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

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

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

Ground breaking market research technologies have been initiated in last decade and with the social media taking centre stage of modern life new challenges for marketers have grown many fold which has further led to innovations and changes to market research methodologies. Eye tracking is today a familiar approach in methodology listing of some firms. Eye tracking focusses on consumer’s eyeballs which are tracked beyond probing verbally and what they purchase or look at. Another innovation facial expression coding or FMRI is being eagerly explored by modern market researchers.

Social Media Research is changing the game of market research by adding an important dimension of the consumer research through understanding what kind of lifestyle one desires or is currently having. Large number of firms today use social media as an important platform to communicate with customers and consumers. For example a researcher could link up with a chat room for bikes enthusiasts to run an online ethnographic enquiry with the target community. MROC or market research online communities which are essentially closed and exclusive communities that normally well engage with focussed target respondents enrolled for participation of around one to three months. Market research has witnessed greater efficiencies helping market analysts to gather and combine data from various sources than in any other period in past.

Apples I phone was turning point in year 2007 which started mobile revolution furthered by cheaper android devices allowing more users to join the bandwagon. The development and ascent of smart phone technology has further enhanced the tool kit of modern researcher with mobile strategy to collect the data required for analysis. Today we have researchers who are doing Hybrid surveys using traditional approach of face to face but through use of programmed surveys for mobile devices to collect data real time from people not having access to web online platforms to give opinion and in countries like India, Cambodia, UAE this method is proving beneficial for toughest of market research projects. A good example here is a social research where development efforts are being captured by government to understand reasons of scarcity of water in pockets of India. Damolekule Research & Analytics has been part of large BIO CNG study across India to capture supply chain for such plants in India for major power consulting organisations.

All these advancements in addition to technological developments in way data is gathered, analysed and distributed clearly points out marketing scholars need to broaden their horizon work on their skill set introduce new competencies in order to plan, execute and interpret research in current century.

As research endeavours are organised to fit markets where there is the greatest potential, marketing scientists will have to cultivate the competences and skills to design and do research in these settings (Barnard, 1997). New research tools involving the most modern technology will have to be learned and creative methodologies to understanding human behaviour in various cultural circumstances established (Craig and Douglas, 2001). The skill to figure out and incorporate multifaceted data from different sources and geographical settings will also be crucial in order to offer insightful suggestions for the firm’s global marketing strategy. In answer to an open-ended survey question on how the knowledge, skills and capabilities required by personnel in the marketing research department, respondents mentioned a constant need for professional and experienced staff (Ashcraft, 1991). Accordingly, these research executives make compelling demands on the employees under them due to the closer working relationship with personnel of other departments within the firm. Staff of the marketing research department need to demonstrate general business knowledge and a better insight of other departments, generate action-oriented performance outcomes, and be technically intelligent as new technology is being developed. Other skills and capabilities needed by marketing researchers are deeper knowledge in business issues, knowledgeable in sales and product development, possess computer and statistics skills, analytical to simplify facts, creativity and team player (Ashcraft, 1991). Carrying out market research in a global market setting needs a lot of skills and new learning. This involves a more thorough understanding of local culture (Young and Javalgi, 2007). Cultural factors such as language, religion, education, time orientation, aesthetics, gender roles and social institutions are closely linked to national culture (Javalgi and White, 2002), and have a huge impact on the suitability and adoption of new services and products. The influence of culture is multidimensional and complex in the sense that cultural standards that are significant to one group of people could have little meaning to another. Cultural variations profoundly affect adoption of services and products as well as other kinds of market behaviour. Undoubtedly, cultural influences have assumed strategic significance that cannot be overlooked when marketing existing and/ or new services and products (Onkvisit and Shaw, 2004). Social elements represent a culture’s basic arrangement, including its various institutions and groups, its edifice of social organisation, and the process by which both operant and operand resources are allocated. Certainly, social arrangement affects market research decisions such as the cost of undertaking the research, getting to the target markets, gathering the data, and so on. In-house market research executives who are conscious and attentive to the unique context of global market research will be more capable of designing and implementing strategies that contribute significantly to their company’s competitive advantage in the marketplace. Furthermore, paying great attention to the challenges outlined and discussed in this paper will produce market research findings that are more impactful and more frequently put to use by clients.

Online Research Telephonic Research in Bangalore, Online Research Telephonic Research in Chennai, Online Research Telephonic Research in Delhi, Online Research Telephonic Research in Gurugram, Online Research Telephonic Research in Hyderabad, Online Research Telephonic Research in Mumbai, Online Research Telephonic Research in Noida, Online Research Telephonic Research in Pune