Friday, 17 May 2013

Market Research is changing – Do’s and Don’ts Updated.

Market Research is changing – Do’s and Don’ts  Updated.

Everyone knows that first the internet and now social media is shaking up the way we do everything – from spending money, to making money, to researching better ways of doing either or both.

Research is my game and what follows is my opinion on what’s Hot and what’s Not.

Survey Monkey Quick Surveys etc

 These are perfectly good, if limited, Research tools. In the wrong hands, for companies using Survey Monkey or Quick surveys etc., it is like placing a chain saw in the hands of 3 year olds – decent tools become lethal in the wrong hands.  Too often users are like the worst DIY amateurs– it’s like they pop down to Jewsons on a Saturday thinkingknow a trick or two , come back with a few bits and bobs for a fraction of the price of a decent plumber – then wreck the walls, the pipework, and ultimately cost you a lot more, with attendant grief.
Don’t do this unless you have decent design, data collection and analysis facilities to hand.

Telephone research 

In a few years this will have disappeared completely – this is because hardly anybody, certainly not young people, bother with their land lines – and no-one has good mobile phone databases – so it may still be a feature of B2B but Not B2C research

Twitter, Face Book, Texts and other social media

The jury is out – there’s a lot of experimentation going on, but market research as we know it is not faring too well – the processes are too lightweight, too superficial to be utterly convincing.

 Good New stuff

Things like psychographics, the study of personality values, attitudes interests and lifestyles are replacing mere demographics. It’s comparatively early days yet, but it seems to me this approach has legs, particularly in retail.

Focus Groups

Properly organized and without too many dubious frills like the interpretation of body language, these are still useful. Better still are data driven discussions where the quantitative drives and acts as a cornerstone of the qualitative research.

Online research

 Often the staple for lazy thinkers, dwindling numbers of completions imperil this cheap mode of operational research. It’s successful if you go to companies like YouGov to do it for you but watch the pennies running away.

Face to Face research

 If done properly it remains the gold standard. Ensure that your approach includes the right technology, the right field researchers, the right research design and the right analysts, who can tackle both the technology and derive genuine and actionable insights.

Don’t let research amateurs near you. Banish them to the furthest parts of your fiefdom.