Top 5 Reasons to Invest in Market Research

There is so much to learn from exit-intent surveys, getting closer to customers, ad testing, customer satisfaction surveys, claim to test, and concept testing.

Market research is constantly changing and is not talked about as much as paid media, CRO, or SEO.

However, there is much opportunity to get insights, cheaper, and faster than before. Market research should always be completed withthe highest quality and combined with a sometimes-lengthy timescale. This often scares people off. However, it shouldn’t.

Digital marketing agencies like 10xplusmedia gain many benefits from market research.

Research is easier than you may think

Just as it is with paid search, SEO, content marketing, there is a great deal of information out there and countless training course to help you with anything from writing effective questionnaires to choosing the correct respondents to interpreting the data.

Market research = good questions, locating relevant contributors, interpreting the data, and sharing this information with the right people.

Research is cheaper and faster than you may think

Companies of every size work hard to make market research cheaper and faster.

The company formally is known as Zappistore – Zappihas created solutions with big market research businesses to provide concept testing, ad testing, and other useful research but available for less in an all-in-one solution.

Research agencies as well are transforming to automate research at a reduced cost. YouGov Collaborate has been recently launched by YouGov. YouGov Collaborate provides an expert researcher to help you while also automating research services.

There are numerous options when searching for offline and online training courses – from Udemy to countless webinars by different market research agencies as well as the (MRS) Market Research Society.

Research recruitment is simpler than ever

Getting the relative respondents may be the greatest challenge and cost. However, Google Surveys, Survey Money Audience, and Tolunahave created solutions that provide you with responses from only $0.10. Recruiting relevant participantsis one of the hardest aspects of market research, as it is vital to researches validity. You can get the panels you need from research panels as they have big pools of research participants that what to take part in research and surveys. Participant recruiters are also available that can assist in recruiting for depth interviews and focus groups.

Here is a useful method for conduction an online survey:

• Screening questionnaire –Screening questionnaires are helpful questions to get the needed respondents. It is essential to ensure your recruitment is not obvious to allow you to get relevant respondents.
• Write survey –Use a Word Document to write your survey. This will make it simpler to tweak and then simply copy and paste directly into your chosen survey platform.
• Recruitment respondents –If you have your won panels, social media, database, or utilizing a service such as SurveyMonkey Audience or Google Surveys you can recruit respondents via email.
• Analyze –Create, read your data and review charts using Conjointly's MaxDiff Tool or a similar data analysis tool.
• Influence –Use your research to make decisions.

Research reduces risk and confirms a plan

In business, risk is a vital factor –reducing risk is helpful in stabilizing the business, provides employees stability, and encourages investment. When you conduct research with employees and customers you can make more informed decisions and respond to how employees and customers feel. You can measure the risk of an investment and a change.

Research helps to understand customers

It is time for you to get close to your customers. This is not the latest marketing phrase or slogan; it is an obsession to make informed decisions by getting close to customers. All customers cannot be pleased with all the time, however, the closer you get to your customers the more understanding you will gain of their experiences. For instance, are customers genuinely satisfied with the process of online ordering and are complaints being resolved through customer support?

Asking the customer is the only way to find out what they are thinking. There are unusual ways to get close to the customer, like focus groups that include testing exercises and activities.Conducting user testing, walking with your customer while they are browsing your shop, or holding a customer workshop are simple ways to help get the customer involved. A mini customer ambassador panel that includescustomers that use your services, or your products frequentlycan also be used. They can provide feedback in one-on-one meetingson a regular basis.

Understanding the customer is a way to plan for the future, find unknown issues, and give customers what they need.

To learn more about why to invest in market research, reach out to us at 10xplusmedia today. We will gladly answer any questions you may have and lead you in the right direction.

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