more reliable, in contrast to previous years. In fact, thanks to the large growth of the number of Internet surfers and advanced data collection techniques, market research companies now have more opportunities than ever to obtain representative samples for their target market. Research quality depends considerably on such samples. As of 2005, according to the "European Association of Marketing Study and Research" (ESOMAR), two-thirds of the quantitative research was carried out on the Internet.
The use of the Internet as a means of data collection simplifies the market researchers’ work. It allows for a considerable reduction in delays and costs, and makes such research financially affordable to small business and home business.
Example - Someone interesting in writing about business travel would need to study the market before starting to work. The writer would need to evaluate the market and discover exactly what audience and topics each magazine, e-zine, newspaper, etc. targets. The writer could then order a poll on the Internet - at a very reasonable price - that researches the needs and interests of business travelers, such as the destinations they visit and services they require. Having such market knowledge can greatly increase the writer’s chance of getting published.
Some of the key advantages of Internet Market Research are as follows:
- attract rare, high-demand markets with precision and accuracy
- transfer all types of documents (photos, pictures, sounds, etc.)
- tap into remote target markets (essential for an export business)
- tap into a wealth of private and business research panel information
The final evaluation of the information collected by your Internet Market Research should provide the following benefits:
- identify the needs and expectations of your current and potential customers
- understand the evolution of the customer’s purchasing habits
- discover your competition’s strong and weak points
The improved understanding of your market will enable you to refine your range of products and services, and improve the distribution and communication policies of your business. You will soon be attracting new customers, maintaining current customers, and reaching your business goals.
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