In the last year and a half, Covid-19 has wreaked havoc over the entire world. Professional services scrambled to replace the “traditional” marketing approaches such as in-person interaction and referrals. Online presence is essential for market research because virtual markets and business development are currently at the forefront. Virtual market research places your business in existing communication channels that your potential clients use for business guidance and insights.
Here are the five benefits of using a virtual market research approach.
1. Increased visibility to your prospects
Today, most people are dependent on the internet for answers, and business people are no different. They go online to solve their problems because it is cheap, easy, and fast to access information. Your future clients will likely discover it if you post helpful, actionable, and timely content online. You will then gain their attention and give solutions to the problems. Virtual market research will inform you of the latest trends in the markets. It will also provide vast access to content concerning your market and the competition.
2. Global reach
Your firm can reach respondents beyond the physical border because there are no longer geographical restrictions. You have access to a wide range of clients and a large variety of information. You can also sell your products and services far and wide. In addition, your firm has access to talent from different markets or locations. You can hire a versatile team because remote working is not an alien concept but an accepted way of working.
3. Cost-effective research method
Connectivity to the internet and advanced mobile technology creates a large audience. You can reach respondents via online surveys and emails instead of incurring costs and the time-consuming inconvenience of making calls or using snail mail. Virtual market research can help target your survey invites more effectively. It is common practice to pay your respondents to encourage participation and engagement. When you target your invites, you decrease the amount of money used on payouts to survey respondents.
4. Easy partnering
You have access to online research panels, which will help you decrease your costs via their partners and resources. You can also purchase email lists and get access to online adverts. Research can be a costly venture, especially if it doesn’t yield the expected returns. However, research panels provide you with the breakdown of cost for each activity, such as surveys or other types of data collection methodology.
You can tailor your research to a specific location using the indicated demographics and preferred language. Again, virtual market research makes it easier for the respondents. The respondents know how to log on and access the surveys, emails, or other forms of communication. They also understand how payouts are processed, and you minimize the ambiguity of reaching out to respondents.
Virtual market research is not the latest fad or gimmick but an essential tool for determining new business opportunities and eliminating failure. It also provides awareness of recent trends and customer behavior. You can make well-informed business decisions because you have insights into your market, the competition, and the industry as a whole.
If you looking to do some virtual market research, we would love to help you with your project. Contact us today to get started!