What is Online Market Research?

Market Research is defined as the process of gathering, analyzing, and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present, and potential customers for the product or service

Online Market Research is a research method in which the data collection process is carried out over the Internet.

Online Market Research can be either Qualitative or Quantitative. Qualitative Online Tools include Video Ethnography and Market Research Online Communities (MROC). Quantitative Online Methods include mobile and app surveys. In online market research CAWI (Computer Assisted Web Interview) is the best and the most common used method to collect customer’s opinion. It is also a fast and most economical option to collection data and takes decision quickly.

This research can evaluate the performance of a product or service and may allow companies to glean insight into consumer purchasing behavior. With the rising use of the Internet, online research has become a popular tool among market research firms.

Online research can provide additional information about a buyer, such as her prior purchasing history. Online research projects can be carried out by a company itself or by a hired research firm like us. This is because we have a huge panel in most of the country through which we collect the data that helps to take decision for the company like you. Also we help the big market research company to collect the data in additional. We work with May market research Company and help them to achieve the data collection goal.

Advantage in Online Market Research

Conducting online research can be a complex procedure and may require considerable expertise on the part of researchers in obtaining accurate data. It may be challenging to recruit participants in online research for several reasons. Recipients may be reluctant to participate in online research because they may be afraid that the privacy and confidentiality of their personal information may be violated. Since the identity of the researcher cannot be verified completely, people may find it difficult to trust such research methods. Researchers often present participants with some monetary or non-monetary rewards for their participation. Participants may be wary of monetary compensation promised online. But here we have already recruited the participants on our panel so all the issue gets resolved. We have recruit participants in most of the country we operate. Also we make sure that they are checked and verified every 6 month and we remove the unresponsive panelist from our panel and recruit fresh panelist. This is continues process. Also we continue recruit participants in all the country. This is our continues process.

How to Conduct Online Market Research

There are several ways that may be effective for carrying out online research. Quantitative research can be carried out via online questionnaires and web-based experiments. Qualitative research can be carried out via online in-depth interviews, online focus groups and participant observation, in which a researcher acts as a part of a community to observe behaviors.

Online questionnaires and online polls are some of the most popular online research tools. Online questionnaires may need to be carefully designed in terms of format and length.

The purpose of conducting online market research is:

1. Understand target customer
   Who will buy your product or services and cater to your strategy aimed towards this target group?
2. Understand customer behavior
   Why will the customer buy your product or services? What factors influence buying patterns, and how can you use it to your advantage?
3. Find revenue opportunities
   Analyze buying patterns to find out what is the right pricing or positioning strategy to make the odds of success higher.

With this objective, businesses can conduct online market research to make their products and services more relevant to their customers. An example of how successful online market research can generate high ROI (Return On Investment) is seen with online jewelry market analysis.

M4u Research analyzed modern shopping trends of over 20,000+ customers to showcase the potential of the online jewelry market, factors that drive customers to buy jewelry online, and how sellers can incorporate these findings to drive higher sales. There are many more insights and case studies for various industries that prove the benefits of online market research.

Benefits of Online Market Research

We believe "Without data, you’re just another person with an opinion."

Online market research enables organizations to validate their beliefs and arm themselves with validated facts that can help them convert potential leads into customers. Online market research is the preferred option by most companies because of the various uses of market research:

1. Global Reach
   For global companies, online market research makes sense since it can enable outreach to its audiences globally without needing the research team to be physically present in any particular location
2. Multiple Target Platforms
   Most business customers are now online and connected with the brand on an online medium, meaning online market research can help reach and segregate multiple target groups.
3. Flexibility
   Online Market Research provides flexibility to the researcher and the customer. To give an example, the online research can be in the form of an email, social media ad that can reach the respondent on his/her preferred platform. Additionally, online surveys can also allow users to edit their answers or the researcher to revise questions easily.
4. Customization
   Online market research allows for higher customization as opposed to the traditional method since the researcher is aware of the target group before contacting them.
5. Speed
   Since the creation, distribution, and analysis of online marketing research can take place on the fly, the speed of conducting the research is much faster.
6. Cost-Effective
   Online market research is cheaper and more viable since it can reach out to multiple target groups and customers using various mediums without requiring significant effort.
7. Competitive Advantage
   Given that small and medium enterprises do not necessarily have the budget to perform a marketing analysis like large enterprises, online market research proves to be beneficial, given its ease of use and personalized budgeting. This gives industries and enterprises of all sizes an even platform and provides a competitive edge if used effectively.
8. Customer Focus
   Market research enables businesses to create products and services that the customers need, enabling them to focus on the customer leading to higher chances of success.
9. Strategic Selling
   A better understanding of the target audience enables an organization to position and price their products and services better, enabling strategic selling to drive higher returns.
10. Proven ROI
    Companies that perform market research and analyze it effectively, generally do better than the ones that don’t. It is a powerful tool for boosting profits. In fact, there are companies that have raised $500,00 in capital using market data from online research, test and repositioning their product positioning, and rapidly scale their software company by tracking survey results

Online market research can be a beneficial tool for companies due to its reach and convenience. Online research tools can be used with relative ease and accuracy for both qualitative and quantitative research.

• Cost advantages
• Speed advantages
• Data collection in real-time
• Advanced analytics
• Efficient global and multi-country survey management