Understanding Online Market Research Platforms and Importance
Market research is a business’s attempt to use market research platform to learn more about their target customers. The process evaluates the feasibility of a new product or service through research conducted directly with potential consumers, allowing organizations or businesses to discover their target market and collect, document, and make informed decisions from information garnered. Most organizations conduct online market research directly while several others outsource this task to capable agencies.
Online market research is crucial and conducted to be able to understand or examine the market associated with a particular product or service, to determine audience reaction to a specific product or service.
Online market research is done to determine consumers’ purchasing behavior and to research the possibility of consumers paying a certain amount for a particular product or service. When effectively done, market research guides businesses to draw meaningful conclusions and make informed decisions.
Online Market Research in 2020 – Best Practices
Before delving into the best practices to conduct online market research, it is advisable to know the different types of market research and what works best for them.
The fundamental market research methods include:
Primary market research and;
Secondary market research
Primary market research: is a combination of both quantitative and qualitative research. It includes qualitative data gathering activities from platforms such as focus groups, one-on-one interviews, and ethnographic research.
Secondary market research: This includes sourcing data from public sources such as libraries, commercial sources, and educational institutions.
Most enterprises have devised powerful online market research platforms and survey software that helps them conduct comprehensive research, which gives them actionable insights much faster and with fewer problems.
To do this, the following are needed to achieve efficient market research.
- Problem definition
The ability to identify and define a research problem makes the entire research journey highly purposeful and productive. It eliminates distractions and gives clarity in the research process. The objectives research aims to achieve should be clear and precise. If you are employing a market research platform, then it is up to you to ensure that your research questions are clearly stated and effectively communicated to the team to avoid confusion in communication and feedback.
- Clearly define the samples.
It becomes a waste of resources if an organization ends up gathering information from the wrong group of audience. It is misleading and could lead to a lot of misinformation and wrong decisions. To avoid this, an accurate representative sample should be determined before data is collected, keeping in mind that the larger the sample, the clearer the understanding of the population being represented in the study.
- Collect data
Correctly collected data will help eliminate the error of misinformation. To do this, ensure that the right data collection instrument is developed and tested either through a validity test or a reliability test.
- Analyze the results
Having done all the steps above, if you now get to the point of analysis and get it wrong, then all efforts would have been wasted, leading to inappropriate decisions. On the other hand, an effectively conducted, in-depth analysis will lead to gaining an excellent result.
- Report your research result
Following the inverted pyramid style is an excellent way to achieve this. That is because you can report the essential questions of the business that motivated the research in the first place, starting with the conclusions and giving the fundamentals, instead of cumbersome details. After this is done, you can further provide details to those who might have the interest and time to read through.
- Take decisions
This is the very essence of online market research; to enable businesses to make accurate and informed decisions. The conclusions drawn by the researcher should provide the right information needed by the company to gain precise information, determine market size, and choose an appropriate sales system that will keep them ahead of their competitors.
Without doubt, market research platforms offer the best direct-from-source data that are reliable to make the best-informed business decisions.
Ashley Wali is a product leader and startup veteran with experience leading high-growth teams and companies to new heights. She is currently VP of Product at Discuss.io. In a former life, she was a competitive figure skater, and in a future life, she’ll be a novelist. Ashley has been featured in publications such as Modus, Product Management Insider, ProductCoalition, Startup, and the Masters of Product Management podcast. She was also recognized in Alpha’s 2019 roundup of top product leaders. Ashley writes at https://medium.com/@ashleywali.