In the last few years, online research methodologies have gained momentum and have become brands’ preferred choice to deliver data in a new and better way, at a faster pace. However, there is still hesitation and reluctance towards online market research due to a lack of understanding of the benefits and usage.
Businesses need to stop believing wrong myths, which can prevent them from trying online research methodologies. In this blog post, we are going to be debunking five online research myths.
Myth #1 – Online market research is not a “must-have” in 2021 and beyond
Online research can be a great way to provide insightful data about consumer behaviors, tastes, and needs. However, many brands and marketers consider it to be not a “must-have” in their business strategy plan – It does sound a little eccentric, doesn’t it?
Some recent reports say
So, you see market research matters for every business and how important it is to shift to the virtual platform for both qualitative and quantitative research projects. Online market research isn’t’ just for large companies with huge budgets. It’s critical for small business owners, online startups, failed restaurants, consultants, online retailers as well.
In 2021 and beyond, online market research will remain on top priority to assess competitors, to analyze consumer spending, and to introduce new products/services for the post-pandemic world.
Myth #2 – Online market research is an expensive process
As they say, “Market Research isn’t optional—it’s a good cost,” essential to bringing in revenues. Like any other business project, a market research project comes with a workable cost and higher returns.
Multiple factors can affect the pricing of your research project; the methodology used, the number of hours to gather data, the number of resources required to compile data, and the time it takes to write the actual report. By simplifying and strategizing the process, you can save dollars and can get valuable data about your target market through the results of the survey.
Here at ActionEdge, we help to optimize and streamline your market research requirements and earn positive results. We have assisted many companies by gathering samples through online data collection well within their budgets.
Myth #3- Online Research Survey does not ensure right sampling
Is the sampling method appropriate? Do the sample numbers represent the right population? Such questions always haunt the researchers and pose challenges before they start a research project. And on the other hand, brands also feel data is insufficient and adequate information is not revealed to understand the customer requirements.
So what’s the solution? Consider the online panel research method to reach respondents virtually across the globe. This is one of the most reliable ways to collect data based on the demographic, behavioral, and psychographic parameters defined by businesses.
Here at ActionEdge, our survey panelists are carefully screened and recruited via telephone which ensure better quality recruitment process against the modern day recruitment methods. Our online B2B panel consists of 4 million IT Decision Makers. Along with this and with the help of our internal and external panel counts we have an access to 15 million B2C panelist spread across 40 countries.
Random mailing lists or unrepresentative sources are never approved in our company. Our panel management service ensures the right people are recruited to get accurate and insightful data every time.
Myth #4 – Online Survey Incentives are not valuable tool
For some people, incentives are cheap gimmicks to boost the response rate. They consider incentives to be an expensive affair that can infuriate respondents and researchers. Is it true?
An innovative incentive mechanism can pay off for your market research. These tools can certainly ensure maximum participation and arouse interest in the respondents for taking part!
A well-executed incentive plan is key. Brands should figure out what motivates their audience and how they can get the highest return on their market research investment. They should ensure market research providers communicate about incentive delivery to respondents before the online survey begins.
ActionEdge’s dedicated incentive management team uses incentives and rewards effectively to ensure accurate responses from respondents. Post completing a survey, respondents are rewarded with Amazon Gift Card or PayPal Reward Points. We also run Refer-a-Friend program which allows current panelists to refer other panelists.
Myth #5 – Online Survey Results are not trust worthy
In the past with many fraudulent activities, multiple submissions, and malicious intent, researchers had to compromise on the quality of data. And in return, brands also find it difficult to accept such research reports based on false data.
However, in the last few years, market research methods have advanced, enabling proper screening of respondents participating in the online surveys. With the latest techniques, it has become easy to protect research data against fraudulent responses. Nowadays brands can make the right business decisions based on accurate facts.
The below image shows how ActionEdge survey experts follow some quick ways to prevent online survey fraud:
Bottom line
To date, many brands are still reluctant and do not consider online research to be effective. Often, such myths are the reasons to turn away from Market Research. With this blog post, ActionEdge aims to break down these myths and provide the benefits of online research methods.
Still, are there any myths that are holding you back? Schedule a call with ActionEdge research experts to get the right data to make the right decisions in this new normal.
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