Companies can choose from a wide variety of tools for gathering market intelligence depending on convenience , costs , reliability , manpower etc . Companies should analyze each of these aspects before choosing any tool and check the feasibility of implementing it . Furthermore , they should define the study /research purpose thoroughly and seek maximum opinions to avoid any mistakes .
SURVEY
This is a method of data collection that seeks to gather market intelligence by allowing respondents to answer pre-designed questions that allow companies to gather relevant data . These can be conducted online , in-person and via telephone . Online and telephonic surveys make it easier to gather data from a large number of people without restricting themselves to geographical boundaries which helps in eliminating sampling bias and makes the data collected more accurate . Voxco’s phone survey systems provide advanced design capabilities for suvey design along with enhanced call efficiency and current technology to ensure best output and greater control for the researcher.
In-person surveys on the other hand , add a personal touch to the data collection process and also allow researchers to study the expressions of the respondents which acts as an added benefit. Furthermore , any doubts or ambiguity related to the survey questions can be clarified which helps in improving the quality of data . Surveys are a great way of analyzing respondents from various backgrounds, age groups and income groups and gather their opinions on matters that are important for brand awareness .
Designing a questionnaire : This is the first and most important step for conducting an efficient survey .The key is to include maximum relevant questions without extending the length of the questionnaire . Questionnaires that are too long , often discourage respondents from completing . It is also essential for the researcher to choose an online software that offers them customizable tools to offer variety to respondents and improves response rates .Voxco’s engaging questionnaire functionality and easy to use questionnaire toolbox allows the interviewer to experiment with multiple options and decide upon what suits them best .
Distribution strategy : Researchers should identify various distribution channels to increase accessibility . Email invitations , website pop ups , social media and SMS invites are some of the ways to communicate to the respondents . . Researchers should also keep in mind the response generation rate of each of these mediums and prioritize them accordingly. Invites allow researchers to communicate the arrival of questionnaires within a certain time period and can generate quick responses. Real time participation monitoring should also take place to study the completion , drop outs and screen outs to evaluate efficiency of survey respondents and average time taken by respondents to complete the questionnaire.
For example : Apple uses an online community of Apple product users called the ‘Apple customer pulse panel ‘ to gain insights into matters and subjects related to Apple by supplying the members with a survey twice a month . This allows them to gain quick responses and compile results faster and act accordingly.
Compilation of results: Correct statistical and data analysis methods need to be used to make sense of the survey results by properly charting and evaluating collected data . Using appropriate software tools , companies should be able to access such analysis on a real time basis and update them as response rate goes up . Companies should list out key findings generated as a result of the survey which can be later used as input along with internal business information.
PERSONAL INTERVIEWS
Personal interviews are a method of gathering market intelligence that allows researchers to gain in-depth knowledge about subjects relevant for the brand . This method can be used to gather individual point of views on aspects such as preferred features , appropriate price ranges , package appeal , usage habits , after sales experience etc . This also allows the researchers to add a personal touch to the whole process by understanding the respondents mindset . Moreover , the researchers can also ask respondents to elaborate on certain answers they feel have a greater relevance and can even put up follow up questions to gain additional insights . However , personal interviews carry the drawback of being cost ineffective and time consuming . interviewing respondents one by one may lead to a long drawn out process and requires hiring a professional . It can also lead to sampling bias as the respondents may not represent the target population due to their restricted numbers .
FOCUS GROUPS
These are groups of people selected meticulously as per the researcher’s requirement to discuss and deliberate about the questions put forth by the researcher. Moderators usually put forth scenarios and arguments on which the selected respondents express their viewpoints . The discussions arising out of these focus groups helps in proving insights into customer behavior. Conducting these focus groups online through apps such as Zoom also offer the added benefit of conducting polls and offers researchers wider reach. For example : A brands seeks to understand household buying habits through focus groups tries to incorporate working men and women , teenagers , elders , housewives etc as respondents and look at how they decide to buy a certain brand and in what quantity. Housewives try to keep in mind the budgetary restrictions while trying to buy all items while teenagers tend to be more lavish with their spending. This types of information allows brands to identify their target market and accordingly alter their features to suit the markets they wish to serve .
SAMPLE SALES
Brands can conduct sample sales to understand market acceptance of their products before launching them . These products can be placed at certain outlets and customer behavior towards these products can be analyzed . This gives brands an idea of what the market approach to their products will be like . Customer queries before buying can be studied to understand the parameters that customers evaluate the product upon .
For example : Adidas and Costco conduct sample sales with the aim of gaining customer loyalty and increasing short term sales . This allows customers to engage in buying more than they planned to and sometimes leads to customers trying new things . This alone contributes to increased sales. This also assists in testing product before launching to test the market pulse and the need for any changes.
DATA ANALYSIS
This perhaps , is the most important step in collecting market intelligence. Examining and presenting data allows the researcher to fram and summarize collected data in a manner that aids understanding . This summary is then used by stakeholders and senior management to evaluate and approve major decisions . Advanced analytical tools such linear regression, ordered logistic regression factor analysis, custom r scripts, hypothesis testing and many more are used to compile research data . These data analysis tools are decided upon after taking the data types into consideration: descriptive , quantitative , qualitative , parametrical , non-parametrical etc . Charting such results into scatter plots , bar diagrams ,donuts ,pie charts , gauge and more helps in deeper understanding and provides visual aid .It is very important to select the appropriate tool for evaluating research data and summarize it in a concise and concrete manner , otherwise , the whole research ideation and conduction process goes to waste .
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