Tag Archives: online panel

Why Is Your Company Not Conducting Market Research?

The continuous flow of information has rapidly changed today’s digital environment and ideation exchange between businesses. This, in turn, has altered economies and technologies, as well as driven companies to expand their research horizons. While market research has proven to be an effective tool, not all businesses are convinced about the accuracy and value that it provides. Companies large and small all require accurate and timely information in order to meet market demands and stay ahead of the game.

The goal of market research is to equip companies with the information needed to conduct business decisions ranging from product development, to product placement, and everything in between. Why, then, is market research not at the forefront of their strategies?

Predicting outcomes is a strong part of any business decision; however, without the right information a company can’t properly prepare nor decide the next step for the business. The biggest misconception in the market research sector is that marketing activities should stay within the marketing department, consequently creating a narrow view and limiting the capabilities of research. Strictly speaking, marketing strategies should be used for marketing decision however, these processes are not solely for marketing activities. Instead, they contribute in the decision-making process company wide.

Market research takes a variety of forms and is generally divided into two categories: primary and secondary research. Primary research answers specific questions whereas secondary research provides broad information. Unfortunately, because some companies question the value and benefits of conducting research, as well as the validity of the information, it fails to meet full potential. In other instances, companies do not have the necessary budget to conduct market research. Because of this, these circumstances have triggered a negative and complicated conception of research.

Looking into specifics, we have primary research tactics, which involve the design and implementation of original research where data is collected to answer specific questions. Why is this so important? The advantage that this creates for business entities is a game changer. It allows them to gather information directly correlated with their operations not general information that applies to the industry or other businesses. An effective way to conduct primary research is by using an online panel provider, which provides a sample of respondents.  The respondents used for panels are pre-screened and double opted-in to participate in a wide range of research studies. Surveys are the main tool used to collect the data of a specific sample. Online panels provide accessibility and efficiency when trying to reach specific audiences. The ability to tailor research to a company’s specific needs maximizes the advantages of using online panels. Understanding the impact of the data collection process for business decisions will change the misconception of market research as a secondary tool in the decision-making process.

From developing a strong new product to determining employee satisfaction, market research can be used to obtain a deeper understanding of operational and day-to-day business activities; making it a must have for strong industry players. Integrating market research relies heavily on details such as organizational culture, financial implications and the urgency with which data is required. While these tend to diminish the number of companies implementing market research, businesses must remember that market research is made to accommodate businesses from diverse backgrounds and sizes; it’s tiers working as a well structured unit made to improve companies throughout.

Refusing to use market research as a decision-making tool leads to misconceptions, misleading outcomes and erroneous business transactions that can greatly impact capital. In order to ensure that your business is successful and stay at the forefront of today’s fast paced environment, market research needs to be your go-to tool and you won’t be left behind.

Whether or not is used depends on the culture of the organization, the financial implications and the speed with which a result is required; however, market research has several tiers that are able to accommodate the needs of a business. Neglecting the use of market research as a decision-making tool leads to possible misleading outcomes and erroneous business decisions that can greatly impact a business’s capital. In order for business to be successful and stay current in today’s fast paced environment market research needs to be conducted to aid in the business decision process.

Market research has a myriad of applications. From product development, to determining employee satisfaction, it can be used to obtain a deeper understanding of operational and day-to-day business activities.

 

Spoiling Spot: Holiday Gifts for Pets

Considering buying a Christmas stocking for your cat/dog? No need to question your sanity, you are far from alone.

The overwhelming majority of pet owners say they treat their dogs and cats like family. Pet owners are projected to spend more than $5.5 billion on pet related gifts this holiday season, which is close to 10 percent of the total amount consumers are projected to spend on their pets.

To gain further insight into such an astounding consumer trend, qSample conducted a survey among more than 350 participants from qSample’s own Pet Owner Panel.

According to the results, 38 percent of respondents plan to spend $21-$50 on their pet this holiday. Nearly 20 percent plan on spending more than $51 on their companion’s gift.

Retailers have certainly taken notice of the increase in spending. With each passing year, owners can choose from more and more pet products and gifts. New trends, highlighted by the American Pet Product Association, include new offerings from retailers that have been focused on human products. Companies like Ralph Lauren (now selling dog sweaters), Omaha Steaks (new steak pet treats), and Paul Mitchell (new pet hygiene products).

The majority of respondents, 37 percent planned to purchase toys and 22 percent will buy a toy that distributes food or treats.  When purchasing food or treats, 37 percent say that the number one factor in their purchasing decision is whether their pet likes the product or not, 28 percent look for organic, all-natural or grain-free options, 13 percent look at brand name as their key determinant and 12 percent consider pricing first.

