29 Dec Online Data Collection Companies: How They Help in Marketing Research?
Online Data Collection Companies: How They Help in Marketing Research?
Customers are more complex
Big data or statistics alone cannot reveal the complexity of customers. A cohesive marketing plan will have to include refined product concept testing to create branding messages that are accurate, that speak to the customers.
Online data collection companies play a big role in this. Quantitative & qualitative market research through phone calls, face to face surveys, in-depth interviews, email surveys, etc, play a significant role in improving bottom lines through superior market intelligence & relevant strategies. Predictive market analytics enables an organization to obtain a true picture of the potential customer, who they are, what they are looking for.
Mere numbers by themselves do not provide opinion
In the current age of Big Data, the numbers available are enormous but numbers by themselves do not provide an opinion. Numbers cannot see customer perceptions, habits, etc.
Here is the crucial role played by qualitative research. This includes real-time discussions with target groups either face to face or telephonic, online panel discussion groups including social media. Online data collection companies pinpoint the exact requirement of the companies in the vast marketplace. An efficient online data collection company will customize its strategy depending on the market instead of using a standard methodology.
Quantitative research, on the other hand, acts as a supplement to qualitative research in form of surveys of the marketplace. The analysis of statistics generated by quantitative research leads to the understanding of numbers. Patterns of customer behavior can be deciphered by analyzing data leading to a broader picture of customer patterns.
Methods and techniques such as ad tracking, brand awareness research, demand estimation, customer research, test marketing, concept testing, etc. are used by online data collection companies in their research.
Why online data collection companies for marketing research
Any organization requires accurate, relevant, reliable and current market information to keep ahead of the competition, to reduce costs and increase bottom lines. In other words, gut feeling, guesswork or intuition cannot be a substitute for better knowledge of the market. Here is where the role of online data collection companies crucial to the success of an organization.
Market research enables a decision maker to make necessary decisions to match customer needs. Any market is subject to unknown variables such as general economic conditions, political changes, social and cultural changes, etc. Marketing research enables in removing or reducing a few of these variables and to enable the decision maker to take suitable action.
Mere access to data is not enough to decipher customer patterns, behavior, etc. Quantitative research provides the “what” whereas qualitative research provides the “why” to an organization interested in studying and analyzing customer behavior and patterns using data collected. While Big Data enables in identifying general market trends, marketing research companies shift through the vast data to target niche targets.
For any market research to be effective, it should be objective, truthful and impartial. Any bias in the methodology will render the process a failure. Since organizations employ online data collection companies to identify problems, challenges, etc or to solve them, any improper or biased methodology will not be useful for the same.