Why do companies conduct market research?
Market research can provide a vast array of information – from ideal product pricing to effective marketing messaging to a view of the competitive landscape. In order to receive the best results, market research projects should be highly targeted and geared toward actionable results.
How long does the data from research remain valuable?
Market research represents data from a specific point in time and any attitudes and opinions collected will change slowly over time. Therefore, most research data should be refreshed annually at a minimum.
When should online surveys be used?
The use of online surveys versus traditional phone interviews offers three key benefits: faster response times, higher response rates and lower implementation costs. Online surveys may not be viable for research projects where qualitative data is required or online sample sizes aren’t large enough. Due to the current budget constraints in most businesses, OpenSky Research recommends using online surveys whenever possible.
When should we use quantitative vs. qualitative research?
In an ideal world, qualitative research would be the first step for almost any research project, and would then be followed-up with quantitative methods. That’s because quantitative research provides answers to the Who, What, When and Where, while qualitative research more often focuses on the How and Why. Qualitative techniques provide more depth and can often help companies uncover unexpected attitudes and perceptions. However, the statistical results from quantitative research offer more certainty for decision-making purposes. Based on your company’s objectives, OpenSky Research can help you determine which approach is best.
How many samples are required to make quantitative data statistically relevant?
Sample sizes are dependent on several factors, including the size of your total market and your desired level of confidence. For example, a Brand Tracking Study in the Portal Software Market would require 500 completed interviews for a confidence level of more than 95%. In a consumer market, where the total potential market is much larger, thousands of completed interviews would be required in order to provide the same confidence level.
How much qualitative research is enough?
The answer to this question depends on the number and nature of respondent segments your company wants to include in the research and the range of issues you wish to cover. In general, a minimum of four focus groups or a minimum of 20 interviews is recommended for any research project. Additional focus groups/ interviews may be required in order to uncover the detailed information your company is looking for.