Market Research Firms'
success is defined by the strategies they employ in order to
remain in the streamline! While each service provider may boast unique and characteristic methods
for executing a fruitful market research, highly effective common basic strategies pave the way for
successful information gathering.
Mail surveys:
Mail surveys were the buzz of the fifties when phone interviews were costly and
often unattainable. As telephone became a cost competitive tool for Market Research Firms, it
pushed mail survey's crown off, yet the crown did not fall with a bang! Mail survey is still a
widely used technique that
market research firms are happy to employ due to its relatively cheap costs. At
the same time, postal deliveries present an opportunity to familiarize prospective clients with the
product. Brochures or samples may be attached for increasing awareness! On the downside, the
response rate to such surveys range between 5-15%, leaving researchers in the dark about the rest
of the target audience's opinions and demands.
Telephone surveys:
Today's telephone interviews are computer assisted, allowing the interviewer to
register each answer immediately in the databank. The response rate to this form of market research
is significantly higher than in the case of mail surveys. Results are available for immediate
analysis, saving time and energy. This method is slightly more expensive the sending postal
questionnaires to the target audience, yet higher response rates compensate the researcher.
In-person interviews:
Personal interviews result in the highest completion rate.
In addition, the subjects may physically come in
contact with the proposed service or product, accompanied by the interviewer's introduction. While
this form of research has proved to be highly effective with a 95 percent response rate,
Market Research Firms still prefer to opt for the former financially less
demanding research methods.
