Our market research company keeps the pulse on the latest and greatest in the industry so you don't have to. We don't just talk market research, we live it, we write about it, and we share it. Our fingers hurt because of it. Often. Learn more about market research basics, tricks, trends, and ideas. Grab a fresh coffee, there is so much here, you'll need it.
Market Research Company Blog
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The Difference Between a Commodity and Advisor in Market Research
Posted at: 11/13/2016 6:36 PM
Over the years, I've seen far too many market research vendors focus on executing or administering the research instead of working as an advisor to their customers. Although the administration of such a project is key (programming surveys, managing fieldwork, and providing results), vendors often lose sight of the bigger picture. In the majority of cases, customers are buying market research advice, not the tools. Regardless of the the scope and statement of work, as a market research consultant
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Why Live Customer Service Still Matters for Banks and Credit Unions
Posted at: 11/12/2016 6:28 PM
The industry where the importance of customer service is still most evident is banking and finance. Our market research for financial institutions have proven this. Yes, still true even with growth in mobile banking. Over the past 5 years there has been an incredible amount of attention paid to mobile apps and online banking for customers and rightfully so. The 2015 State of Bank & Credit Union Marketing report confirmed this push. The survey was conducted among bank and credit union decision-ma
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Here's How the Best VoC Market Research Companies Excel
Posted at: 11/11/2016 6:23 PM
Be leery if a relationship with your new voice of customer (VoC) market research company or consultant starts with them telling you their whole life and company story. Market research, in essence, is about listening to your customers needs. It's not telling customers how a product or service meets needs before you tell them. Although credentials and experience are important to pass the eye test, as the buyer you should wonder about the authenticity of such a pitch. Experience and relevant creden
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8 Unique Sample Options to Gather Surveys
Posted at: 11/10/2016 6:11 PM
It has been spoken about at-length in the market research industry. Sampling shifts to convenience methodologies over random approaches have become more commonplace out of necessity. The driver of random sampling is statistical reliability. Users of this approach want to make the claim results are within a +/- percent margin of error. A common random sampling approach is political polling. Although it is vital to claim statistical reliability for some studies, it does come with a cost. The co
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A 13-Step Process for Executive Research Interviews | IDIs
Posted at: 11/8/2016 6:02 PM
In-depth interviews (IDIs) are a tried and true form of qualitative research that can provide a research team with a lot of insight. IDIs are exactly what they sound like, extended interviews with research participants (customers, non-customers, stakeholders) that allow the interviewer to dig deep into perceptions, thoughts, and a decision-making process. Essentially, an IDI works like a survey but allows for more probing on responses, includes more open-ended questions, and lasts at least 15 to
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Delivering the Bad News in Market Research | Firm in Upstate, NY
Posted at: 11/7/2016 5:59 PM
A key characteristic in the personal toolbox of a strong market research company is the ability to be objective. Some of the best market research suppliers earn their way to the top because of their keen ability to build retainer relationships with clients which span for many years. Through this relationship the market research team learns about its client's line of business and in-turn, the client learns about strategic benefits of market research. Over the course of these years and quite pos
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Why Confidentiality is no Longer King in Surveys
Posted at: 11/6/2016 4:40 PM
A few years ago I received a call from my mortgage broker just days after we purchased our first home. Previously, I submitted a customer satisfaction survey to the company online after we had finalized all of our paperwork for the purchase. Although the brokerage firm was helpful during the process in many ways, the company switched my primary broker halfway through the closing process, and as a result the ball was dropped with regards to locking in an interest rate on my loan. In the survey,
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How Higher Rewards Can Equal Lower Market Research Costs
Posted at: 11/5/2016 3:36 PM
One of the most fickle topics when budgeting for a market research project is the reward payout to respondents. The payout to the respondent is also referred as the honorarium, incentive, or reward. When budgets are tight and a company wants to conduct research, cutting the honorarium amount is often the first item they look at. For instance, a client may ask, “instead of paying out $150 to our 48 focus group participants, can we pay out $100 and save ourselves $2,400?” On the surface it seems
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What is Margin of Error? | Market Research Firm in Central New York
Posted at: 11/4/2016 3:34 PM
Margin of error is a term commonly used in market research. It's the accepted standard for reliability of data with probability and random sampling. It tells us within a certain confidence, how accurate our data really is. But it is often a difficult concept to explain to those not well-versed in statistics or market research. Margin of error typically coincides with three different confidence levels in statistics - either 90%, 95% or 99%. For example, let's say the report you are reading say
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Phone Survey or Qualitative Executive Interviews? | Market Research Company
Posted at: 10/29/2016 3:15 PM
Choosing between qualitative and quantitative market research can be a tricky choice. Although surveys and in-depth interviews (IDIs) can both be conducted by phone, decision-makers often wonder what the difference between the two is? What insights can be gained from one that cannot be gained from the other? When should you choose the qualitative (IDIs) and when should you choose the quantitative (survey)? Let's take a unique look at both methodologies so you can determine which is most appropr
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6 Social Media Benefits for Small Businesses
Posted at: 10/28/2016 3:12 PM
Many small businesses are afraid to take the plunge into social media. The anxiety to social media revolves around setting up accounts, which relates to set up, what to post, how to manage feedback, and even how often to post. It is so overwhelming for some small businesses they choose to avoid it completely. It's a costly mistake for businesses. Growth in e-commerce and mobile usage cannot be ignored. Lat/Long targeting and in-store mobile app surveys are just a few of the recent trends catc
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4 Dangers of Micro-Managing Employees in Market Research
Posted at: 10/27/2016 3:09 PM
Micro-management. It's a business cliche that gets tossed around offices across the world and sends shivers down employees' spines. No one wants to be called a micro-manager as it generates a strong negative connotation. At some point, we have all displayed micro-manager characteristics in our lifetime either inside or outside of the office, myself included. Don't believe me? Have you ever called your pharmacy to follow-up on when your prescription will be ready? Have you ever hovered over a fam