Data can vary when it comes to market research
Investing in market research offers companies hard data that later on influences their important decisions. Data can be objective numbers (the number of times the average consumer purchases popcorn every year), or subjective opinions (what each consumer’s ideal flavor of popcorn is). As soon as the data is collected, it’s then analyzed for purchasing trends and consumer behavior patterns that can offer insight for the company, and help them make informed decisions on the design and marketing of its product.
Market research has two important stages
Conducting market research includes two basic stages: primary and secondary. Despite the name, secondary research in fact comes first. It uses already available sources to collect information on the type of product a company wants to sell, as well as the current market for the product. These sources can vary from newspaper and magazine articles, to white papers by industry experts or government statistics.
Primary research is the step just before conducting focus groups, interviews and surveys
Once the company gathers all useful existing marketing research available, it then proceeds to do primary and original research. Primary research collects data that the company generates with its own focus groups, interviews, and surveys.
Quantitative primary research is when consumer responses are analyzed
This is why online surveys are an example of quantitative primary research. It uses a list of set questions to understand consumer responses. These responses can either be recorded by the consumer himself, or a researcher that is asking him these questions. Companies also have the option to conduct these surveys in-person, on the phone, by mail, or online surveys through e-mail, or a website. You may also download a survey template from websites like 360 Angles, the first online platform in the Arab region that offers research and surveys for your business.
Make sure you have a big target audience for more accurate results
Consumers who respond to an online survey or offline survey are called the survey panel. When it comes to statistics, the bigger and more targeted the survey panel, the more accurate your results will be. For example, if your target customer demographic is women aged 25 and 50, you’ll want to survey as many women as possible in that demographic and disregard the ones who don’t qualify.
There are various ways to distribute your surveys to your target audience
To find survey panels, one can start with phone calls. For example, “Is there a man in your household that is between 18 and 25 years old?”. There is also something called mall intercept, where people are stopped when walking in the mall to be asked if they would like to be part of a survey. Finally, postal mail is one more way to distribute your surveys.