Due to rising economic concerns, third-party market research may no longer be within your budget. This does not mean you should completely forgo all plans to conduct research because of COVID-19.
In this blog post, our market research company will share three valuable do-it-yourself or DIY research options that are still available to you and your team.
Is outsourced market research currently not an option due to COVID-19? See if any of these three DIY research approaches can help.
Continue to Perform Your Best
I think it is safe to say the world was not expecting a pandemic to shake up our way of life over these past couple of months.
Nevertheless, COVID-19 (coronavirus) has created a new normal for consumers and businesses alike.
Employees have started working from home, business operations have transformed, and consumer behavior has evolved.
Your current research strategy may have also hit a roadblock like a freeze on spending, fewer staff resources, or larger priorities.
But what if your business still depends on research to perform at its best?
The good news is there are some DIY options for market research to help you through this crisis. As a market researcher, I recommend considering the solutions outlined in this post to provide the insight you need for the short-term.
1. Simplified Email Survey
My first suggestion to fulfill short-term research needs is an informal email survey among your customers or employees. In this study, a brief text document is created with an outline of questions you would like to ask.
Be sure to leave space underneath each question for answers. Once this document is finalized, email it to your list of contacts asking them to fill it out and return it.
Although online surveys are generally more efficient, this methodology will give you a very straightforward channel for receiving feedback without ever having to deal with a research platform.
Better yet, the only cost is the time it takes you to manage the project. The downsides to this approach are a lack of anonymity for the respondents and the challenge of keeping responses organized.
2. Phone/TeleWeb Interviews
Need a little more depth? Consider conducting interviews over the phone or on the web with participants. A quick conversation with stakeholders, such as customers, can keep you in-the-know when formal research is not possible.
Unlike an email survey, a live interview will allow you to follow-up on points and probe for more details. The discussions can also be viewed as relationship management to check in on clients during uncertain times.
During the interviews, you can take notes as the participant explains their answer. You can also record each interview if the participant consents.
Once the study is complete, you will have the ability to compare interviews for patterns and differences.
The key here is to not bite off more than you can chew.
Unless you regularly interview individuals as a part of your job, keep the questions simple. This will sustain results that are easy to digest and actionable next steps.
3. Desk Research
A series of online searches may uncover information like market trends or competitor strategies. This type of research is a great fit for:
Desk research is another option that has no outside costs beyond your professional time if you conduct it internally.
You may be surprised how much valuable information is already out there free of charge. It can also be assigned to a team member with more availability following some guidance and training.
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