| With the increasing popularity of cell phones, caller id's | | | | you've identified whether or not your target research |
| and broadband internet technology, market | | | | groups are internet users, you've got to figure out |
| researchers are quickly following consumers to the | | | | which online marketing technique will garner the most |
| world wide web. For business owners, the struggle to | | | | responses while obtaining the type of information you |
| stay in touch and reach out to consumers using | | | | need. While large corporations traditionally shell out |
| traditional market research techniques is becoming | | | | hundreds of thousands of dollars to determine the |
| increasingly more difficult. To remain competitive, many | | | | preferences of their target markets, smaller |
| are turning to the internet to locate their customers, to | | | | companies with much smaller budgets can often |
| hammer down their preferences and to determine the | | | | manage to obtain the same type of results without |
| effectiveness of their advertising. | | | | breaking the bank. |
| As we move quickly into 2007, advances in | | | | In the past, telephone surveys and focus groups have |
| technology continue to distance the retailer from the | | | | been successful market research tools. In today's |
| consumer; cell phones have replaced landlines and | | | | society, however, they are quickly becoming obsolete. |
| very few cell phone users paying for minutes are | | | | In 2007, response rates for telephone surveys that |
| willing to spend any amount of time answering survey | | | | fifteen years ago could easily guarantee a 50% |
| questions or opinion polls. Caller id's on the existing | | | | completion rate have dropped below 20%, and the |
| landlines are making it more and more difficult for | | | | audience that make up that 20% is far less varied than |
| research firms to get consumers to pick up the phone | | | | it was then. Although these surveys have not been |
| and mail continues to be the slowest, most expensive | | | | abandoned completely, they are not providing the |
| and least productive form of market research | | | | same quality of information that they have in the past |
| available. With all of these factors being taken into | | | | and online market research techniques are definitely |
| consideration, businesses who are not moving their | | | | positioned to take up the slack. |
| market research dollars online may very well be left in | | | | In addition to providing a low cost method of testing |
| the dust. | | | | new products with target markets, online surveys, ad |
| As a business owner, however, how do you decide | | | | tracking, and online focus groups can easily identify |
| when to ditch your traditional marketing research | | | | strengths and weaknesses of a marketing campaign |
| techniques and move online? How do you determine | | | | and allow for quick adjustments. The increasing |
| which of your ads are generating the most revenue | | | | availability of broadband technology to consumers |
| and how do you know how to present your products | | | | nationwide also help businesses target a much wider |
| to the search savvy internet consumer? | | | | variety of consumer groups than ever before. In |
| A thorough understanding of consumer trends in 2007 | | | | addition, online market research tools are providing a |
| and your current customer base is a good start. If your | | | | much faster turnaround on results than traditional |
| target market consists of college graduates, for | | | | research methods. In 2007, we are going to see an |
| example, you should know that the internet has quickly | | | | increase in the number of companies moving to online |
| become the venue of choice among this population | | | | market research techniques. While the industry will |
| segment for media and entertainment. The "Y2M: | | | | continue to evolve and the development of additional |
| eGrad College Graduate Survey" identified 80% of the | | | | methods will no doubt begin to appear, the most |
| responders as internet shoppers, effectively identifying | | | | popular and most effective will continue to be email |
| a target market for clothing, travel related purchases, | | | | and web page surveys, online focus groups and |
| furniture and even health insurance. If you want to | | | | "cookies". |
| know what this group thinks, you're not going to find | | | | Cookies are typically installed on the user's computer |
| them sitting at home next to their phone waiting to tell | | | | when they visit a website. This tracking device allows |
| you. Another similar group are professional women. | | | | the site to then create online profiles that can reveal |
| A study conducted by The Media Audit identified that | | | | customer's purchasing habits, advertisement click |
| 94.3 % of the working women with incomes above | | | | through rate and how long a user stays on a particular |
| $75,000 use the internet. Approximately 50% are | | | | page. As this type of research becomes more popular, |
| heavy users. In contrast, within this same group, the | | | | companies specializing in it's methods are also on the |
| effectiveness of traditional forms of market research | | | | rise. While many business owners can utilize many |
| continues to decline. If you're spending marketing dollars | | | | software tools designed to help them conduct their |
| on these women, they've got to be online, and it only | | | | own online market research, many others will realize |
| makes sense, that if you want her opinion, that's | | | | the value of hiring a company to do the work for them. |
| where you're going to have to go to get it. Once | | | | |