How to tap into a $1.3 trillion market using a research app.

You do market research.

And now, you’re trying to do research in the middle of a pandemic. 

Fun. 

Not really. It means your consumers’ buying behaviors have dramatically changed. In fact, in six months, eCommerce has grown 11%—that’s more than the last 10 years—combined. And, with expected 2020 retail sales at $4.89 trillion, that’s a $1.32 trillion opportunity. 

Crazy, right? 

Okay, so now you’re stuck with a new consumer, who you don’t understand and you’ve still got stakeholders who expect you to deliver them data they can use to advertise with.

Perfect.

Here’s how you do it.

Learn about your new buyer.

It’s not as hard as it sounds—and, I know it sounds hard. But, it’s really all about reaching that buyer online now, instead of just studying their in-store habits. Okay, you say, but the market research industry has never been able to study eCommerce behaviors and habits, so how can this possibly be simple!?

Here’s a secret.

That eCommerce data already exists and it’s actually not that hard to get into. It’s just that no one ever knew how to get at it. Or, used to not know—we’ll explain. Here’s why so many people are out of the loop: they’re still trying to do surveys the old-fashioned way¹:

1. Door-to-door: Expensive, intrusive.
2. With paper and pen: Show, and hard to review.
3. By telephone: Less than 6% answer the survey.
4. Online: only 49% are satisfied with their experience.

Well, none of those methods can collect eCommerce data.

It’s pretty easy to see why. You’re not going to get that data by walking up to someone’s front door, asking them with a pen and a paper, calling them on the phone—or even sending them a survey online.

Why? 

Because they’re not there. Your consumers are on the move. And they’re taking their data with them. Which means that not only are these methods now outdated, they simply can’t connect you to the consumers you need today—the buyers who are online and on apps. 

That’s what you want: eCommerce data. 

But, I just told you that you can’t get it from any of the four methods above. So, what gives—how do you get the information you need?

Simple…a market research app. 

What’s that? 

Glad you asked. Mobile market research has been around since 2011². So, it’s still a relatively new methodology, and a lot of people are still unfamiliar with it.

Here’s how it works…

Today, 81% of the U.S. owns a smartphone³.

That’s nuts.

Consumers spend three hours a day, or more, on their phones. And that little smartphone is now an agent for change in our industry. Because you can interact with panelists directly—through a mobile market research app.

The world’s highest-rated market research app, Surveys On The Go®, works by connecting companies directly to consumers. When a brand needs a survey, they push it out over the app.

On the other end, are panelists waiting to earn cash for answering their surveys. Data is collected on their behavior. The panelists get paid, and the brand gets accurate insights.

Everybody wins.

Unlike an online survey, these panelists are happy to share their opinions, because they’re getting cash. So, they’re both heard, and compensated. And, unlike other (outdated) methods, a market research app collects eCommerce data: the holy grail of market research. 

You get the data you desire—anytime you want it.

Let’s take a deeper look.

Here’s how to collect eCommerce insights—side note, use these for in-store data too:

1. Identify the need.
2. Pick your audience.
3. Add behavioral data.

We’ll look at each one to get comfortable with the practice—as a whole.

1. Identify the need.

Okay, any good research starts with a goal.

And a project using a mobile research app is no different. It’s just a new weapon; start in the same way you always do, with a simple question:

What is the goal of this study?

With that in mind, you can craft a compelling questionnaire (QRE) alone, or with a research provider. Either way, get ready to ask the questions you need to zero in on that primary goal.

2. Pick your audience.

Next, pick your people.

Here, your audience lives in a market research app, and that’s where you’ll connect. And, what’s cool is that when they downloaded the app, they shared their demographics. 

Pick them based on:

• Age.
• Income.
• Ethnicity.
• Relationship status.
• Other 200+ other pieces of data.

Sweet. Now, you’ve identified your perfect consumer panel based on what you need to study.

3. Add behavioral data.

Now, it’s time to see what they’re doing.

Why? Well, behavioral data eliminates fraud and recall bias in one step³.

Let’s take an example. Kim goes to Walmart. She picks up a candy bar and eats it. Did she like it? Find out. The best time to ask her is as she’s leaving the store. It’s fresh in her mind…and on her taste buds. 

By tomorrow, Kim will have forgotten 70% of her experience⁴.

Well, that sucks.

So, avoid it. Get Kim’s insights the moment she thinks them. When she takes a Point of Emotion® survey, you get her feedback while she’s enjoying that sweet, salty—and a little bit nutty—chocolate bar. Let her tell you exactly what she thinks. How?

Let technology do the work for you.

With a market research app, Kim will get a survey as she leaves the store.

Her phone knows she’s at Walmart. She’ll get asked if she bought a candy bar. And what she thought about it. You’ll get the insights in real time, long before 70% are lost.

Here’s the thing, or two things really.

Thing #1: Customers expect an amazing experience. 

And they’ll do whatever it takes to get one. So, if you want to be able to beat the competition in the middle of the most difficult time any of us can remember having to market—it’s time to bring out the big guns.

Start by creating a digital strategy. One that allows you to collect eCommerce insights. Because that’s not going away anytime soon. And, at the moment—eCommerce is just about the ONLY thing in our economy showing a hockey stick growth line. It’s worth investing in.

Thing #2: We’re working with real people. 

And they expect you to cater to them.

Consumers are willing to share their feedback but they don’t want to do it the way they used to take surveys. Because it doesn’t fit their lifestyle anymore. So, if we want to improve our research we need to get personal—and connect in the places they feel most comfortable with. They’re saying they want to be on their phones.

So, go there. Get the insights that you need, by being where your consumers are: on a market research app.

Need help?

We work with the best teams from the biggest brands to solve complex problems. Contact us.

References:

1. https://mfour.com/wp-content/uploads/2020/05/Smartphone-infographic.pdf?utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9pt8KId0GtqmuSuqz33nY76M0iHk6gXVtv4Vsy6f1Bkpvca0DNHYfHLaJFS0xCm0TA-o9A 
2. https://mfour.com/our-story/
3. https://mfour.com/wp-content/uploads/2020/03/How-to-Predict-Future-Behavior-and-Impact-Revenue-Guide.pdf
4. https://mfour.com/wp-content/uploads/2020/06/GPS-Functionality.pdf?utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz–SkNYim1o5hydUMc_yN4vjTafNw_FTdsrUrwchvoPa9OMJ8fsaZEsKDY-PfPl-zu4Cp68u