Posted by 360 Market Reach ● Sep 11, 2019 9:16:44 AM
After decades in the market research industry, we know that it can provide valuable information and make a significant impact on business decisions. That’s one of the many reasons why 10 years ago we decided to create 360 Market Reach. Here, we put the art of understanding at the core of our business to provide our customers the insights they need to understand their customers and provide the optimal products and services.
To dispel a few popular myths out there about market research, 360 Market Reach wants to shed light on a few outdated thoughts that people may mistakenly still consider to be true.
1. You Can’t Have It All
And by that, we mean market research that is high in quality, low in cost and all with a quick turnaround. Any of us who have been in marketing research for a while have seen that triangle with one of these factors on each of the three sides and it says, “Pick two.” And while that has traditionally been the case, a lot has happened in the marketing research industry over the years. Technology has automated mundane tasks that allow skilled researchers to focus their time providing the quality insights that clients expect without adding staff and monetary costs added onto your budget. Additionally, non-structured work environments that allow flexibility and work/life balance have greatly reduced traditional overhead costs. Lastly, thanks to everyone’s attachment to their mobile devices, this creates speed like we have never seen before. Research participants answer quickly while on-the-go and that allows us to capture information in a time-efficient and cost-effective manner for our clients. So, to debunk that myth, YES, you can have it all!
2. You Need a Huge Budget to Effectively Build an Online Research Community
Yes, it’s true that back in the day building an effective online research community was a huge investment when the online insights communities first began but there have been strong advances to bring down costs. By streamlining technology use and maximizing the opportunities available with already-engaged consumers ready and willing to share their opinions, costs have gone down tremendously since this trend first took off. The other reality is that you don’t need to start huge (and costly) to be effective. We have found that clients who start out with a smaller scope quickly realize the benefit and can then secure additional stakeholders within their companies to utilize the community and offset the cost.
3. Qualitative and Quantitative are Conducted Separately
In the past, qualitative and quantitative research methods were looked at as two separate areas of research. Today’s technology has allowed researchers to continually merge the two methods to provide a more comprehensive view of the consumer. Now as part of a survey, you can easily add a video component to gauge the intensity of the comments. Online diaries allow us to view a day-in-the-life across a quantitative sample with photos and text/talk. With the ability to tap into our existing communities, even if conducting a qualitative focus group or discussion forum, we can infuse quant results by sending a few questions out to the appropriate audience in our communities.
4. Market Research Functions Are Outsourced Internationally
In the past, it may have been standard practice that all basic research functions should be done in India to keep costs low. For us at 360 Market Reach, we respect the volume of work that can be conducted in India, but unless skill levels are monitored closely, and communication is airtight, we’ve found that it can lead to re-working the data, timing issues and more headaches. We have found that arming smart researchers with the right technology and the right support through highly effective, nimble U.S companies ultimately creates a smoother process. This is not to say that companies in India are not an asset, in cases they can be, but they are not the sole answer to save time and money.
5. If It’s Not Broke, Don’t Fix It!
This myth can be applied to much more than just a marketing research myth! Marketing Research has changed almost as much in the past decade as it has when mail/phone research moved to the Internet eons ago (we may be ageing ourselves). 360 Market Reach has been in business for just over 10 years and adapting research that currently works well is what keeps us relevant and providing research services that our clients truly need to grow their business. Years ago, just asking consumers questions worked well to understand consumer’s needs and interests. But then we took it to the next level and found that watching consumers choices and actions provided even more insight into the true impact of certain aspects such as price and location in store. Now, as researchers we can be involved in a day-in-the-life of consumers and not only watch their choices but see their struggles and triumphs, which really helps complete the full picture. We will continue to change and in another 10 years, look forward to forging the future of what market research will evolve into.
There you have. These are a few of the many reasons when we created 360 Market Reach, we put the Art of Understanding at the core of our business. To us, that means we take it further then just data, we do everything in our power to provide our customers the insights they need. Thanks to the evolution of marketing research, we can do exactly that.