Tools To Collect Information In Market Research

When conducting market research, many avenues can be used to gather information. Surveys and questionnaires are among the most common, although on occasion they delve into other types of tools that, despite not being the best known, can help collect a good amount of valuable data that will be very useful for further investigation.

The Research Panel

This technique has some similarities in its design with the survey. With the research panel, you can select primary information of a quantitative nature, through the participation of a sample that will be permanently maintained throughout the process.

• Consumer Panels: formed by a sample of people (consumers) who will be analyzed to extract periodic information on their behavior regarding consumption.
• Retail Panels: unlike the previous ones, in these, the representative sample studied will consist of a series of more specific criteria that allow obtaining information on some aspects such as the distribution of products, stocks, or sales. In this case, the sample will be made up of commercial establishments, wholesalers, and retailers.
• Audience Panels: this method consists of the analysis of media audiences according to a representative sample of households. For this, surveys will be carried out on their lifestyle that offers relevant information to companies that wish to advertise in these media. For example, a high-end carmaker will not advertise on television, as this broadcast will not allow it to reach its target audience. However, it is interesting for a mid-range or family car brand.

Phases Of Creating A Research Panel

• Determine The Information Needed: In this, as in many other techniques, it is of great importance to start by establishing the information that needs to be collected. Once it is clear what type of data is being sought, the selection of the population sample to be analyzed can be continued.
• Establish How Often The Information Will Be Collected: the periodicity of data collection will be arranged mainly attending to two factors: the characteristics of the product and the urgency with which the information is needed. The latter will largely determine the duration of the entire process.
• Select The Format Through Which We Will Transmit The Information To The Panelists: for this, the format that best suits the needs must be taken into account and select the one that ensures the quality and quantity of the information sent.
• Renew The Members Of The Panel: it may be the case that during the investigation there are some members of the sample who are no longer part of the panel, in these cases, it will be necessary to replace it with others.
• Analysis Of The Information Collected: once the information collection has been completed, it will be necessary to analyze all the data obtained and use them to prepare reports to make decisions.

Other Market Research Techniques: Digital Tools In Commercial Experimentation

These types of techniques are very useful when it comes to establishing cause-effect relationships between the different variables under investigation. Commercial experimentation consists of making a modification on some of the controlled variables and observing the effects it causes on the rest.

Thanks to technological development, new technologies have emerged that allow the collection of information in a faster and less expensive way. Likewise, new types of surveys have been implemented that complement the data obtained through traditional methods.

• CAPI (Computer Assisted Personal Interviewing) This type of survey is used to conduct face-to-face interviews, with the particularity that it has the help of a computer program.
• MCAPI (Mobile Computer Assisted Personal Interviewing) This technique follows a similar procedure to the previous one, except that this time it is supported by different electronic pocket devices with an internet connection.
• CATI (Computer Assisted Telephone Interviewing) It consists of a telephone survey, during which the interviewer will download all the answers provided by the interviewee on a computer. It is somewhat similar to CAPI but adapted to this type of telephone interview.
• CAWI (Computer Assisted Web Interviewing) Method similar to the previous ones, but in this case, the survey will be posted on a web page, where participants can access to carry them out.

To know all the variables that affect market research, you can train in an International Trade VT, where you will address other key aspects for the success of a business model.