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Blog posts tagged research
Market research – what the big players do
December 11, 2009
The beginning of the story for the organisations with the big money budgets is that they take ideas from the innovation teams and then want to test them out. They either use in-company market research teams or more probably they set up a project brief with external market research agencies.
The researchers look at the product or service and put together a solid market research brief for their client that could include surveys, focus groups, interviews or questionnaires (online and offline). Sometimes, new methodologies such as ethnography are used. This is where you spend extended time with consumers – sometimes staying with them and sharing their lives – a fascinating, if not a rather strange qualitative experience – especially when you are looking through people’s bathroom cupboards!
Research with a large budget is very powerful – research can be done globally using thousands and thousands of people for thousands and thousands of pounds. Once the results are in – the agency can analyse the data and information and comments in depth. Once the agency has completed the analysis they put together a huge de-brief document and present this to the client – this can sometimes take a couple of days! If the results are promising, a product could be born. But then the hard work starts – the full marketing, finance and project management process starts over what could be a year or more up until the launch of the product. You then have to look at the whole marketing mix – watch the competition and analyse their offering, gaps in their offering and of primary importance, look at the return on investment potential.
Article originally appeared at Real Eyes Marketing Blog
Online Market Research: DIY or use an agency?
August 21, 2009
For a business that needs to gain a general view from a large cross-section of the population, and in as short a time as possible, there is no doubt that online research offers a viable benefit. This affordable way to test one’s target market is ideal for existing firms and new business start-ups and can play a vital role in obtaining financial support for your company.
Do It Yourself or with an agency?
The DIY method will allow you to carry out quantitative online market research (surveys) for little cost. It is definitely a method to consider when it comes to researching one’s market but it is also important to know how it differs from agency solutions. Here are some differences:
- The agency would provide you with access to a precise and qualitative panel, ensuring you of a sample of your target market. Unless you already have your own database, it will be hard to reach such a relevant and representative panel through forums, family and friends.
Moreover, with DIY surveys, the client puts the questions directly to the respondent so it compromises the objectivity of questioning and the impartiality of interpretation:
- Using the DIY method, for example writing the questionnaire, marketing it to find your respondents and analysing the results to make your report, will eat up a lot of your valuable time whereas using an agency will result in everything being catered for, from A to Z.
In addition, the agency will give you its expert opinion on the order and the formulation of the questions:
- The DIY method will provide you with a basic layout which is not always user-friendly and not always easy to use for the respondents. On the other side, the agency can customize the layout (using templates, videos, images and audio) for a more efficient, richer interrogative experience.
- The agency service allows for a very rapid turnaround – research can be undertaken and results received within a few days whereas it can take far longer using the DIY method, especially if you’re having difficulties reaching and interesting people in your survey.
- As previously stated in this article, the DIY method is not as expensive. However, for something so important to your business plan, doing online market research with an agency is cheaper than you think, with hundreds of responses costing less than a thousand pound.
See the Marketing Donut resources on Market research
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