No amount of data or statistics will reveal the complexity of the market or the customer. Online market research companies play a big role in creating a comprehensive marketing plan that reaches the intended customers through accurate messages. Market research through quantitative and qualitative methods including phone calls, surveys both face to face as well as online based random email surveys enable a company to obtain superior market intelligence. This market intelligence can then be used to create relevant strategies to improve profits and increase sales. This pro-active market analysis reveals a true and full picture of the customer/market, who or what exactly is the market, and what exactly are they looking for.
An online market research company will employ tools such as qualitative and quantitative methods to achieve the objectives. Online methods enable a researcher to reach target groups quickly and at a lower costs over a wider geographical area compared to other methods such as on field or telephonic methods. Qualitative methods utilizing the selected panel respondents and employing tools such as
CAWI get a clear picture of the target. Quantitative methods assist the qualitative methods by generating statistics and subsequently the analysis of such data. Qualitative online research methods through online focus groups and web enabled interviews have the advantage of reaching to a wider network of respondents without geographical restrictions. CAWI or Computer aided web interviewing is part of this data gathering and speeds up the process compared to physical data gathering methods.
This increase in speed of data gathering is due to the simultaneous filtering of data in the background, transferring of the collected data to the servers, absence of any printing requirement. The results are generated in a speedier manner and this method also leads to a big cost reduction.
A credible online market research company will have its own pool of respondents on its panel enabling it to offer customized panels to companies looking for research solutions. These customized panels may be segregated on basis of age, gender, race, nationality, earning ability and more. Such a research company will also offer solutions on the online questionnaire and its design, customized statistical analysis and customizing target groups.
The Future of Online Market Research
Billions of Smartphone’s both in the developed and developing world are changing the way of market research. The increasing internet speeds on wireless devices such as phones and tablets are changing the way markets and customers behave. Online market research companies are devising their own pools of mobile panels in a similar manner to web based or computer based pools. Mobile friendly surveys are being created to get a better response from the target audience. It is imperative for any online market research company to be responsive to such changes and adapt accordingly.
Online market research is a boon to researchers looking to reach wider reach at a lower cost. It also delivers results at a greater speed compared to traditional methods. The rapid growth in mobile devices and Smartphones will only reinforce the relevance of online market research companies.