Market Research

What is Quantitative Research?

Develop a good understanding of research types and the unique aspects of Quantitative Research.

Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. Although many forms of market research are available (quantitative market research or qualitative market research), it always incorporates some form of data collection whether it be secondary research often referred to as desk research, or primary market research which is collected direct from a respondent.

The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organizations, whether they be large or small.

Market Research is either quantitative, qualitative, or a combination of both. Qualitative and quantitative market research methods each provide different insights into customer behaviour. Normally, research results are more useful when the two methods are combined.

Quantitative market research is numerically oriented, requires significant attention to the measurement of market phenomena and often involves statistical analysis. For example, a bank might ask its customers to rate its overall service as either excellent, good, poor or very poor.

This will provide quantitative information that can be analysed statistically. The main rule with quantitative market research is that every respondent is asked the same series of questions. The approach is very structured and normally involves large numbers of interviews/questionnaires.

Perhaps the most common quantitative technique is the ‘market research survey’. These are basically projects that involve the collection of data from multiple cases – such as consumers or a set of products. Quantitative market research surveys can be conducted by using post (self-completion), face-to-face (in-street or in-home), telephone, email or web techniques. The questionnaire is one of the more common tools for collecting data from a survey, but it is only one of a wide ranging set of data collection aids.

The various types of quantitative market research methodologies are summarized below:

Face-to-Face Interviewing
either in the street or, for more complex projects, in people’s homes.

Telephone Interviewing
a quick and cost effective way of achieving data.

Postal and Self-Completion Market Research
cheap but takes a relatively long time to collect data.

Omnibus Market Research Surveys
useful when only a few questions need to be asked. Questions are attached to other larger surveys. Data is obtained at a low cost.

Determine the best tools to use for your quantitative research and find a market research company that understands your objectives and has a proven track record of success with other clients.

Market Research

What is Qualitative Research?

What is What is Qualitative Research?

Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection (qualitative or quantitative) whether it be secondary research or primary market research which is collected direct from a respondent.

The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organizations, whether they be large or small.

Qualitative market research provides an understanding of how or why things are as they are. For example, a Market Researcher may stop a consumer who has purchased a particular type of bread and ask him or her why that type of bread was chosen. Unlike quantitative research there are no fixed set of questions but, instead, a topic guide (or discussion guide) is used to explore various issues in-depth. The discussion between the interviewer (or moderator) and the respondent is largely determined by the respondents’ own thoughts and feelings.

There are various types of qualitative market research methodologies. Research of this sort is mostly done face-to-face. One of the best-known techniques is the market research group discussion (or focus group). These are usually made up of 6 to 8 targeted respondents, a research moderator whose role is to ask the required questions, draw out answers, and encourage discussion, and an observation area usually behind one way mirrors, and video and/or audio taping facilities.

In addition, qualitative market research can also be conducted on a ‘one on one’ basis i.e. an in-depth market research interview with a trained executive interviewer and one respondent, a paired depth (two respondents), a triad (three respondents) and a mini group discussion (4-5 respondents).

The various types of qualitative market research methodologies are summarized below.

Market Research Depth Interviews
A single respondent is interviewed based on various themes and topics (can be conducted either face to face or via the phone).

Market Research Paired Depths
The same as a depth interview but there are two respondents. Particularly useful when ideas need to be ‘bounced off’ one another.

Triads
Conducted with three respondents.

Market Research Mini-Groups
Contains 4-5 respondents.

Focus Groups or Group Discussions
Normally contain 8 respondents. With groups you benefit from the interaction between the different personalities.

Market Research Observation
Observing a respondent in their ‘natural’ environment.

Workshops
To elicit new ideas and to evaluate ideas.

Determine the best tools to use for your qualitative research and find a market research company that understands your objectives and has a provent track record of success with other clients.

Market Research

PR Keeps Your Numbers Trending Upward

All too often PR is viewed simply as product publicity and a support tactic of the marketing effort. This article is intended to broaden your perspective and outline ten ways that public relations contributes to bolstering revenues – either by adding directly to the coffers or helping avert major losses.

Public relations looks at all the target groups – often called “publics” – who influence the success of your company or organization. Here’s how PR can help you:

1. Cultivate Third-party Endorsement

It’s said that advertising is what you say about yourself or organization, but that PR is what others say about you. PR has the power to create positive “word of mouth” and influence referrals and recommendations. This “good buzz” can increase sales, encourage acceptance of change and attract investors.

2. Foster Awareness

PR tactics inform, educate and, in turn, increase awareness of your organization or products. Whether your focus is a new product rollout, fundraising effort or stock offering, public relations has the power to impart complex information and rapidly spur awareness, acceptance and increased sales.

3. Encourage Employee Enthusiasm

Employees, regardless of job function, can and should be the best PR ambassadors for your organization. Properly encouraged and informed, your people play a key role in molding your image and propelling your organization forward. Ignored, you’ve simply missed an important opportunity; cultivated, you can reap improved morale and increased productivity.

4. Provide a Heads Up!

Regardless of which target group you focus on, PR research tactics – including both competitive intelligence and Internet information gathering techniques – can help you anticipate important issues and concerns. The sooner you are aware of dissatisfaction or threat of any kind, the better you can respond strategically.

