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Portland State University Using the Internet for Market Research Kent Lewis Anvil Media, Inc.

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Presentation on theme: "Portland State University Using the Internet for Market Research Kent Lewis Anvil Media, Inc."— Presentation transcript:

1 Portland State University Using the Internet for Market Research Kent Lewis Anvil Media, Inc. http://www.anvil-media.comhttp://www.anvil-media.com/psucourse

2 Background “There are three kinds of lies… lies, damn lies and research” -Mark Twain

3 Agenda Introduction & Background Instructor Students Speakers Syllabus Market Research Overview Primary & secondary Qualitative & quantitative Online & offline Exercise Survey

4 Introduction Class Objective Understand how, when and why to use the Internet for market research Instructor Agency background goodguys.com Anvil Student Introductions Speakers i-OP Tweak Interactive WebCriteria

5 Syllabus I: Market research overview II: Internet tools & techniques III: IPA review IV: IPA development V: Presentation development VI: Class presentations

6 Market Research Overview Research helps validate intuition and make solid business decisions. Research helps gain insight into: Market size Demand Usage Growth potential Trends and opportunities

7 Common Reasons for Research Defining and understanding a market Understanding and segmenting the target audience Competitive analysis and positioning Product and service evaluation New product concepts Usability testing

8 Typical Research Questions How many site visitors are customers? How many of our customers use the site? What do customers want on the site? How can we increase our conversion ratio? Why are customers leaving this page? What other sites do our customers visit? How do we get more traffic to our site?

9 Research Process Identify and understand objective Gather all available research Determine if data is sufficient Analyze what additional data is required Select appropriate method of research Minimize bias Collect and analyze data Make recommendations accordingly

10 Research Costing Function Research budget = (CWD x NoR) – (CWD xYesR) Where: CWD = cost of making the wrong decision NoR = percentage chance of making the wrong decision without research YesR = percentage chance of making the wrong decision with research Sample budget ($100,000x30%) – ($100,000x5%) = $25,000

11 Primary & Secondary Research Primary: Experimental Non-experimental Laboratory & field Secondary: Internal External

12 Secondary: Free Offline Resources Research firms Government Publications Trade associations Public company SEC filings Library reference desk

13 Secondary: Free Online Resources Newsgroups Discussion lists Bulletin boards Directories Competitor’s sites Newswires (press releases)

14 Secondary: Paid Resources Subscriber information services Dow Jones Lexis Nexis Syndicated research Yankelovich USADATA ResearchPortal Brand tracking Millward Brown Harris Interactive CyberDialogue Media measurement NetRatings MediaMetrix Arbitron

15 Primary: Qualitative Research Overview: Soft & fuzzy Attitudes & opinions Exploratory tool Used for: Brand testing Concept validation Ad pre-testing Format: Focus groups, interactive sessions Limitations: Sample size Moderator capabilities Geographical interpretation

16 Primary: Quantitative Research Overview: Numbers = reliability Nonverbal Representative sample Used for: Determining market factors Customer behavior, attitudes & opinions Format: Web & email-based surveys, purchase data, log files Limitations: Confining Weak for concepts Accessibility Misrepresentation

17 Sampling You’re only as good as your list Central limit theorem: 68% of all observations fall within 1 std. dev. 95% fall within two standard deviations Error is determined by samples size Non-response creates automatic bias Sample should mirror population closely Random is ideal, convenience is common Sweet spot: Internet users/target audience

18 Sample Metrics Classification: Demographic Socioeconomic Webographic Behavioral: Visits Number Frequency Types of purchases Attitudinal: Desirability Ratings

19 Research Can Be Flawed Quantitative significance at 500 responses Non-response bias Incentives skew results: must be relevant You’re only as good as your: Sample Questions Analysis

20 Class Survey Java survey powered by i-OP Go to anvil-media.com/psucourse anvil-media.com Click on Survey link under Class I Complete survey We will review results real-time

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