Using Customer Feedback to Inform Product Design Decisions: Some friendly info on MaxDiff analysis.
Using Customer Feedback to Inform Product Design Decisions: Some friendly info on MaxDiff analysis.
Excerpts from the book, How to Hire & Manage Market Research Agencies.
For example, a customer satisfaction research design meant to provide inputs to executive bonus calculations will be different than one designed primarily to inform organizational performance goals. In fact, any consultant or sales person who tells you their approach is the only legitimate one is only interested in sales—not insights.
I feel for Market Research Managers in charge of Brand Awareness trackers. It’s not as easy as it used to be. As the number of means by which brand awareness and familiarity are influenced increases, our ability to measure their impact becomes more difficult. Sure, you can still efficiently measure absolute awareness levels, but how useful is that if you don’t know what is driving them?
The market researcher who clings to conventional surveys and focus groups like a life raft on a turbulent sea is going to drown. Those who judiciously add various social media and ethnographic-based methods along with some of the other fabulous new qualitative research tools out there will be able to navigate through the storm—and best help clients choose the methods (or mix) for their unique needs.
Do you need a little help identifying places where potential savings may exist in your market research budget? If so, here are some great questions to ask.
Has your market research budget been cut? If so, one of the programs most often impacted is Customer Satisfaction tracking. For firms accustomed to tracking on a continuous or quarterly basis, cutting back on this program is often a necessary, though unfortunate, reality.
Are you thinking about a market research project? If so, you may be debating whether you should hire an outside market research agency or do it in-house.
Of course, working with a market research agency is a big investment. Depending on the scope of your project, you may be looking at a $50,000, $100,000 or greater budget. Then again, a DIY approach can also add up—perhaps far more than you expect…
Market Research is a big investment: taking the time and money to do it right. So how can you make that go/no go decision with confidence? Complete these 4 easy tasks and you’ll be in good shape.