5. Improve Things Overall

Just as PR research tactics can effectively identify or anticipate problems, they can also identify targets of opportunity. Feedback provides insight into new markets, highlights trends regarding new products or features desired, and provides suggestions to improve existing products, services or methods.

6. Minimize Damage

PR offers an effective framework for responding to an unexpected event, such as a disaster or attack of any kind. By taking a proactive stance, you can protect your organization’s position, retain support of key publics and maintain “business as usual” with little or no downtime.

7. Provide Executive Perspective

Public relations helps senior management maintain a fresh, enlightened viewpoint about their organization. Objective research and counsel from outside the firm guards against tunnel vision and executive isolation. In turn, the CEO and other senior management can understand what’s really happening in the market.

8. Cause Positive Change

No one wants to change, despite the fact that change is the one constant in the world. PR tools provide ways to overcome natural resistance, promote a smooth transition and provide information and reassurance to affected publics. Cushioning change with positive PR tactics helps avert downtime and negative impact to your organization.
9. Do Good Deeds

When working closely in the public eye, your reputation often depends on your interest and involvement in key issues of social concern. PR can help identify these issues and create a successful strategy of response. This can include support of public interest projects through sponsorship, volunteerism and contributions.


10. Eliminate Political Barriers

PR can influence policy in the public sector or among special interest groups in the community. Through public involvement, coalition building, lobbying and grassroots campaigns, you can win approval to enhance your organization’s mission and continued success.

There you have them. Now it’s time to put PR to work for your organization. The only thing left to do is to apply measurement standards to your PR efforts, but that’s a topic for another article.

Market Research

Promote Your Business Through Local Business Trade

One of the best things a small business owner can do to increase visibility for his or her business venture is to participate in local trade shows and business expo events. Most communities with an active Chamber of Commerce or other membership based business organization have at least one annual expo designed to spotlight local businesses. The exhibit fees are usually very affordable, and participating is a great way to gain exposure for your organization.

Finding Events To find out about trade show events in your area, it’s a good idea to get involved in appropriate professional organizations and networking groups. You should also scour the business section of your local newspaper on a regular basis to find out about upcoming opportunities.

Many television stations, municipalities, and convention and visitors bureaus also post upcoming expo and trade show events on their online community calendars. The good news is that once you participate in a show, you’ll start to receive email and snail mail announcements of upcoming events.

Exhibit Considerations

Before you can participate in a trade show or business expo, you will need to develop or purchase a booth display. Displays can be as simple as tablecloths with a few brochure holders, or as elaborate as a full screen multi-media presentation. They can range from being very inexpensive to costing thousands of dollars. Before deciding what type of display best meets your needs, it’s a good idea to visit a few trade show expos so you can see several types of displays in person. In addition to cost and design, factors you need to consider include: ease of transportation, ease or difficulty of set-up, and versatility.

Giveaway Goodies

In addition to creating or purchasing an attractive display, you’ll also need to come up with some type of giveaways to have at your booth. You should purchase some type of promotional items that include your company name, phone number, and website to give away during the events in which you participate. Many trade show attendees look forward to collecting pens, mugs, notepads, coupons, and other goodies from vendors. Promotional items don’t have to be expensive to be appealing. They’ll attract people to your booth and serve as reminders of your company long after the event is offer.

Get Contact Information

You need to have a plan to get contact information from the people who stop by your booth. This will allow you to place visitors on your mailing list, as well as make follow-up phone calls once the event is over. Many trade show participants bring a door prize, and require visitors to drop their business cards in a basket or fishbowl in order to register. This is a win-win proposition for the exhibitor, who gets contact information from visitors, and the booth visitors, who get a chance to win a great prize.

Staffing Plan

When you commit to participating in a trade show, you have to be prepared to staff your booth throughout the event. An empty booth isn’t going to attract visitors or help promote your business. A major advantage of participating in trade show expo events is having an opportunity to meet new people and chat with them about what your business does.

Get Ready to Grow Your Business

Now that you know how to find local trade show events, it’s time to research opportunities in your area and create a winning trade show display. You’ll be on your way to developing new business opportunities in no time at all.

Internet MarketingMarket Research

Marketing Professionals Working Longer

Forty-Six Percent of Marketing Professionals Working More than Fifty Hours per Week!

According to a recent survey by MarketingScoop.com, the Internets premier source of marketing tools, information, and resources, 46% of marketing professional report working more than fifty hours per week. 35% percent of survey respondents reported working between forty and fifty hours per week and less than 20% reported working fewer than forty hours in a week.

“With the increasing pressure for marketing professionals to deliver a positive ROI, and the fact that many marketing departments have seen a reduction in staffing levels, its no surprise that today’s marketing professional is working longer hours than in previous years,” notes Michael Fleischner, of MarketingScoop.com.

The two-week survey conducted on marketingscoop.com shows that the majority of marketing professionals, fully 81.3% of those who participated, are working more than forty-hours per week. A little more than ten percent (10.4%) indicated a work week between thirty and forty hours – closer to what has been commonly referred to as a traditional work week.

About Marketing Scoop, LLC
Marketing Scoop, LLC is a leading provider of online resources for marketing professionals. With operational headquarters in Robbinsville, NJ, marketing scoop employs a variety of marketing professionals across numerous disciplines including; advertising, direct marketing, internet marketing, market research, marketing strategy, tradeshows & events.