Why Online Market Research is Beneficial to your Business

Why Online Market Research is Beneficial to your Business

Online market research has quickly replaced traditional market research in most of the business world thanks to the reduced costs and larger demographics readily available in an increasingly integrated online world.

In this article we’re going to look at the main reasons why research is and should be moved to the online playing field.

Initially we can say that online market research is quick, cost-effective and more efficiently targeted and targetable.

Results from online market research are quicker because they can be monitored and collated whilst the survey is being undertaken – so results appear in real time. As an online research survey program can be distributed within a matter of hours the results can be collected much more efficiently and quickly. This means that the turn-around time for a project can be as little as a week from implementation.

Online market research is cost effective because there are relatively few overheads to be considered. Survey development and data collection costs are the only real overheads with distribution being negligible and without the need for ground staff and interviewers. Finally targeting of online market research is perhaps the best advantage of all.

Firstly you have access to global demographics that allow you to conduct research across a huge potential market base and collate date geo-demographically – breaking it up easily into umbrella research data and niche data. This allows the research to be much more efficient and effective and allows for a much broader target participant range even if you are conducting heavily targeted and niche research.

While these are some of the key benefits you should also be thinking carefully about the quality of online market research data and the quality and verisimilitude of respondent data.

Online Market Research Offers a Number of Benefits

1. Online market research takes away the problem of interviewer bias, intrusion and error. It allows participants to take their time, fill in details based on their own preferences and discuss honestly any sensitive issues the research may wish to address. Taking out interviewer bias and error has been demonstrated to increase the veracity of research data as questions are delivered in the same format and manner to every participant without the ability to be influenced by third parties. Online market research thereby offers the most efficient process for collecting honest and therefore useful market data.

2. The online platform makes it easier to integrate media with online questionnaires and construct a multimedia survey that can provide additional depth that traditional market research techniques cannot do, except at vast expense. This means that you can tackle issues and conduct extensive research in a variety of areas without compromising costs and data quality.

3. Thirdly online market research is convenient for participants who are incentivised for their opinions. The convenience means that people will undertake the survey when it is most convenient for them to do so, this in turn means that they are much more likely to take their time over their responses and provide accurate and reliable data. The fact that they are rewarded also means that they are much more likely to provide honest and reliable data as there are penalties for not doing so.

4. Finally online market research has no limitations based on subjects that can be addressed or socio-geo-demographic segmentation of participants. Almost everyone you could wish to target for your research can be found in large groups somewhere online. This makes targeted research easy and efficient. Thanks to the anonymity of the internet, participants are much more willing share their true feelings on any subject so you can collect data on. Anything that may impact your business and your competitors without needing to question the veracity of the data.

What tools do you use to do online market research?

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About the Author: Chris writes about using online market research companies such as ResearchNow.com whilst covering specific topics such as using online surveys or other data collection services for your business projects.

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