The ESOMAR estimates that businesses around the world invest a whopping $45 billion in market research. That tells us that businesses not willing to invest in this important endeavor will be at a significant disadvantage. Market research provides leaders and senior management with essential metrics that help drive their decisions. With that said, it’s also essential that you find the right market research participants.
Using that $45 million benchmark investment from ESOMAR, it’s worth noting a lot of that budget is used in developing systems for finding the right participants. Let us see how you can find the right market research participants without having to spend a fortune.
5 Ways to Find the Right Participants for Your Next Market Research
It’s essential that you find the right market research participants so that you’re gathering the right information for making strategic business decisions.
- Focus on your Target Market
All businesses know their target market for each product or service they offer. So this specific group should be the first group from which you seek candidates for research. In fact, any research done outside of your target market will be almost meaningless. Develop your research plan around your target market and let them give you the right information.
- Use Social Media
Facebook, Twitter, and LinkedIn are all great choices for finding research participants within your target market. In fact, each of these platforms has highly targeted advertising that can be aimed at very specific demographics. So target the demographic that matches your target audience and then share your market research survey or research opportunities with them.You shouldn’t just rely on paid advertising though.
Use your social media presence to engage your audience. Use powerful keywords and hashtags to expand your reach. Social media has hundreds of millions of worldwide users so be sure you are taking advantage of it.
- Use your Email List
Reach out to people on your email marketing list to find market research participants. Since this list will be targeted toward your primary market research audience, it’s a great place to land some activity. One of the best things about using an email list is that these people are already invested in your brand so they won’t need a lot of convincing to participate in your research.
If you are segmenting your email list, then you can limit market research emails to the segment that matches your target market.
- At Location Market Research
We see this form of market research all of the time. Retailers will offer a slight discount to customers who fill out a survey. Fast food restaurants offer something free. We even see coupons being distributed to customers who take short surveys online. So any business that’s brick-and-mortar should be doing the same.
Also, all physical businesses should have an easily accessible dropbox where customers can leave anonymous reviews and/or comments. This is a time-tested method of gathering valuable data on your customers and it will continue to be valid.
- Utilize the Services of a Third-Party Market Research Firm
This gives you the biggest bang for your buck. Firms that specialize in finding market research participants are going to provide a more efficient approach and in the end, you’ll spend less money per lead. While it’s not impossible to achieve this in-house, you’d have to dedicate an entire team to it which could add up to your marketing budget significantly.
Finding the right market research participants is a crucial step in growing your business. In today’s data-driven world, you cannot afford to get this wrong. All types of market and product research are essential but the quality of results depends on the quality of participants.
Research Optimus specializes exclusively in market research like qualitative market research and quantitative market research. Make sure that you get this right and find the top market research participants to take your business strategy ahead. Contact Research Optimus today for a free quote.