Most of the survey’s respondents, 49 percent, planned to purchase these gifts at a physical pet specialty store. 19 percent plan to purchase online and 11 percent will purchase from auction sites, veterinary clinics, pet shelters/rescue groups or another venue.

by Connor Duffey

 

PetHolidayGiftographic

 

Millennials and Holiday Shopping

The National Retail Federation estimates that holiday sales will increase 4.1% this year or to a total of $616.9 billion. This includes in-store, direct-to-consumer, kiosk and online sales. If this number is correct, the 2014 shopping season could be the best one that retailers have seen in over a decade.

With the number of stores open on Thanksgiving Day increasing, the number of shoppers coming out early to get deals has also increased. NRF data estimates that 44.8 million consumers shopped on Thanksgiving Day in 2013. This number is up by 27% from the previous year and millennials represent more than 43% of that number. Millennials spent 13% more than the other generations over Thanksgiving weekend. 83% also shopped for themselves over Thanksgiving weekend.

A recent study from Hanover research reveals that that millennials live and shop in the moment, often making purchases and dealing with the repercussions later. The study also shows that 52% of Millennials were more likely to make impulse purchases than any other generation. They prefer to purchase with digital media in hand and they don’t stop spending in a recession-only 20 percent of Millennials reported spending less on apparel during the most recent economic downturn.

Several factors which should increase spending this year include:

Weather– Last Fall and Winter, much of the US was experiencing bad weather during the shopping season. Although part of the Eastern United States currently is buried in snow, the majority of the States are experiencing mild weather.

Utility Spending– Due to a mild summer, many consumers spent less on utilities and have more money for spending.

Government Shut-Down- On October 1, 2013, a partial government shut-down was put in place. The 16-day-long shutdown was the third-longest government shutdown in the U.S. and 2.9 million people were put on job furlough.

Employment Rates– More people are employed this year and disposable income increased 4% each month this summer.

Consumer Confidence– Most surveys are showing that confidence on the part of consumers has improved.

Gasoline Prices– In the past couple of months, gasoline prices have dropped and may provide more spending money for the holidays.

Gen Xers are knowledgeable shoppers who use information to guide their decisions and Baby Boomers tend to purchase based on practicality. These generations will likely keep budget more in mind this holiday season.

Millennials & Holiday Shopping

Going to the 2014 FIFA World Cup? It’s Going to Cost You!

According to the U.S. consulate in Rio, more than 187,000 tickets have been purchased by American credit cards and 80,000 U.S. visitors are expected to attend the Cup.

In the infographic below we break down a few of the costs Americans can expect to spend if they’re planning to attend the 2014 FIFA World Cup in just one week. Would you be willing to pay the price?

FIFA World Cup

Infographic on travel costs for FIFA 2014

Will Office for iPad Make Tablets the Tool for Work?

Last month, Microsoft shook the tablet world by finally launching its Office for iPad apps, and the reverberations may be felt for years to come.

While tablets have become extremely popular, with many users preferring smaller to bulky and more awkward laptops, they have yet to truly find their niche in the business world. Even with bluetooth keyboards, and writing tools like Google Docs and iWork, many businesses refuse to adopt the device as a serious business tool. In the academic arena, many students prefer tablets for note taking and research, but find it awkward to use for papers and presentations. The launch of Microsoft’s Office for iPad apps is designed to change all that.

We conducted a survey with our general consumer panel to gauge their level in the new Microsoft Office for iPad app. The survey was fielded in less than 2 days during the first week of April, with more than 400 respondents sharing their insights on this new product and what it means to them professionally.

Survey results clearly indicate that tablets are still very popular with the general populaltion. Unsurprisingly, Apple was king among those devices with  almost half (40.45%) of our panel indicated they own a version of the iPad, but a mere 26.18% claim their primary uses for those tablets are for work and school. Confirming our suspicions, we found that entertainment rules the tablet world, with a staggering 69.12% of our panel logging on for fun. As always, internet surfing, watching videos, and updating social network pages continue to be a staple of tablet use.

Clearly this isn’t a hardware issue, and many who own Apple devices, such as the iPad, prefer to use the Microsoft Office software. This suggests that the new apps will be very well received by tablet owners, but there is a lot more involved than ease of use. Our survey showed that there was a strong positive reaction to the Office for iPad apps, as 63.02% said that they plan on using the new apps now that they are available, yet 76.56% didn’t feel that the apps were worth the $99 subscription fee. This is likely due to the abundance of less powerful, but free, programs/apps that will allow users to run similar tasks. Price does seem to play an enormous role, as 64.58% of our panel is considering the free Microsoft Office smartphone apps as a serious alternative. This poses the question of whether or not smartphones may find a place as a document editing tool in the business world as well.

