The power of effective market research has been proven again and again, but this does not mean that companies can afford to be blase about it. Much like in a scientific study steps need to be taken to ensure that the data collected is trustworthy and is not tainted by the very process of collection itself.
One of the best ways to do this is through offering incentives. It stands to reason that in order to get more reliable data, something has to be given in return, but this market research could prove invaluable to overall business and market knowledge. Once patterns start to emerge in the results it can resonate through an entire organisation and with the better expertise when it comes to interpreting the data, this can form a radical new basis for a company, changing its direction or even consolidating its current position.
Creating effective incentive schemes is not that easy, however, and it is quite often beyond the means of many small and medium sized businesses. It can be true of large companies that have a multinational sales base and no way of tapping into what their international customers are thinking without a significant investment.
This means that digital marketing companies with expertise in the field are highly sought after, particularly if they have their own online platforms and voucher systems that can provide easy integration with current panel management software. Companies may then have the potential to expand their incentivised marketing operation to increase survey completion and acquire members of a panel.