It is imperative for every business to monitor customer behavior through market research tools. The companies can either maintain a separate market research division or outsource the job of market research to other marketing research firms. Such firms employ several experienced and talented market research experts who specialize in carrying out market research. These firms compile a set of questions for analyzing the consumer behavior and collecting information about their choice. Some firms employ respondents to fill online survey forms.
- The foremost step inconducting market research involves developing a clear understanding of the objective for which the research has to be conducted.
- Once the objective is established, research firms apply different methods for gathering data that is relevant to the objective.
- Depending on the methods applied, data gathered can be either quantitative or qualitative.
Qualitative data is mainly gathered by analyzing the preference of customers for a certain service or product and the reason behind their preference. In contrast, quantitative data is mainly a statistical analysis based on facts and numbers. To collect quantitative data, every respondent is asked the same set of questions in a structured manner that involves several questionnaires and interviews.
How online survey helps in data collection?
A popular method to gather quantitative data for market research is an online survey. The online surveys allow companies to collect feedback and information from consumers. Moreover, many companies utilize online surveys for market research for interacting with customers and to get their opinion on services and products. The online survey is a prompt and cost effective method of collecting data to help companies in taking informed decisions and developing better products.
The process of conducting online surveys is simple.
- A customer has to register on the company’s website and completes the online survey form.
- The questions in the survey are intended to analyze the preferences and tendencies of consumers.
- Some websites offer money for completing survey forms, but not all companies pay for the surveys.
If you are interested in earning money by participating in online surveys for market research, you should be careful about identifying the companies that would actually pay money as advertised by them. There are some companies that ask you to pay cash for filling online surveys. These companies are just shams, so just stay away from any such website that requests you to pay money for filling out survey forms.
Online survey has emerged as a powerful marketing research tool that helps companies in obtaining customer’s valuable opinion while helping customers to make money online. Online Market research helps in identifying potential markets for business activities and enables companies to determine if a specific market is favorable for their service or product.