Be careful not to oversell market research. Those of us who do market research professionally tend to get enthusiastic. We are typically people who enjoy designing and implementing research methodologies, who like to dive into mounds of data and extract meaningful results. In our enthusiasm for research, we have to be careful not to over-promise. Realistic expectations are the key to satisfied clients, especially for riskier types of projects.
Even if a market research project produces a pile of perfect data, we still face the fundamental challenge of analysis — making sure that we’re analyzing the results comprehensively and objectively. In other words, without bias.
Let’s say you’ve done an online survey. You identified your objectives, thought carefully about sampling, and designed a great questionnaire. You monitored data collection and carefully cleaned your dataset. Even after all this painstaking work, risk still exists. You still have to analyze the data, and it’s here that unexpected errors often creep in.
When bad surveys are circulated, the company that sent them out becomes less trusted. The “consumer” becomes an unhappy customer, and may even tell others about their bad experience—with surveys in general or with the specific company.
Typically when we think about market research surveys, we think of questionnaires that have 20, 30, or even more questions. Getting qualified people to complete these questionnaires has become a serious challenge. One alternative is the single-question poll. After all, you’re much more likely to get high response and low dropout rates if you can simply say, “Hi, we have a single question we’d like your opinion on”, rather than requesting a novel’s worth of responses.
Facebook is making polling insanely easy these days…
Do you cringe when you hear the word “policies”? Most people do. After all, policies often mean bureaucracy. But in the case of market research, clear policies will minimize the risk of data quality headaches, customer over-surveying, ethical breaches and more.
Did you learn everything you possibly could from your last project—not just from the final results, but by examining the process itself? Conducting a detailed review, a post mortem so to speak, can help pinpoint exactly what worked—and what needs work.
I’ve come up with a few scenarios that could result if online surveys with non-customer populations became impossible tomorrow. Imagine: you can still reach your customers for research, but what about the rest of the world? What if you could no longer reach qualified, non-customer groups in a quantitative way? If the lists and panels were no longer available or the response rates dropped to .0005 percent, what would the impact be on your market research needs and investments?
In a crowded marketplace, how can market research help your company stand out? By doing things your competitors aren’t daring enough to try. So let’s have some fun.
You have built up your in-house market research resources. Maybe standardized on a new survey platform. Perhaps hired some more market research staff. That’s great. Now that you have those skills and tools in place, let’s look at a few applications you may not have considered that will hone your competitive edge.
The results point to some important changes for the way market research is sold, conducted and reported. No surprise there—we all know that the rate of change in our industry is swift these days.
