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Sunday, October 20, 2013

Market Research Tools: Quantitative Market Surveys

Quantitative market surveys for firms to quantify, measure, and segment markets. We use best of breed survey technology.

Quantitative market research studies are designed to assess, predict, and estimate buyer attitudes and behaviors, used for market sizing, market segmentation, and uncovering "drivers" for brand and product preference.
Quantitative marketing research designs gauge, describe, and forecast quantity.  Using a range of sampling strategies, quantitative market research studies often project results of quantitative market surveys to the entire marketplace.  Popular quantitative market survey methods include online surveys, personal quantitative interviews, mail surveys, intercept studies, and phone surveys. At Power Decisions Group, we recommend the data collection technique -- phone, personal interviews, online web interviews, mail -- according to the research objective, time requirements, and quality control issues at play.

Quantitative Research Data Collection Methods -- Key Strengths

Online:

Fast implementation for complex measurement constructions.

Phone:

Top-of-mind brand awareness and first reaction attitudes.

In-person:

Hybrid quantitative/qualitative; depth probing of attitudes and beliefs by skilled interviewers.

Mail:

Allows time for respondent to think about complicated issues without pressure or interviewer influence.

Intercept
Central Location Testing (CLT):

For both quantitative questions and for choice exercises in mock stores, and for physical product examination and concept testing.
Quantitative Market Research -- Details
Market Surveys Types
Type 
Description
Strengths
Weaknesses
Quantitative Market Surveys
Phone Surveys
Random probability samples can be generated from firms such as Survey Sampling, Inc. (SSI)
Best for mostly close-end questioning, when dimensions and ranges of issues are known.
Success depends highly on filtering sample to those consumer or business users who find topic or category relevant.
10-12 average interview length is maximum target unless highly specialized population or incentives paid.

Optimum use is for top-of-mind awareness, branding and brand comparisons, and perception studies.
Response rate is critical, especially with growing privacy issues and phone screening among consumers and business executives alike.
Low relative cost 
Generally, fast implementation.
Skilled interviewer can extract more information than a self-administered method (mail, online)
Critical to monitor response rate to ensure sample is representative of target sampling frame.
Personal Interviews
and
Central Location Interviews

Random probability sample -OR- convenience sample, depending upon design.  (Central location usually use a convenience sample, i.e. mall traffic)
Used where a face-to-face environment is desired.
In B2B market research, personal interviews may be done by appointment where interviewer goes to respondent's office.
Some special consumer studies may be done in-home by appointment.
Often respondents are recruited to come to a central location, or recruited from mall traffic to a nearby office to conduct interview.
Used for complicated or sensitive issues, B2B market research environments, or where extensive physical or visual display requirements exist along with need for specialized interviewing skills (depth probing, time for evaluation and reaction.)
High cost. 
Can provide good hybrid method combining features of qualitative and quantitative research by asking quant-type questions first, followed by in-depth probing questions and projective techniques.
Skilled interviewer can extract more information than a self-administered method (mail, online)
Online Surveys
(Web Surveys)
Can employ true random probability sampling
Complicated survey questionnaire formats can be used. For example, piping, rating, rankings, constant sum questions, etc.
Easy to display visual information previously available only in a face-to-face interview format. (advertising copy, concept statements, projective stimuli, etc.)
Allows deployment of complicated respondent tasks. (card sorts, conjoint ratings, etc.)

Low relative cost 
Generally, fast implementation.
Sampling control is critical.
Large pre-recruited panels allow quick access to willing respondents, although sampling validity must be carefully assessed.

Hybrid Surveys -- Methods
 
Hybrid methods combine two or more techniques to optimize response or measurement validity. 
Examples:
>Mail or phone invitation to online surveys.
>Online surveys with phone follow-up to permit depth probing of key market research questions by expert interviewer.
>Quantitative surveys from which participants are selected based on their answers for a follow-up qualitative phase (focus group, depth)
>Panel recruited from a one-time quantitative survey. (see Panel Research FAQ)
Higher cost  
More time required for implementation.
Enhances quality through higher response rates, and better response quality or validity.

Marketing Consulting Services :: Overview

Marketing Strategy Consultants

As marketing strategy consultants, our firm will work with you and your company and management team in a professional product launch, branding research, or market sizing or targeting engagement. Since each client company or firm is unique with its own set of issues and opportunities, we often begin our relationship with a decision identification and clarification engagement – what we call Decision Mapping. This identifies the most relevant problems, opportunities, and issues most relevant, and serves to clarify the decision agenda. We believe this is a crucial step to ensure as consultants to your company, that our research or marketing strategy engagement meets your specific management requirements. Further, Decision Mapping saves both time and money as it sharpens focus as to the exact work which needs to be accomplished in our remaining consulting or market research work for your company.

Experts in Marketing Strategy

As experts and specialists in marketing and market research, we are well qualified in these strategy arenas: positioning, segmentation, product launch, new product development advertising strategy, corporate and product naming, company branding, brand equity measurement, pricing, brand development, brand strategy, product concept testing, identifying opportunities, and targeting positioning.

Functional Marketing Research Experience

Our consulting company has deep experience working with large and small firms, although typical clients include Fortune 500, Fortune 100, or middle market companies. Our team members have been involved as executives and board members of technology venture start-ups, conducting research and assessments used by private equity, and venture capital firms.

Industry Consulting and Market Research Experience

First, we are not industry specialists or experts. Our philosophy is that we bring a tool kit of analytical and management skills to the table. You bring deep industry knowledge of your business. The blending of our functional and management expertise, and your knowledge of your own business and industry, makes for a productive decision-focused engagement.

Here are some examples from industries we've served with management strategy consulting and marketing research...

Financial

We've conducted studies for brokerage firms, savings insitutions, banks, and companies that serve them. Financial services marketing studies include: major market entry studies and consulting for large mega-bank; brand image studies , new product development market research; price-positioning of online, ATM and credit card services, upscale services; site location analyses; and advertising research We understand the financial services marketplace. Our clients include Wells Fargo, Key Banks, Golden West, US Banks, BNP-Bank of the West, Meritor, Alaska Pacific, Northrim, and others.

B2B & Industrial Manufacutring

B2B marketing studies are focused, practical research efforts to enhance the fast-paced decision-making requirements of the B2B marketing environment. Industrial and B2B manufacturing and wholesale marketing research studies are designed to be practical, accurate, and reflective of the particular client needs and the nature of the targeted market. We've conducted scores of industrial B2B studies for manufacturing firms engaged in sales of chemicals, heavy equipment, technology products, software systems, plant procesing equipment, computer systems, farm equipment and implements. Industrial B2B market research, as in consumer research, requires decision-clarification up front, tight goal definition, rigorous research design, and meticulous field research data collection.

B2B and Industrial

B2B marketing studies are focused, practical research efforts to enhance the fast-paced decision-making requirements of the B2B marketing environment. Industrial and B2B manufacturing and wholesale marketing research studies are designed to be practical, accurate, and reflective of the particular client needs and the nature of the targeted market. We've conducted scores of industrial B2B studies for manufacturing firms engaged in sales of chemicals, heavy equipment, technology products, software systems, plant procesing equipment, computer systems, farm equipment and implements. Industrial B2B market research, as in consumer research, requires decision-clarification up front, tight goal definition, rigorous research design, and meticulous field research data collection.

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