Exploring the market research industry is not simple. There are many possibilities available to you if you want to get started with a project. The choice between in-person procedures (such as face-to-face) and virtual strategies is frequently the first step in deciding what kind of market research should be conducted.
Here we will discuss the factors that are driving remote technological advancements and their advantages to help you determine how to promote online methods of communication in the future for your business.
How Market Research is Advancing?
The only thing that remains constant in this field, as in many others, is transformation.
In addition to less obvious causes, the decline in phone surveys is due to prolonged time frames and higher expenditures, techniques like caller ID and the categorization of unknown phone numbers as "potential spam", and younger people are more active online, send more texts, and use instant messaging services.
As a result, a lot of companies and brands have started seeking and utilizing phone survey substitutes. The same is true for all types of on-site market research. But COVID-19 has unquestionably hastened the trend in the market research industry.
COVID-19 Speeding the Transformation to Remote Platforms
Brands frequently travel to cities throughout the world with market research companies to hold day-long sessions hearing from consumers and gathering feedback. It required months of preparation, logistics, scheduling, and other aspects of comprehensive market research projects.
But after the pandemic, several questioned whether it was wise to perform in-person market research. However, organizations soon understood that meeting in person was not even a possibility!
For a long time, no experts, brands, or players were prepared to take any action in person. It was also one of the more perplexing moments for brands. Unpredictability and the desire for more information were sparked by COVID, yet remote research was the sole option to obtain that data.
Brands reevaluated their market research budgets and started studying once more after they realized that COVID-19 would have an extended effect. For example, according to research during the outbreak, 75% of customers adopted new purchasing patterns, with a majority of them highlighting convenience and value. Furthermore, brand loyalty was nonexistent, with 39% of them switching to unknown brands that they have never even heard of before.
Businesses consulted market research experts to figure out how to adjust to these developments and achieve what they want to accomplish through digital channels.
In order to work things out, it compelled brands to become closer to the consumer. As a result, the brands that understood the consumers succeeded more in the market.
Companies invested huge amounts of money in the reorganization of market research expenditures to prepare for the digital era.
What are the Alternatives to In-Person Market Research?
1. Geofencing Surveys
Respondents who enter or leave a digital geofence can be surveyed anywhere in the United States by a geofencing survey company.
When a user enters or leaves one of the geofenced locations, their panel app notifies them that a survey is available. They are directed to an online survey where they can respond to survey queries on a mobile device without necessarily having to speak to a researcher in person.
These are excellent for any retail store market research requirements. As practicality is frequently difficult, your brand must have 400–500 sites or more spread around the United States to provide a sufficient sample, or you must be prepared to slightly extend the schedule so that more traffic can enter or exit your geofence to gather data.
Location-based information is another excellent choice provided by many mobile analytics market research organizations.
2. Virtual Focus Group
Several market research company has conducted their focus groups and in-depth interviewing projects virtually for the last two years.
Companies employ a number of technologies that can assist them in such types of research, but even basic websites such as Zoom are really effective for doing online focus groups.
Focus groups conducted online do differ from those carried out in person. With face-to-face meetings, you may manage a conversation over a period of one to two hours with a group of 10 to 12 people. But it is advised to keep the group size to a maximum of 4-6 as a strong virtual focus group best practice.
Companies can record Zoom meetings, and the platform's auto-transcriptions are generally reliable, resulting in additional cost savings and a reliable document for reporting needs.
3. Online Bulletin Boards
Most market research team prefers in-depth interviews (IDIs) over focus groups in the majority of cases while conducting qualitative research.
The benefits of IDIs include:
- More conversational time for each person
- Remove any group discrimination
- Instead of attempting to persuade several individuals to attend at once, give interviewees far more flexibility when scheduling time with them.
Online bulletin boards elevate those advantages to an entirely new level. When you consider online bulletin boards, picture them as a forum moderated by a person who raises questions manages the discussion, and covers key research goals.
Raziya Kotadiya / LinkedIn
Research Analyst at Cognitive Market Research
With a demonstrated history of working in the market research covering qualitative and quantitative research. Skilled in Strategic Forecasting, Market Research, Competitive Intelligence, Business Development, Trend and Opportunity Analysis and Data Visualization.