Market segmentation is all about sales and marketing ROI. The premise is that to maximize success with a large population of customers, it is best to divide it into logical subgroups. By dividing one large, generalized market into subgroups, you can fine-tune your product, messaging, promotional, distribution and related strategies to meet the specific needs of unique customer groups.
There are several points in a market research project where you, as the client-side manager, need to be particularly cautious. Here are two of the big ones.
To be frank, my opinion on this topic has changed in just the past year or two. Before then, I was an ardent believer that all research must by anonymous—no matter what. I felt that any direct follow-up would show research participants that their survey responses could result in unexpected communications—and even if “helpful”, this experience could still impact future willingness to participate in research.
Small market research projects have less risk. They get done quickly. Results get shared while they are still fresh. And conclusions can be communicated within the attention span of a busy recipient, so they actually get used.
A decentralization approach has the potential to boost research credibility AND also address the issue of rogue, unsanctioned, DIY research. We all know there are plenty of bad questionnaires going out these days (though many come from “professionals,” too). Clearly, more non-researchers WANT to do research. They want fresh insights. They want involvement in the process. So let them! With some intelligent policies, access to resources, and training, we can have the best of both worlds: quality research and greater research ROI.
If your company invests in market research that generates fresh customer insights, should you hold it tightly, or should you share it?
There are some obvious cases where you hold it tightly. Data that is specific to proprietary product ideas is a good example. But other cases aren’t so clear-cut.
When conducting survey projects, should you survey your own customer base (people who actually by from your company), or non-customers? Or both?
After all, you may very well have a list of customers that would be convenient for you to use for your survey project. But is that a wise choice? Maybe, maybe not.
Online surveys and research panels go together like…well, milk and cookies. If they are both high-quality, yummy snack. If either is poor quality, the experience is ruined.
These days, there is a lot of awareness of online panel quality issues. So what does a market research buyer need to know?
Here are 5 things you need to be aware of to find the best panel sources for your needs, and mitigate potential risks. Why is this so important? Because panel quality varies. A lot. You can’t assume all research panels are the same.
Some of our online market research classes have been updated, and we need feedback! We’ll be testing the content by offering in-person seminars in Massachusetts. So here’s the deal: attend a free market research seminar, and all we ask in return is that you provide feedback.
The following topics are being scheduled:
Never skimp on budget for:
* Quality sample. Having quality sample is critical. Avoid sources that can’t talk credibly about their recruitment tactics or list sources. You don’t want to bake a cake with spoiled eggs.
* Sufficient sample quantity. If you…
