Tag Archives: online marketing research

Market Research on a Shoestring Budget

One of the major complexities in the business realm includes executing an efficient market research strategy, but what happens if your company is on a shoestring budget? I came across this post on LEADSExplorer that lists 9 methods for market research on no budget. As budgets are tightening up due to the financial mess we are currently in, it might be a good idea to minimize spending on your research. Here’s the list:

1. Spying your competitors
2. Investigating the market
3. Listen in to webinars
4. Spy your customers and leads on your website
5. Blogging for reactions
6. Search social media and blogs
7. Generate responses on social media
8. Use RRS feed filtered using Yahoo pipes
9. Do not spend on industry analyst reports

All of these methods involve the internet in some shape or form. For industry reports, if you are able to come across one online for free, then better yet!

3 Market Research Tools on Facebook

Facebook is a great social network to utilize for market research, but just how exactly do get behind the facebook wall since all of this information isn’t publicized anywhere? I came across this post on About Results Marketing in which they list three market research tools available on the facebook platform. Here they are:

Facebook Lexicon
This service analyzes the amount of times a keyword has been mentioned on Facebook. It’s a great way to see if there is any buzz on a particular subject matter.

Facebook Pages
This is a great tool to get people to join a group around your business. The cool thing here is that once more than 10 people join the group, you’ll start getting ‘facebook insights’ which is demographic details about people on your site.

Taking Demographic Data from Facebook Ads
This involves setting up an ad campaign on facebook, and by doing this you will be able to see how many people there are in a specific demographic that are interested in a subject matter. The post gives an example that you can search for how many 18-24 year olds have SEO or SEM in their profiles.

Take advantage of Facebook for your company’s market research methodologies!

Internet Marketing Research

Yesterday we reported that there has been a growth in the contact center surveying/feedback and analytics market. Today, as I found in this article from The Gazette, the market research industry is experiencing an overall growth globally. In this past year the industry has increased by 5% and the business volume was roughly $28 billion. Much of this growth has been attributed to the advent of the Internet, and more recently its increasing use within this market space. As Jean-Marc L??ger, president of Montreal-based L??ger Marketing, has said:

“In the 1970s, the question was what consumers were buying; in the 1980s, it was why they were buying it; in the 1990s, it was how they were buying it; and today the question is: what if? We’ve moved to a much more predictive model.”

Internet has provided the ability to answer this latest question in real time. As with many new tools, the use of the Internet in marketing research has raised some ethics and validity questions. Some are saying that with the Internet, making sure that samples are random become harder, and also people maybe tempted to abuse data confidentiality and privacy standards. What are your thoughts? Do you think that the Internet is a blessing or a curse for this industry?