Market Research Data Basics

Getting grounded in market research data basics

Don’t feel overwhelmed with the task of market research data gathering for your company. Methods and channels abound, from free information provided by the Census to pricey high-end modeling systems from boutique firms. Bear in mind that research is "re-search:" looking again and again to answer questions and solve problems. Think of it as an ongoing process to build into your business plan, rather than one more project or task to add to your to-do list.

Traditionally, data collection in market research conjures up a person in glasses and a clipboard asking questions door-to-door on over the telephone during dinner. However, consider three areas of market research data collection when putting together a research plan:

1. Real-time intelligence drawn from consumers' actions

2. Market research polls fresh from the Internet

3. Old-school focus groups as a current market research tool

 

Extract intel mined by data collection companies

Unlike creating cross-tabulated data tables, data mining sifts through massive volumes of raw data to find behavioral patterns. Cash register transactions, orders from the Internet or company extranet sales channels or coupon redemptions, can be tracked over time and analyzed to provide a blueprint how consumers are shopping-what they are actually doing-and point to most likely future transactions.
Try: Far more than compiling TV show ratings, The Nielsen Company is the world’s largest market research data provider for media, business-to-business marketing and retail. Nielsen’s primary competitor, Information Resources (IRI) provides market research data for manufacturing, retail, health care and vertical markets.

Take it to the Web by conducting a market research survey on the Internet

When you need to ask for opinions on a new product or get feedback on service received, take advantage of the speed and efficiency of the Internet. Internet research most commonly involves market research data companies managing a panel of participants, who have been contacted and pre-screened for eligibility, then sent questionnaires through the Internet from time to time. Well-managed panels do not get "burned out" from constantly filling out surveys, and are carefully screened to ensure respondents are matched with the subjects under study.
Try: Harris Interactive, creator of the Harris Poll Online, maintains it services one of the world’s largest respondent panels. Infosurv develops and conducts web-based survey research for government and private enterprise.

Explore in-depth market research going eye to eye with qualitative study

While jokes abound about one-way mirrors and free sandwiches, focus groups remain a powerful method to explore new territory or sensitive topics. Resist the urge to pack the house, either in the room or behind the viewing mirror. You'll obtain better results by hosting a series of small groups. Six to eight participants in a 90-minute discussion promotes a more intimate setting, where people can have the time and emotional space to open up and carry a conversation further than they would with a two-hour summit of a dozen or so strangers facing off over a conference table.
Try: The CEO of Applied Marketing Research moderates AMR’s focus groups himself, whether traditional in-person groups, teleconference groups or e-groups though Internet chat rooms. The Marketing Workshop (MWI) provides custom research in focus group, ATI, and IT venues.

 

• Think backward when designing your data collection in market research process. Do you have any expectations-particular ways you think people will respond, specific answers you'd like to see? Literally put together some dummy charts and graphs, to visualize the final answers. Then, use that dummy report to help you structure the questions and response categories or scales to fit.

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