Lionel Ritchie saying "Hello? Is it leads you're looking for?"

Dealing With the Challenges to Market Research: Teacher Response to Module #3

Business Keeping

Grades and individual feedback on Blackboard.

This is a good time to start looking at your overall grade on Blackboard if you haven’t yet. Don’t wait until the end of the class to come to me with any concerns.

Key learning from this module

Market research findings =

background (why you conducted the study and how it meets client goals)

+ method (what you did and why you did it that way)

+ trends

+ consumer segments

+ prescriptive actions

Use precise language

Clients want reports so they don’t have to go through the data themselves, but they want precision so that they can feel confident that they’re getting the full story.

“A substantial portion” = “31% of participants”

“About 70% of participants” = “68.5% of participants” (no need to go past the first decimal point, as a rule)

Recruitment when you’re not paying customers is always difficult

The secret behind market research is that a lot of major companies provide incentives. I just recently was on vacation at Universal Studios, for instance, and I walked out from a restaurant and a woman asked me if I’d be willing to take a brief survey for a $25 gift card. That’s how valuable market research is: $25 per participant is not an exorbitant rate. I’ve heard of rates as high as $100 per hour per participant for more involved research.

Those of us who have lean budgets, however, such as consultants like myself who often work for small businesses and non-profits, have to be a bit more inventive. You might ask the client for one $50 Amazon card that will be given to 1/20 participants, for example.

I also like to use the “snowball method” to solve this problem: I talk to one person I know who fits the demographic, then I say: “hey, do you know anyone else?” Then I approach those folks, etc.

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