Tuesday, July 5, 2011

What are the advantages to conducting market research online?

InPharm recently looked at some of the advantages to conducting market research online. The Insight Research Group of Great Britain weighed in on what they thought were the benefits of adding social media market research to the repository of data collected by traditional market research methods.

 They included:
  • -New data collection options in addition to traditional data collection methods
  • -Data rounds out and contributes to a better view of the whole story researchers are trying to capture
  • -Online market research allows for a quicker collection of results
  • -The need to spend less because fewer resources (such as no need for a venue and to pay for travel) are needed
  • -Relationships are built with those you're collecting data from and as a result, conversations grow overtime, creating richer data collection.
  • -There are no geographical boundaries because of the online data collection.
What do you see as some of the benefits of online market research?  What else would you add to the Insight Research Group's opinions?

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