Online Market Research Survey: Is it an Ideal Market Research Technique?
At the present time, all businesses have become tech-friendly. All kinds of businesses use the internet as a medium to promote and advertise their businesses as well as interact with their consumers. Have you ever advertised your business on any of the social media sites? If yes, then you are already familiar with the process of online market research. Online market research survey is one of the easiest ways of conducting large-scale market research. But is it the most effective technique for market researching?
What is an Online Market Research Survey?
Online surveys are the most effective way of getting a global opinion in a short time. Although it cannot be termed as a purely scientific technique, it is great for businesses who do not wish to invest a sizeable amount of money in market research. These surveys are in the form of a questionnaire. They are short and contain to the point questions that generally have multiple choice answers to choose from.
What Are the Types of Online Market Research?
There are two types of online market research; Qualitative Research and Quantitative Research
- Qualitative Research
Qualitative research is data collected in descriptive form. They concentrate on the qualitative aspects of the product or service. The participants are required to answer the questions by describing the quality of the work done by the organization conducting the survey.
- Quantitative Research
This type of data is in the numerical form. Since it can be measured, a research conducted in a numerical form are called quantitative research. The participants are asked to answer the questions in a yes or no form. In such questionnaires, rating scale questions are also included, where participants are required to rate a product on the scale of 1 to 10.
What Are the Advantages and Disadvantages of an Online Market Research Survey?
All surveys are taken anonymously. Since the respondent does not have to reveal their identity, honest opinions and accurate data are obtained. Online surveys cost relatively less and a large group of people can be targeted effortlessly in less time. The data obtained is computerized and can be converted into graphs and charts with the help of computer software, for a more organized study. Online surveys are two third times faster than personal or face-to-face interviews.
Since there is no interviewer present at the time the participant is responding to the surveys, there is no one to clarify the participant’s doubts associated with the survey questions. The answers received could be wrong if the question is not fully understood by the participant. Not everyone has access to the internet, hence, that part of the population may not be able to express their opinion about the product. Online surveys may not reach to the respondents as many emails are either sent directly to spam or deleted by the respondents without seeing.
Are Online Market Research Surveys for You?
It can be concluded that although online surveys are efficient, they are not for everyone. If you are a small enterprise or a start-up with a small consumer base, you are not required to send out invitations for online surveys. But if you are a large establishment, you must consider the option of an online survey.