The smartphone apps may be free, but lack many important features that are available on the iPad and laptop versions. In addition to features, portability seems to be a factor. Today’s “on-the-go” lifestyle means that document editing on a smartphone may be preferable to carrying a bulky laptop, or even a tablet. On the down side, small screens and lack of features may discourage users from choosing apps like Office for smartphones, even if they’re free. Our panel was also concerned about storage space on their devices. These apps can take up a considerable amount of space on users’ iPads, and 67.71% claimed that this alone would discourage them from downloading the software.

Cloud services have been available for some time, but there is no question that Microsoft has arrived very late to the game. This may be due to the company’s efforts to streamline their products for unconventional devices, or a simple lack of attention to the tablet market. In either case, this is definitely an interesting move for Microsoft. One pitfall of releasing the apps for the iPad is that this may have a negative effect on the sales of non-Apple tablets, including Microsoft’s own Surface. In addition, the Office for iPad apps are significantly better looking and much more streamlined than other versions. This may influence which tablets businesses buy for their employees, and ultimately hurt Microsoft’s Surface sales as well. Apple will receive a percentage of Office 365 subscription fees sold through iTunes, which will also add to the funding of their competition. All of these factors make the late release of the Office for iPad apps a very interesting decision. Only time will tell if Microsoft’s new launch was a brilliant strategy, or too-little-too-late, but in any case, the world is taking a second look at the tablet as a serious business tool.

Microsoft Office for iPad Infographic (3)

An Ivy League Of Their Own

What do 5 of the last 7 presidents and 100% of the Supreme Court Justices have in common?  They graduated from Ivy League universities.  Ivy League graduates are truly in a league of their own.  With a median household income of over $190,000 and a median net worth of $900,000, Ivies are a uniquely influential and affluent demographic, making them particularly appealing to marketers.

This November, the Ivy League Magazine Network and qSample teamed up to survey readers from the eight Ivy League Magazines. Partial results from the survey is depicted in the infographic below. The online study consists of data collected from more than 1500 survey participants. Each reader panel is comprised entirely of graduates from Brown, Cornell, Dartmouth, Harvard, Princeton, Columbia, University of Pennsylvania and Yale.

Readers of the Ivy League Magazines find real value in the alumni publication, with over 85% indicating that the magazine has helped them to become successful.  The relationship of mutual respect between panelists and publication fosters high response rates and honest responses from participants.

Over 75% of respondents are active on social media.  Facebook and LinkedIn are the 2 most popular social media sites among participants, with 60% on Facebook and 56% on LinkedIn.  However, usage of social media varied from panel-to-panel with Brown Alumni more like to use Facebook 69%.

Giving back is important to the Ivy League Panel participants with 77% indicating that they volunteer in their community, while 43% do so on a regular basis.

Ivy League Magazine Panel respondents are both affluent and influential among peers in consumer spending categories such as personal technology, automobiles, travel and financial services.

Over the next 12 months, 76% of participants own or plan to purchase a smartphone and 70% own or plan to purchase a tablet computer.  Among smartphone users, iPhone and Android operating systems are the most popular operating systems with 63% of respondents using iPhones and 20% Android.

Ivy League Magazine Panel respondents have the real spending power to make luxury purchases such as high-end vehicles and international travel.  Over the next 12 months, 21% of respondents own or plan to purchase a hybrid or electric vehicle and 34% own or plan to purchase a luxury automobile.

Panelists are frequent travelers with 99% of respondents planning to travel for either business or leisure within the United States this year.  Fifty-eight percent plan to travel to Europe, 17% to Asia and 20% plan to take a cruise.

With a median net worth of over $900,000, Ivy League Magazine readers strategically invest and protect their finances.  Over the next 12 months, 84% of respondents own or plan to invest in mutual funds, 80% own or plan to invest in stocks, 73% own or plan to purchase money market accounts and 71% own or plan to purchase life insurance.

In an Ivy League of their own, Ivy League Magazine Panel men and women have a uniquely affluent profile, difficult to find in any research panel.  The Ivy League survey is part of qSample’s EDU Intelligence series on educational research. The survey consists of more than 30 questions ranging from smart phone usage, financial investment, travel, philanthropy, social media, etc. To learn more about the EDU Intelligence series, email sales-team@qsample.com.

infographicRudFinal

Louisiana Statewide Survey

qSample’s pulse report is a collection of short research studies conducted each month, using one of the ten specialty panels currently owned and managed by qSample. We believe the survey results from these studies are of interest and we want to share them with you. The reports will be presented in an infographic, depicting research results on various topics. The monthly infographics will always reflect current events and topics of interest.

This past month, we tapped our Likely Voter panel to gauge Louisiana residents’ attitudes towards topics that affect them. The survey was deployed to our Louisiana Panel.

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by Rudly Raphael