Five Components to Innovative Market Research
If you’re not already aware there are five components to innovative marketing research. Some may be a bit obvious to those who have been doing this quite some time and for those who are new to the marketing field, it may come as a surprise to you. The type of survey is one main component. Whether you choose to conduct a focus group, a one-on-one interview or an internet survey you’re going to need some time implementing it and putting it into effect. Choosing the right type of survey is key in this situation. If you choose a survey that’s not great for the masses your plans of feedback could be in the gutter.
Another component is sample. This is what drives the results. It’s going to be based on the confidence interval and confidence level. It’s going to require a much larger sample if you’re expecting to get a high level of confidence. You need to make sure that you’re asking the right questions for the product or service you’re seeking feedback for and you’re also going to want to make sure that it has not bias. That means that you should bring in a third-party to conduct the survey, someone who isn’t affected by the responses.
You should also be concerned with the design of the survey. You need to be able to differentiate the answers that are given. You also want it to be designed in such a way that’s easy for the user to comprehend and fill out. If it’s too lengthy it could also affect your results. Being conscious of the consumers time is very important when determining the length of the surveys.
Incentives are also a very important part of the feedback process. Many companies will give incentives for those who participate in the survey. Some companies will give cash incentives for completing focus groups or surveys and sometimes online surveys will enter participants into drawings or give them
discounts on their next purchases.
If you’re planning on doing a phone or mail survey then this next one is a critical process and that’s the analysis process! You need to make sure that you have the statistical software in place to help you evaluate the information and responses that you were given via the phone or mail. This can be a bit lengthy but it’s very important that you have the right tools and tactics in place to evaluate your responses to your innovative market research questions.
If you’re not already aware there are five components to innovative marketing research. Some may be a bit obvious to those who have been doing this quite some time and for those who are new to the marketing field, it may come as a surprise to you. The type of survey is one main component. Whether you choose to conduct a focus group, a one-on-one interview or an internet survey you’re going to need some time implementing it and putting it into effect. Choosing the right type of survey is key in this situation. If you choose a survey that’s not great for the masses your plans of feedback could be in the gutter.
Another component is sample. This is what drives the results. It’s going to be based on the confidence interval and confidence level. It’s going to require a much larger sample if you’re expecting to get a high level of confidence. You need to make sure that you’re asking the right questions for the product or service you’re seeking feedback for and you’re also going to want to make sure that it has not bias. That means that you should bring in a third-party to conduct the survey, someone who isn’t affected by the responses.
You should also be concerned with the design of the survey. You need to be able to differentiate the answers that are given. You also want it to be designed in such a way that’s easy for the user to comprehend and fill out. If it’s too lengthy it could also affect your results. Being conscious of the consumers time is very important when determining the length of the surveys.
Incentives are also a very important part of the feedback process. Many companies will give incentives for those who participate in the survey. Some companies will give cash incentives for completing focus groups or surveys and sometimes online surveys will enter participants into drawings or give them
discounts on their next purchases.
If you’re planning on doing a phone or mail survey then this next one is a critical process and that’s the analysis process! You need to make sure that you have the statistical software in place to help you evaluate the information and responses that you were given via the phone or mail. This can be a bit lengthy but it’s very important that you have the right tools and tactics in place to evaluate your responses to your innovative market research questions.