Market Research for the Financially Challenged
By Kathy DeBoer
We all understand the importance of research, right? Everyone wishes they had an infinite budget for research, but the sad truth is budget constraints can impede your ability to conduct primary research. Although it might seem somewhat against our best interest, we are going to give you some hints on how to get answers without spending your entire research budget on only a few projects.
Where to Begin?
- Define what you need to know.
- Define whom you need the information from.
- Ask yourself, does anyone else have the information? Is the information available from another source?
- What would be the best way to get information from the target group?
Look Internally First
- Has anyone else captured this information before?
- Are there any existing databases that provide the information?
- Are there any existing data collection procedures that could be amended? Internal Data Collection Options
- Internal surveys or interviews with employees — Talk to "front line" employees to hear what your customers are saying.
- Have your employees distribute surveys to customers — BUT Beware of bias
- Be your own "mystery shopper"
Secondary Research
- Look to other similar companies/ organizations. What have they done? Do they have any information that would apply to you?
- Census Data
- Industry Organizations
- Internet
Low Cost Options
- Local or Regional Omnibus Studies
- Check out your local University Marketing Research Department
- Go to places where your target market congregates
- Interactive Voice Response Systems (IVR)
Sometimes you just have to spend the $$$
- Partner with other entities that would benefit from getting the same information from the same populations.
- Be efficient in your questionnaire design — separate what you WANT to know from what you NEED to know.
- Get competitive bids, but remember, cheaper is not always better.
Things to Remember
- Many times there are untapped resources at your fingertips
- Be willing to invest when its time to spend the money. Bad research is worse than no research
- Find a research partner you can trust
If you would like to find out more about these options or hear how some of our clients have benefited from these options, give one of our Project Directors a call or email us at answers@westgroupresearch.com.
