Fortune 500 researchers often juggle the need to deliver fresh customer insights with the mandate to minimize research costs. How do they do it? By cutting costs where they can,… Continue reading Market Research Strategy Trends in the Fortune 500
Fortune 500 researchers often juggle the need to deliver fresh customer insights with the mandate to minimize research costs. How do they do it? By cutting costs where they can,… Continue reading Market Research Strategy Trends in the Fortune 500
Recently I’ve had the experience of working with several clients who are in the not-uncommon position of being a one-person market research department. And across all of them, I have noticed a recurring challenge: they get stuck in reaction mode, much like a juggler. Let’s look at this challenge and some tactics to address it.
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…
-3. Social Media Research to Capture 25% or more of MR budgets by 2012. It had actually been hovering around positive 3 and 4, then came down! Does this mean more people really think SMR will not take off? Or that clients will use free/low-cost tools such that it won’t take up much budget?
Bottom line? Some primary research can be simplified through select investments in secondary sources. Here are a few places to look:
If you really want to get the most from your market research investments, the first step is to do a brutally honest audit of your current research resources. Yes, it takes time. But with a structured approach, I have seen it completed in as little as ten business days.
One of the easiest ways to improve budget efficiency is to simply ask your research suppliers: “What options can you offer to reduce our research costs?” Let them know you are open to creative ideas.
In a recent blog post, the folks at PluggedIn pose the question, “Can your company’s culture support a continuous MROC?” The authors wisely suggest that before investing in such a program, you carefully consider A) Do your really need it, and B) will your colleagues use it?
I’d like to expand this list of questions, by adding one more:
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.
