Now more than ever, there is a lot of communication and exchange of information and ideas between companies with the aim of getting the most out of investments in market research.
We have worked with many organizations that live off the value of their market research and there are many similarities in the way they engage a consumer through their companies.
Transparency, strategic thinking and good communication are the most effective tools for integrating consumer information into your organization; of course, a pinch of creativity always helps.
Tips to help you optimize your market research:
1. Analyze your past market research :
Make sure you look at research on similar topics or on similar consumer groups. Analyze as many luxembourg phone number elements as you can. What findings are reinforced or clarified? What patterns are emerging? What trends can you see? etc. Comparing results across studies can provide you with valuable insights.
2. Ask yourself if you are making the best use of secondary information:
Check with various trade associations, government agencies, universities, etc. Many questions can be answered – at least in part – with information collected by someone else for a different purpose. This is a good way to expand your research budget; Google is an excellent option, but a librarian can become your best friend and an endless source of knowledge.
Optimize your market research budget
3. Determine the sample size .
Samples that are larger than necessary can add unnecessary and avoidable costs. Keep your sample sizes moderate. You can find an online panel or lists that work best for your research or you can even use other people's internal lists when possible.
4. Use “ Omnibus” surveys (if appropriate) to answer small, non-strategic questions.
Have you ever heard of Omnibus surveys ? Omnibus surveys are basically open-ended surveys targeted at a specific population (adults, mothers, students, etc.). These surveys are conducted on a pre-set sample size either daily, weekly or monthly and a fee is charged depending on the number of questions. Think of it as time-sharing for market research; the cost and time spent on an Omnibus survey is just a fraction of what it costs to conduct a full survey and the full set of demographics and data is usually delivered within the week following the survey.