Market research is all about questions right? We ask questions. We listen to feedback. We analyze results. We develop recommendations. We inform strategy. But all of this cannot be accomplished without first asking the right questions.
It comes to no surprise that there are many questions surrounding the market research process itself. There are several common questions about market research that our feedback survey company receives on a weekly basis. These FAQ-like questions revolve around number of responses, best-practice methodologies, and conducting the study in-house versus using a third-party firm.
We tackle those questions on our blog today to help provide you with answers.
Learn more about market research as we answer 4 of the most common questions our feedback survey company receives.
Question 1: How many survey completes do we need?
Often the golden question when it comes to market research? Do we need 100 completes, 200 completes, 400 completes, more than 1,000 completes? The answer first depends on the pool and size of your audience. If you only have 250 customers it is not realistic to think you'll obtain 200 completes (an 80% response rate).
However, if the pool of available customers or audience is significant enough, most will aim to collect 400 completed surveys. The reason this is considered best-practice is because with a random probabilistic sample, 400 data points offers a +/- 5% margin of error at the 95% confidence interval. If 400 completes cannot be obtained, we recommend a minimum of at least 100 completed surveys which offers a +/- 10% margin of error. If you can reach the 1,000 complete threshold, this will offer you a +/- 2% margin of error.
Again, the answer is somewhat dependent on the available sample. But as a guideline, the minimum is 100 completes, 400 completes is the gold standard, and 1,000 completes is ideal if sample and budget allow your organization to pursue.
Question 2: What is the right length of a survey?
It has become more difficult to ask lengthier and longer surveys. Attention spans are smaller and respondents are very distracted now a days with mobile phones, notifications, and other technologies. Therefore it is important to keep surveys short, succinct, and to the point.
Although survey feedback companies differ on the idea of an ultimate length of survey our practice is to keep surveys in the 3 to 5 minutes maximum range. This usually dictates about 10 to 15 questions in a survey (sometimes more, sometimes less).
Keeping surveys short helps with response rates, engagement, and participation in future surveys. There's no better way to burn a bridge with survey takers than telling a respondent the survey takes 3 minutes and it takes 15 minutes.
Question 3: What is the best methodology for a survey?
First off, our survey feedback company is a strong believer in online methodologies. Online and email surveys are cost-effective, are turned around quickly, and offer high-quality data. The combination of these 3 items help online surveys offer a high ROI.
Outside of online methodologies, phone surveys, mail surveys, and intercept (in-person) surveys are also options. Each involve their own unique pros and cons and are often the best choice depending on audience.
For example, if you are a credit union and you do not have email addresses for all of your members, mail surveys may be the best methodology. Or if you are looking to speak to potential residents for a senior care facility in your area, phone surveys may be the best way to reach those aged 55 or older.
Question 4: Should I conduct the survey in-house?
This is a question all organizations likely ask themselves before dipping into market research. The largest advantages to using a third-party feedback survey company include objectivity of the responses, unbiased feedback, expertise, and knowledge. The combination of all of these offer a lot of benefits to an organization to make sure the data is accurate, honest, and insightful.
The only true advantage to conducting the survey in-house is cost savings. This is perceived cost savings because often you'll spend more than double or triple the time to write, program, analyze, and report on the data that it would take a survey feedback company.
Think of all of the other priorities you can tackle at your organization if you entrust with running the market research process.
Drive Research is a feedback survey company and market research company in NY. Questions about how we can help your organization with your next survey or market research project?
Contact us at email@example.com or call us at 315-303-2040.