Data Management Platforms have the potential to deliver better targeting and access to hard to reach audiences The market research industry is debating the impact of big data. Forward-thinking firms are looking to disruptive new technologies to keep pace with the changing landscape as the reach of big data continues to expand. The online panel industry has an opportunity to bring significant changes to the approach and methodology of the recruitment of sample by taking advantage of tools used in related fields like digital advertising.
I just returned from my first SampleCon in New Orleans today. I was asked to join a panel of thought leaders discussing Innovations in Engagement of Hard to Reach Audiences. We didn’t solve the issue of how to reach those audiences from a sample perspective, but we did have productive conversations that yielded new insights on how to address this conundrum now and in the future. Dyna Boen, UB Mobile (left), Mario X. Carrasco (center), Jim Bernier, GfK (right)
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Hispanic And African-American Business Owners Concentrate In Top 10 Growth Industries Total Market and Multicultural sample have reached critical mass in the sample industry. The need for minority B2C sample continues to increase, and more panel companies are including minority sample as part of their recruitment efforts. Despite the increasing demands for minority B2C sample, minority B2B sample is an almost non-existent request.
Utilize non-research community platforms to harness the power of market research online communities at a lower cost. Market research online communities provide market research companies with an efficient and convenient way to reach a specific target audience. So with all the advantages they provide, why aren’t all companies investing in them?
Minority-Owned Businesses represent 33% of Small Businesses but are underrepresented in B2B Online Panels. Business-to-consumer sample providers have embraced the importance of including minority samples when conducting studies in the U.S. However, when we look at business-to-business sample providers, the inclusion of minority B2B online sample has yet to experience mainstream adoption. This exclusion is particularly troubling because 33% of small businesses across the U.S. are minority-owned.
Minority Business Sample Is Critical For Representative B2B Projects Minority-owned businesses are growing at a staggering rate in the U.S. They now represent over 33% of small businesses. This should come as no surprise to people in the market research industry as, demographically, the country has been changing for the past several decades. And because of this, as researchers, we know that we should be incorporating Minority Business sample into our sample-only studies.
A behind the scenes look at the importance of social media to building effective online panel communities Mario X. Carrasco (Managing Partner at ThinkNow Research) gave an interview with Online MR Magazine (July 2016 Edition) on the current state of the online panel industry, the challenges it faces, and how social media and other innovations are shaking things up. Read the full interview here.
Free Alternatives To Widely Adopted MR Tech A quick glimpse at the latest GRIT Report confirms the market research industry’s love for the most recent market research technology: While it is great that our industry embraces the newest technologies to help create more actionable and relevant insights for our clients, the issue lies in adopting market research specific technologies that can sometimes price you out of winning a bid. Or if won, could leave little profits to run your market research business.
Utilize existing non-research community platforms to harness the power of online communities at a lower cost Market research online communities allow market research companies an efficient and convenient way to reach a specific target audience. With the advantage they provide, why wouldn’t all companies invest in one? The trouble is, starting a community seems almost impossible to budget for small to medium size companies.
Thankfully Not The Hispanic Sample Industry…Yet. Much has been said about how poor panel practices are going to eventually lead to the exhaustion of the sample available from panels. From the latest GRIT report to the most recent CASRO conference, the bemoaning of response rates is hard to tune out, and rightfully so. As market researchers, this is definitely an area we can improve on. However, being in a niche sample industry, Hispanic sample, we have yet to feel the dire consequences of 40-minute surveys and constant spamming of our panelists.