The Iron Triangle Of Market Research Data Collection: Cost, Quality & Speed
Market research data collected acts as a bridge linking the customer to the respective marketer.
The need to obtain feedback about the market holds greater relevance in today’s modern technologically advanced world for the following reasons:
Spot the existing marketing opportunities
Identify the problems
Analyze and evaluate the steps taken for marketing
Obtain feedback on the overall performance
Get a better grip on the overall marketing scenario and
Have better competitive edge.
The ever increasing business competition for a better market share on domestic and international level along with the need for brand recognition has forced organizations to approach market research companies purely for the following reasons.
Modern technological advancement has made it difficult for many companies to survive in the fiercely competitive market. Market research companies through their extensive online research, inputs from professionals and in depth marketing studies are not only able to meet the specific objectives but also provide the same at a comparatively low cost.
For example, through mail questionnaires large amount of data or information can be collected in a short span of time at a low cost. It is not possible for many organizations to focus on collection data that is spread across the domains while managing its core business. In such situations, market research data collection from an established MR company proves beneficial that not only saves time and resources but is also cost-effective.
As marketing research is directly concerned with application of theories and techniques to identify and solve the problem of marketing, the quality of marketing information obtained holds greater relevance.
Say for instance, the marketing department of a company might like to have specific information pertaining to the exact age group or the section of people likely to use the product to be launched in the market.
The marketing department of not all companies might be capable to have such market relevant information handy or even the marketing manager might not be efficient enough to obtain the same in a short span of time
Hence, the need to rely on marketing agencies to obtain reliable authentic marketing information has increased over the years.
The marketing department of any company cannot afford to wait for information that arrives in bits and pieces to take decisions.
In such situations relying on marketing agencies to provide both primary and secondary data with all relevant details about consumer preferences, likes and dislikes through observational research within the specific stipulated time frame to take time bound actions to achieve success.
Effective marketing research techniques relies on all the above mentioned iron triangle of market research data collection namely cost, quality and speed.
A well drafted market research proposal or plan takes into account theabove three aspects of cost, quality and speed to seek better customer intelligence information and to make well informed business decisions.