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The
Gantry Group
Building Business Through Research |
Gantry
Group Newsletter
Issue No. 5, November 2001 |
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Market research is being revolutionized by the Internet. Revenues from online research in the U.S. have grown from $4 million in 1996 to more than $258 million in 2000, with revenues expected to double annually for the foreseeable future. Industry experts also predict that by 2004 the Internet will account for a least 33 percent of all customer market research. Quantitative research (i.e. market surveys) has been transformed by the Internet. New online technology has made surveys affordable in terms of both financial investment and time-to-results. Online surveys have become a multi-media experience, making them engaging, informative and even fun, for participants. With questionnaires designed to provide important business insight, conclusions from market surveys can pinpoint the largest opportunity within the most receptive market to lead companies to maximum profitability. |
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When is a Survey Appropriate? |
A survey enables a company to quantify a market trend, need, preference or condition within a target constituency. Surveys with closed-ended question formats, lend themselves well to statistically sizing a business opportunity or stature within a market. Typical applications of surveys include:
| The Online Advantage |
As a research tool the Internet brings a set of unprecedented advantages over traditional methods that both the researcher and the participants can enjoy.
For the Participant:
| How Does It Work? |
An online survey begins will the design of the questionnaire and participant experience. Once finalized, it is programmed within the online survey environment. Prospective participants are emailed an invitation to participate in the study, containing a link to directly access the survey. The survey is hosted on a robust, scaleable, high-speed server. As the participant answers the survey questions, the data is automatically captured and stored within the online survey's database repository on the server. This data repository can be queried while the survey is being administered at any time, making the online survey a real-time research instrument. For example, this capability makes it possible to provide a participant with immediate feedback as to how his/her answers compared to responses by their peers.
At the completion of the survey collection period, it's time to process the data. Online survey tools should provide a robust analytics engine to extract and view the data based on answers to a specific set of questions, role groups, geography, market sector, size of company, etc.
Once the statistical
data is cross-tabulated into report format, the data is ready to be interpreted
and analyzed for actionable steps. Statistics alone do not tell the story
- they are merely the factual marketing foundation to support the business
recommendations.
| Online Survey Options |
There are a variety of methods to present online surveys:
| Those Pesky Little Details... |
Carrying out a successful online survey depends upon flawless execution and nearly neurotic attention to detail. Here are some guidelines that will help ensure success.
Know Thy Audience - Take the time to refine the exact profile of the target participant. In the case of a B2B survey the industry, role group, type of company, size of company, geography and other business demographics should be articulated.
Find the Right Panel/Opt-in List - You may have a customer or prospect list that is ready to be repurposed for an online survey. You may have channel partners who, for the price of sharing the research results, are ready to collaborate by making their "house" list available for the survey. Or you may rent an opt-in email list that will reach your identified target audience. Or you can contact a market research firm who has assembled a set of prospective participants who have consented to being contacted for research in a particular area such as yours, for a specified incentive.
Properly Endorse the Survey - Prospective participants want to feel confident that their time is going to be well spent. A survey that bears the name of a respected sponsor or an email invitation personalized by an important member of your firm's executive team [Click here to see an example email invitation] can make all the difference in garnering a high response rate. For example, a particular association may be very influential with your target audience. Co-sponsoring the survey in this way builds credibility, draws participation, and creates another highly qualified list source as well.
Think out of the Box - An online survey frees you from the rigid confines of a telephone or print mailed survey. Think digital. The complete spectrum of multi-media and interactivity is at your disposal. For example, if you wish to test reaction to new product packaging, photo shots of all facets of the packaging can be easily included within the survey.
Don't Get Too Carried Away - Whether a consumer or business executive, individuals today have a limited attention span and even more limited free time. Don't make your online surveys too complicated. Focus on getting the data you really need. Don't ask questions that require your audience to fetch business data statistics for you - they won't come back. Don't present participants with a mathematics exercise. Make the survey direct, clear and achievable with 10 minutes. Test pilot the survey with colleagues.
Motivate Your Audience - An incentive is a great way to say "thank you" to your audience for their time and participation - it can also nudge them to participate. Think creatively about what would be motivating to your target audience. If you are trying to motivate CEOs with a $10 rebate coupon at Chucky Cheese, the incentive is probably not going to be successful. A donation to a charity of choice, or choice of a free research report may indeed prove more successful.
Achieve
a Statistically Valid Sample - It's best to achieve at least 100
completed surveys to achieve a 95% plus level of statistical validity in
the results. Don't draw important business conclusions from insignificant
samples - they can be very misleading. Here's a handy calculator for predicting
the statistical accuracy of your research
[Click
here for calculator from Creative Research Systems].
| The Fly in the Ointment |
But as is so often forgotten, the Internet is a tool - not a panacea or a market onto itself. The Internet cannot automate the research process; rather it facilitates interaction between the researcher and the participants and the collection and tabulation of data. Good research, as always, relies upon proven methodologies and domain knowledge to construct surveys that dig beneath the superficial business symptoms to reveal the root of the problem and/or trend within the market segment. Similarly, pulling through the statistical results into a set of actionable business recommendations depends upon operational business knowledge. In short, the value of online research is only as good as the qualification of the respondents, the design of the study, and the analysis of the statistical results.
The value of the Internet is as a research tool is fully realized in the hands of accomplished researchers who are familiar with your business and offerings.
About Gantry Group: Founded in 1997 and headquartered in Concord, MA, we are a full-service, custom market research and advisory firm dedicated to helping companies cost-effectively accelerate the successful market adoption of their products and services - online and offline.
The Gantry
Group has been helping companies design, manage and analyze quantitative
research studies to drive successful new product and market initiatives.
We also provide ongoing business metric benchmark programs, such as customer
satisfaction and brand/competitive awareness, to enable companies to scorecard
their progress from the Voice of the Customer. Contact us today to see
how we can make a difference in your online and offline businesses.
|
The Gantry
Group, LLC
30 Monument Square, Suite 135 Concord MA 01742 |
Phone: 978-371-7557
Fax: 978-287-0043 Email: info@gantrygroup.com Web: www.gantrygroup.com |
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