The Evolving Role Of Market Research In The World of Digital Marketing
Forbes predicts that by 2022, 80% of all business research will be done online.
This evolution is fueled by several factors. First, the growth of the internet. According to Statista, there were only 300 million internet users worldwide as of 2022. That’s compared to the 4.9 billion users that subscribed to WhatsApp, Twitter, or Instagram in 2021.
Second, the decline of marketing budgets and the increase in the demand for effective marketing campaigns. In 2021, marketing budgets decreased by 3%, according to a report from the CMO Council.
And perhaps most significantly, the rise of the marketing analytics specialist.
Why Are Market Researchers Important?
If you’re a digital marketer or market research professional, you know that having a good idea of what’s working and what’s not working in your marketing campaigns is critical. And while this may be the case for traditional marketing, it’s more important than ever to know what’s going on in your digital marketing campaigns.
If you’re looking for insight into what’s working and what’s not working in your marketing programs, how do you go about finding this information?
You start with a survey or a questionnaire to gather information. This is often called market research.
Surveys are an essential tool in collecting data and answering questions about a population or group of people. In a marketing context, you might ask people what they think about your product or service, or you could look at their behavior and see what you can learn from that. A good survey should be able to provide information about a population’s opinions and behaviors.
Now, you might be wondering how exactly do I go about structuring a good survey?
There are several things you need to consider when designing a survey.
Make Sure You Include Enough Questions
The first and most critical step in designing a survey is to ensure you ask enough questions to cover all the topics you want to examine.
The more questions you ask, the better. Including more questions doesn’t necessarily mean you’ll get more precise answers – it just means you’ll have to analyze more data. The more data you have, the better. So don’t worry about how many questions you have, but instead how you’ll use the information you gather.
Don’t Forget The Importance Of Getting An Overall Picture
When designing your survey, you also need to make sure you include all the questions necessary to paint an accurate picture. This means you don’t just want to ask about one particular topic – like pricing or marketing strategies – you want to ensure you ask about everything that could be important to know about your product or service.
Sometimes it can be difficult to know what information is important and what is not. Overall, the goal is to create an accurate and representative picture of your product or service, so you can design effective marketing campaigns. To do this, you need to make sure you ask about everything that could be important to know about your product or service. This way, you’ll have a much better idea of what you need to work on to improve your product or service and how customers are perceiving it.
Avoid Over-Analyzing The Data
When you gather data, you need to make sure you don’t over-analyze it. In other words, you shouldn’t spend more time analyzing the data than you spent collecting it. This is critical for two reasons. First, it means you’ll have less data to work with. Second, over-analyzing the data can lead you to incorrect conclusions.
For example, let’s say you’re designing a survey about car insurance. One of the questions you ask is, “How much do you pay for car insurance?” This is a fine question, but let’s say you’ve over-analyzed the data and started taking into consideration everything from gas prices to the cost of insuring multiple vehicles. In this case, you’d come up with a completely inaccurate conclusion about the cost of car insurance – it’s not at all what you initially intended.
When gathering data, you need to keep in mind not to over-analyze it. Make sure you ask only the most important questions. If you feel like you need to add another question to the survey to make it more “complete,” then it’s time to ask yourself, “Do I really need to ask this question? Does my overall picture change if I don’t ask it?”
Make Sure You Use The Right Research Methods
Another important thing to consider when designing a survey is to make sure you use the right research methods. This means you need to take into account how you want the data to be answered, as well as what kind of data you have at your disposal.
For example, if you want to find out how much customers prefer to be contacted via email rather than text messages, you could do so through a survey. But, if you already have access to this information, you should look into using this data to paint an accurate picture of customer behavior.
Similarly, let’s say you’re conducting a survey about the pricing strategies customers use when buying a car. You could use a combination of quantitative and qualitative methods to get the most accurate picture possible. This is a classic survey design approach that ensures you get the data you need.
Design The Survey To Collect The Most Helpful Information
When designing your survey, you need to consider how you want the data to be collected. You can do this by asking the right questions or providing the right kind of answer choices. For example, if you want to find out about customer loyalty, you can ask, “Have you ever changed carrier or insurance company for any reason?” This is a perfectly good question, but it doesn’t give you much information. Maybe a few people will answer yes, but most people will provide no information because they’ve never changed carriers.
Instead, you can ask, “How many times have you changed carriers or insurance companies in the last year?” This is a better question because it provides you with the number of customers who’ve experienced the variable you’re interested in studying – the number of times they’ve changed carriers.
Avoid Underestimating The Value Of Good Design
Believe it or not, a well-designed survey can be a very powerful research tool. This, however, doesn’t mean it’ll get you everything you need to know. Designing a survey is a very complex process and, as a result, can be very time-consuming. In addition, don’t underestimate the value of good design. Even if you collect all the right data, you may still end up with an inaccurate picture of your product or service if your design is not good enough.
Make Sure You Use The Right Kind Of Analysis
Once you’ve collected all the data you need, it’s time to start analyzing it. When doing so, make sure you use the right kind of analysis. This means taking into account all the factors that could affect the information you’re looking at. For example, if you’re looking at the pricing strategies customers use, you need to make sure you consider the cost of living in areas with different prices and the purchasing power of the dollar.
Depending on the information you have, you may want to use one of the following methods: