Better online market research with Big Data analytics or surveys and interviews?
In a challenge between online market research and conventional methods such as surveys and interviews, which do you think is the best tool to support companies’ strategic marketing and business decisions?
We have no doubt. As indeed do the many companies that have already relied on market analysis using big data.
But will they be the ones to win this hypothetical “duel” with interviews and polls?
Read on and you will find out very shortly even though the outcome of the challenge is all but uncertain.
First, however, let’s start with a basic premise. In order to obtain an irrefutable market survey, it is necessary to start with an analysis of data that is unbiased, uncorrupted, and above all, uninfluenced by those doing the information gathering.
Does it seem obvious? Well, you should know that in reality this is not always the case. In fact.
What does it mean to conduct market research through online big data analysis?
Analyzing big data online means intercepting the information that hundreds of thousands of people (or millions of people, depending on the type of analysis) authentically express on the Web.
Online users express themselves in so many ways: reviews, articles, posts on social networks such as Facebook, Instagram or Twitter, and more, and they do so without a filter from any “third party actor.”
Through the analysis of this information we can uncover authentic and highly relevant data for your market, expressed by both your target customers and your competitors.
That’s right. Because your competitors also have a voice on the Web. They put online marketing strategies in place, communicate with customers, get people talking about them through news outlets, affiliations etc.
They create an immense amount of data that we at Central Marketing Intelligence know how to analyze. An analysis of data, both that generated by competitors and other users aimed at finding answers to specific questions.
Sometimes surprising answers. But timely and up-to-date. In a word: exact
In fact, we can answer the questions that are fundamental to your company’s decision-making, all of which relate specifically to:
- Your target market
- Your target customers
- Your brand
- Yourcompetitors(if the market research in question involvescompetitive analysis)
It is not over. Because we can, for example, find out what the current and future trends are in your market, what your target customers think about your brand, what your competitors’ winning and losing strategies are, and much more.
We design each market analysis according to the needs of each individual client so that it is perfectly targeted to solve marketing and business problems related to that particular company.
Read also: How much does market research cost? Prices and methods of the best market surveys
How can millions and millions of data be intercepted online?
The only feasible methodology for acquiring a large amount of big data is to use complex market research tools, i.e., software and tools capable of analyzing millions of pieces of data in a short period of time.
But buying and using these tools is not enough. It is necessary to have appropriate knowledge so that software can be queried with the right algorithms, enabling clear and targeted answers to solve very specific questions.
Are you wondering what we can discover through web listening?
It all depends on the needs of your business. The most common example may involve amarket survey to open a business… But our research is also critical for established businesses.
We can, for example, help you to:
- Preventing or managing a reputational crisis
- Discovering the best strategy for launching a product (and whether to launch it or leave it alone!).
- Knowing future market trends
- Discover the needs and preferences of your target customers
- Understand how your competitors are doing and what strategies to adopt to do better than them
- Decide how and where to communicate with your target clientele
And to achieve even more.
Read also: Market research for marketing decisions: here’s why it’s essential for your business
What is objectively great about an online market survey conducted with the interception of big data is that the market research report is absolutely unbiased and objective.
We can say the same about surveys, interviews and focus groups. Yes, including those conducted online?
Here’s where our challenge comes into focus….
Is market research based on web listening superior to that conducted by other methods?
The answer lies in the methods used and the problems associated with surveys and other procedures.
The problems with surveys, interviews, and focus groups used to fine-tune market research
Methodologies other than web listening, namely interviews, surveys, and focus groups, can lead to erroneous results (and lead companies down the wrong path) for several underlying reasons:
- First of all, questions are formulated by a professional and asked directly to the interlocutor. This means that responses may be biased, incomplete, influenced by the situation and possible embarrassment-whether the questionnaire is conducted in person or by telephone. It does not always make sense to ask the target audience directly, yet interviews and other methods rely precisely on direct questions.
- Second, questions (particularly during surveys and interviews, including online) are often closed-ended. So the respondent must necessarily choose from the predefined answers. Of course, there are also open-ended questionnaires, but the dropout rate is so high because people tend not to entertain hours writing open-ended answers like during a class assignment.
- When sequential questions are asked of a person, a particular question can strongly influence the answers to subsequent questions.
- The people intercepted do not always match 100% of the target audience. As a result, the survey results have a very high fallibility rate.
- Competitor analysis is impossible to conduct through the use of these procedures. And it is crucial for a company to know the competition!
Result?
The outcomes of surveys, interviews, and focus groups can be biased and are unlikely to be unbiased.
In addition to presenting biblical collection and analysis times, using these methods produces results that are definitely questionable. In contrast, online market research, conducted with big data analysis, produces comprehensive, unbiased and unassailable reports.
In short: as you may have guessed, we have a winner: online market research by listening to the network knocks out surveys and interviews.
And as you’ve no doubt guessed, we at CMI only step into the ring with clients with the best online market research.
Contact us now to schedule a free initial consultation!
