case a survey) that you’ve perfected and polished and are sure that it will have high open and participation rates. You push send and study the email stats over the next few hours. A response to your survey trickles in here and there, but where are those big numbers you were hoping for?
Social media monitoring is a growing industry but one that is stuck in its old ways. And in need a of a urgent re-think.
Since it emerged 15 years ago, the industry has been largely responsible for driving some of the most interesting evolutions in the research space, such as the democratisation of text mining and computational approaches to mining qualitative information.
De-mystifying the Market Research Plan
If you’re anything like me there is no more fearful a four letter word than “PLAN”. Every time I see or hear that word, I get these visions of many, many pages that are painfully researched and written and never referenced. But that is not the case at all — especially when it comes to the world of small business.
“Market research is the key. Without the necessary information, you're simply flying blind in a storm, headed for a crash landing”.
Indeed, market research is a prerequisite for launching any new or redesigned product or service, and startup world is not an exception. A project like this is a complex, often a long-term process which requires both money and time. Therefore, going forward with your startup idea without researching the market is unjustified, from strategic point of view. Most businesses fail in less than two years and fewer than one percent of the business plans submitted to VCs to get funded.
Traditional marketing research has always been hailed as an important part of any product development process. The exhaustive research schedule brand managers know all too well sets expectations of how a new product will fare in the market. At least, that’s what common research efforts have told us up until now.
Market research, in the context of startups, refers to the process of systematically examining the viability of the startup idea. Market research helps in understanding the customers, competitors, and the market. It also assists the entrepreneur in creating a business plan, launching new products/services, fine tuning the existing products/services, and expanding into new markets. Thorough market research helps the entrepreneurs and the investors in assessing the risk of startup ideas. Entrepreneurs can raise a bigger investment round by researching the market and demonstrating that the startup is associated with a lesser risk. Ideally, most investors would like to fund startups only after extensive market research.
Do you want to find market opportunities, generate and evaluate new products, refine pricing, strengthen competitive positioning,or boost your brand awareness in a target audience? Can you quickly use these marketing research tips and tools to achieve those goals? You sure can, and here’s how.
Gamification has been widely touted within the market research industry as a means to successfully capture the attention of disengaged survey respondents, and ultimately provide better insights. Yet most of the practices utilized to “gamify” research studies to date have involved little more than basic interactivity of common survey elements. At this week’s CASRO Technology Conference, Research Through Gaming’s Betty Adamou presented a simple yet compelling game that was developed for product concept testing, and showed that gamification is beginning to provide a much more sophisticated respondent experience.
Quantitative surveys have a flaw: How do you know that the questions you are asking represent the most important factors to the decision you’re making?
Ever wonder why a marketing survey is so important?
Since the internet and mobile technology have made it possible to reach people on the go, marketing surveys are a perfect tool to take your customers’ pulse.