Four Tips for Getting the Highest ROI from
Online Market Research
Online market research is often a critical part of business decisions. To have an impact on acquisition, growth and retention, measuring the return on investment (ROI) from your market research will significantly influence future business strategies.
To conduct effective online research, you should explore a number of research techniques. Several factors will influence the success of your data collection – environment, capacity, verbatim quality, survey design and panelist quality. To support your brand and maximize your ROI, you should:
- Design device agnostic: Respondents should have the ability to take surveys on the device of their choice. Today, people spend more time with their tablets and smartphones than their computers. To ensure your research exploits accuracy, design device agnostic surveys to maximize response rates.
- Optimize mobile: Mobile access among consumers and rapid advances in mobile technology provide distinct advantages for digital data collection projects. With huge growth in people accessing the internet via mobile devices, there are more opportunities to capture information about purchasing behaviors and activities in real-time. Harness the power of mobile for your research needs to capture real-time responses.
- Apply engaging design principles: From empathetic to exploratory, there are many categories of research design. To provoke engaged, quality responses, market researchers should refine the question phrasing by keeping surveys short, concise and visually appealing. It is important to remember that market researchers are competing for respondents’ time and need to keep respondents engaged and honest.
- Focus on respondent quality: Since the quality of respondents varies by market, source and supplier, quality research requires enhanced validation to ensure participants are telling the truth. Over-reporters and fraudulent responses can negatively impact the data collection process. Ensure you’re drawing business conclusions from accurate data by connecting with honest, diverse respondents.
By examining these key factors, you will be able to reach data collection decisions that are appropriate for each project. As connectivity and technology continue to develop, it is becoming easier for consumers to engage with businesses across a range of devices. This is not only giving consumers a more diverse experience, but it is also increases the pressure on marketers to listen to their audience and respond – pushing the necessity to capture the highest ROI from online market research.