Market Research Studies

How do you improve your return on investment in this economy?

admin — Thu, 14 Jan 2010 00:45:59 +0000

The best way to improve your return on investment is to start with closed loop marketing.

By this I mean that you want to tie your advertising source and campaign to the specific lead or sale generated.

This is done with tracking phone numbers, good web analytics, and a good crm system that will assign the leads or sales to a specific advertising campaign.

But, you want to do even better than that. Some salespeople get multiple leads yet fail to close them. Some salespeople create maximum efficiency for each lead. So before you decide that advertising is wasted from some quarter, look at what happens when several different salespeople get leads from the same lead source or advertising campaign.

What you want to do is to really connect each data point together, and only after you are sure, then eliminate waste.

Here are some data points to consider:

source of web traffic or advertising
specific ads or campaigns. For search campaigns logging the keywords that were searched is important
geographic locations of the leads coming in and whether they eventually close
salespeople assigned to the leads and whether they delivered a good presentation (use your call tracking to listen to the presentation)
Salespeople assigned to the leads and whether they actually closed the sale. (Some salespeople do great on the actual presentation but just fail to get the close. You can also use the call tracking system to listen to the sales cycle and correct the salesperson)

You can further data mine other things based on the customers that actually bought something and look for similarities which will lead you to more forms of new advertising and the cycle starts over again.

The important point in all this is that after you are sure of your metrics, you can then with confidence, know whether your problem or source of inefficiency is actually with the salesperson, the advertising source, the conversion rate, or the specific offer and act accordingly.

What is the importance of market research?

admin — Fri, 13 Jan 2012 02:35:10 +0000

I have been asked to outline the importance of market research and how it impacts the company. need to give examples
What companies have done market research and what has the impact of that been?

market research can save lots of money, if done effectively. Of course not all acquisitions will benefit from it, as there are some products that can cost significantly more mainly because of how it’s used, the scarcity of the product, and how it can be obtained; these are just a few factors. It’s good to perform market research especially in situations where it will be the first time you acquire a certain type of product, but the whole point of MR is saving money. Another result of doing MR is that you’ll know if you’re getting screwed over in prices if you compare a product or service that many places provide, to see a competitive range. Good luck and hope this helped somewhat!

T2S

How much does a market research firm charge if we ask for a target market report in a foreign country?

admin — Sat, 26 Nov 2011 01:20:56 +0000

I wonder how much money they charge if I need a market report (ex, a buying trend analysis of the teenager in Beijing). Anyone has some idea? I know it depends on a size of research, but I am just trying to get a general picture. Thanks

I searched under Chinese consumption spending trend and this is what I found http://www.slideshare.net/whatidiscover/chinese-consumption-patterns-trends. It always helps to change the word searches. For example: how much does market research cost in China? or China’s consumption analysis. Or you can go into specifics like Beijing consumption trends. I am sure you will find a lot of information. You will need to scan through the relevant ones and find your answer. Each country has business stats such as exports, imports, costs of living, general price of goods, and currency. Good luck!

Business Studies… Market Research?

admin — Fri, 02 Sep 2011 14:23:21 +0000

Other than questionnaires what other types of market research are there. I’m doing a project on marketing and need to know about different types of market research for the company i’ve created. I’ve already wrote about and conducted a questionnaire and explained its limitations. Now all i need is different methods and a brief explanation to get me going. Thank you in advance for any answers given, its greatly appreciated.

All market research survey methods are either qualitative or quantitative market research.
Qualitative research is used to help us understand how people feel and why they feel as they do. It is concerned with collecting in-depth information asking questions such as why do you say that?. Samples tend to be smaller compared with quantitaive projects that include much larger samples.Depth interviews or group discussions are two common methods used for collecting qualitative information…
Quantitative research is used to measure how many people feel, think or act in a particular way. These surveys tend to include large samples – anything from 50 to any number of interviews. Structured questionnaires are usually used incorporating mainly closed questions – questions with set responses. There are various vehicles used for collecting quantitative information but the most common are on-street or telephone interviews.

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Which are the best books to study Market Research and Marketing Research?

admin — Wed, 24 Aug 2011 02:03:23 +0000

I need to start reading something about market research and marketing research, I did try to search the library’s and studying programs of famous universities and I got more confused, now I wonder if u can help, which are the most useful market research and marketing research books

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How do I know if I’ve surveyed enough people for a market research study?

admin — Tue, 16 Aug 2011 07:57:15 +0000

I did a survey among 700 people in Tianjin and Beijing and was wondering how do I establish if this is enough to represent the population.

It really depends on how the research was collected. By this I mean how did you go about choosing which people you surveyed? The best way is through random sampling (that is the way using a list of randomly listed numbers). I know it is much more tedious and time consuming but it is really the only way to make sure you have a fair representation of the population.

How can I advertise to 18-29 year olds in Tennessee for a paid market research study?

admin — Tue, 09 Aug 2011 02:37:18 +0000

The study involves obtaining auto insurance quotes and giving your opinion.

18-29 year olds…newspaper isn’t a good choice then

facebook
iTunes
email blast (even though I hate them 2% of people open them)
pay someone to fill out the info you want (www.microworkers.com)

What are the types of Market studies, explain stages for Research design for a prototypical market segmentatio

admin — Thu, 28 Jul 2011 04:05:16 +0000

Their are two types of market studies
- Qualitative study – Understanding the brand, consumer etc
- Quantitative study – understanding the business potential.

for more details please go through any online book.

market research study on tipping trends in restaurants?

admin — Thu, 14 Jul 2011 07:42:22 +0000

For my market research class I’m doing a study on consumer spending in restaurants and tipping trends. Does anyone know where I can find those pocket sized tip helpers… You know the ones that say if your bill is this much you’d tip this much based on different percentages… I have to survey at least 75 to 100 people, as an incentive to filling out the survey I want to give people this tip card helper. I need to find out where to buy them in bulk…

Try e-mailing specific chains (NOT specific stores). The district manager will usually answer you directly, or refer you to a GM. I used to work at a resturaunt, and my GM was more than happy to provide certain information to students working on projects.

Can I ask for market research pay up front?

admin — Mon, 04 Jul 2011 08:11:18 +0000

I have been asked to do a market research study on certain industry for a medium-sized country. Is it customary to charge a fee upon delivery, or is it common to request a % up front?

It is customary for market research companies to request for payment up front and upon delivery of deliverables. For example:

- a certain % upon signing of the contract prior to the start of the study
- a certain % upon completion of the field work and data gathering process
- a certain % upon delivery of the final report

Market research cost money and you need to be able to operate and work on the study. One sure way is to get money upfront. If you just charge upon completion of the study, think of the worst case scenario — the client will not pay you — so you’ll end up spending for nothing.

Request for an upfront