If there is one thing our market research firm in New York knows how to do, it is how to collect market research data. So you are in the right place to learn more about how market research data is collected.
The short answer is: there are many options. The long answer is explaining each of those data collection options in greater detail, which I will do in this post.
Choosing the right approach boils down to your objectives and resources at your company. The 6 options I am presenting are:
- Database of customers
- Prospecting lists
- Online panels
- Purchased lists
- Social media
- Intercept surveys
Struggling to understand how to collect data in market research? Our market research firm in New York has you covered.
A quick example...
If your goal is to understand customer satisfaction you would not use prospecting lists where your survey invitation would be sent to many contacts who have never done business with your company.
If you want to measure your brand awareness in your market you would not conduct an intercept survey staffing a team of surveyors outside of your store. Obviously those near or walking into your store are more aware of your presence in the market than the average community member.
Option 1: Database of Customers
This is an easy one. If you are sitting on a CRM or database of customers from past product or service purchases, this is an easy way to collect data in market research. If you want to survey your customers to better understand your customer experience (CX), conduct a Voice of Customer (VoC) survey, or a simple customer satisfaction (CSAT) study, your customer list is ripe for the picking.
Option 2: Prospecting Lists
Here is another quick and easy database to utilize for market research. This comes from your prospecting or sales lists. This might be an easy export from Marketo or Salesforce. Tread lightly with this list.
Most companies center their time on these lists for marketing or sales purposes, not surveys. You should not expect to get a large response rates from invites to this list because their engagement with you is low and you likely do not have a relationship with most. But, it's another option.
Option 3: Online Panels
This is likely one of, if not the most common source for data collection in market research outside of customer lists. Online panels are pre-vetted email lists of participants who have opted into market research opportunities.
Panels include both consumers and professionals. No matter your target market (c-level IT, doctors, marketing managers, etc.) a panel company can typically help you.
Drawbacks of panels? If you are looking for a small geography such as a state, DMA, or ZIP Codes, the panel company likely does not have enough sample to help to make your results reliable. They are awesome for national studies, but not smaller, more regionalized studies.
Consult with a market research firm to understand panel options.
Option 4: Purchased Lists
If none of the three options above help you, your organization can always go the old fashioned route and purchase a list. This list can come from a list vendor or be purchased online through a source like Dun & Bradstreet.
I say old-fashioned because it is. You will need to call these organizations to reach your decision-maker and plow through the list much like cold calling to try to find participants.
This approach is not optimal, but sometimes the only option.
Option 5: Social Media
This is a growing and evolving platform for conducting market research. Social media giants like Facebook, LinkedIn, Twitter, and Instagram can often be great fits to collect data for market research. LinkedIn feed advertisements, InMail, or even organic shares can help you collect responses.
Paid advertisements on Facebook and Instagram can help your company target a very specific audience, in a very specific region, inexpensively. The ads are simply advertisements to partake in an online survey with a link. Our market research firm in New York has seen tremendous success with this form of market research data collection.
Option 6: Intercept Surveys
Lastly, if all else fails and you have a retail, store, or location presence where customers and non-customers traffic to, intercept surveys are an option. Intercept surveys are just that, where people intercept or stop respondents as they enter or leave a location.
If your location has a lot of foot traffic or you have an opportunity to rent a space (like a mall), intercept surveys can still produce a lot of data and feedback.
Drive Research is a market research firm in New York. Our company specializes in all forms of quantitative and qualitative market research. We create custom market research projects to fit the needs of our wide variety of clients.
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