What is online market research?
Traditionally market research was done through field face to face surveys where interviewer will directly interact with subject or respondent however as time changed methodology of collecting information also went through changes. One of the biggest changes which has happened in last decade or so more and more companies are adopting online route to reach consumers which is faster and cheaper compared with tedious offline process. Online market research hence can be defined same as traditional research however methodology change of collection of information is only key change.
“Aim of market research is to know and understand the customer so well, the product or service sells itself” – Peter Drucker
Purpose of online market research
Accuracy in making decisions is critical in any business situation where requirement of correct data to interpret past and future is required where experts gather insights for management to take steps forward. Some of the objectives which can be achieved from online market research are:
Some of the objectives which can be achieved from online market research are:
b) Consumer behaviour: Why will consumer buy your product or services? What is the influences that affect purchase decisions? Understand buying patterns and how can you use it to your advantage
c) Course correction: When you are continuously working towards your goals sometimes there are requirements for course correction to better your achievements online market research is quick way to do a dip check to do it quickly many big corporates have definitive strategy like running brand tracking studies to do that.
d) Opportunities discovery: There are different opportunities which can be explored through research for example people preference for a particular packaging may be increasing (eco-friendly) which can create a new line of sight for increasing revenue through targeting this customer base can help market share and better reputation in existing market for its products.
e) Identify emerging patterns – During course of market research some new patterns emerge which were not thought off before and can be very rewarding sometimes.
Damolekule is leading online market research company which is making huge inroads into different segments for market research. Online shopping as we all know is a huge trend these days and will continue to grow in future. Insights which were made available to a online shopping site which proved beneficial to improve overall experience which helped company garner more shoppers to shop with them.
Below is the case study for your reference to better understand:
Objective – To improve shopping experience of existing customers
Survey Method – Online market research
Respondent Type – Existing shoppers and Intenders from tier 1 and tier 2 cities from India
Sample Size – 5000 with equal distribution for both shoppers and intenders
Process of Online Market Research
After field surveys are completed analysis of responses is done to develop insights to present report to client.
Growth of Online Research
Advantages of Online Research
b) Reach – You can reach wider audience through online interviewing process sitting in your country you can research audiences of different countries at a click of a button
c) Speed – Online market research biggest advantage is speed at which surveys can be obtained, traditionally it used to take months and years to do a large research however with advent of online research similar projects can be finished in month or less.
d) Real time data collection – Data is collected using online panels where everything is happening real time
e) Efficiency – Online market research is very efficient overall be it cost, speed, reach or accuracy.
Challenges
a) Data Privacy – Since data privacy is highly regulated online market research faces challenge of disclosing identity of respondents to the client.
b) Survey Fatigue – Online market research surveys if lengthy and boring can cause survey fatigue impacting the quality of responses in a big way.
c) Availability of sample on panel – Although all online panel companies claim to have millions on the sample side of panel however in reality very limited number of respondents can be said to be actually active and may not match with your respondent type.
d) Fraud Respondents – Online market research is sometime victim of fraud online respondents who for incentive enter into survey sites through different ways.
e) Availability of niche respondents – Online market research is good if you want to do regular consumer studies however when your audience is niche it becomes hard to reach for online panels which can impact your timelines to conduct survey as you need to opt for traditional way of conducting such research.
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