Tofler’s Guide for Choosing the Right Market Research Platform

Guide for Choosing the Right Market Research Platform

In the past, you would have had to use a full-service organization in the market research environment to collect the data, analyze it, and send it back. There was little alternative because data was not inexpensive and had to be obtained using traditional methods such as telephone or physical interviewing.

But now the internet has opened up new ways for data collection and analysis. However, your preferences will still have a big impact on how much you can get out of your money, your staff, and your budget.

Tofler explains the key questions you should ask yourself after hiring your team and deciding on a budget:

  • What kind of analysis software should we use?
  • Do we need tools for reporting data and visualization?
  • What platforms for gathering data will improve our efficiency?
  • Does a long-term panel or community allow for a more rapid response to stakeholder needs?

These questions will help you narrow down your needs and make your search structure. Without defining your needs, you shouldn’t start a search for anything; these four simple questions will do that for you. They will also influence the software and platform specifications you require.

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Tofler will take each question in turn, helping to direct you through the decision process:

1. What kind of analysis software should we use?

Ask yourself how much analysis your team will do internally. This will define if you need tools for the analysis or not. Would you like simple descriptive data, table percentages, or advanced cross-tabulation and filtration?

These latter techniques may indicate that you need an autonomous stats program like SPSS. If cross-tabulations are involved, then you may be able to forego a stand-alone tool and look for these features as part of a platform for data collection.

2. Do we need tools for reporting data and visualization?

Distinguishing between analysis and data visualization is critical. You need two very different types of programs, but people often use terms like Research, Dashboard, Visualization, and Reporting interchangeably. These are distinctly different, and each specializes in platforms.

The data dashboard consists of charts or graphics that update in real or near real-time. Do not confuse this with tools for visualizing or analyzing.

3. What platforms for gathering data will improve our efficiency?

You need to know the type of research you need to do and the frequency of the research. Tofler would always recommend that you make sure that both the quant and the qual are secured. That means you have options within each for a variety of different techniques. You need to ensure that your platform should have a good mobile interface for the respondents.

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Many survey software providers offer some form of analysis from inside the platform, but they vary enormously, so determine what you need from the analysis before you book a demonstration.

4. Does a long-term panel or community allow for a more rapid response to stakeholder needs?

With the help of Tofler, you get to know about the methods of qual and quant selection. After this, you should think about the long-term approaches. A panel offers the chance to improve response rates (by better engagement), minimize field time (because your sample is profiled and ready to go), and increase the amount of work you can do (because of scale efficiencies).

5. Know the pricing model

Every platform will be priced differently, but providers are known to have lots of hidden extras. Some are going to cost per respondent, some by time, some by functionality, some are going to offer unlimited use, and others will use a mix. Be wary of the so-called free providers too.

You should consider these points:

  1. Want to use stand-alone analytics tools, or can you handle simpler functionality?
  2. Can you get the most out of visualizing the data and have time to invest in making it?
  3. Need a data dashboard in real-time, or are you simply looking to report using PowerPoint?
  4. Check your definition of these words, and don’t be fooled by the sales team on the tool; make sure you know what you need to do.
  5. Check whether you need quality or quantity and determine what kind of data collection platform you need.
  6. Think carefully about whether a panel or a group will support you in the long run – do you have a lot of research requests, and are there benefits to quicker response times?

Know About Tofler

Tofler helps you to make better business decisions and provide company information. Tofler’s full and linked information about the company helps you to find opportunities and evaluate risks – delivered effortlessly in a beautiful online interface. Tofler aggregates massive amounts of data and analyzes them. Its machine learning technology, algorithms for analysis, and graphs for data visualization help corporations answer strategic questions using information rather than gut instinct.

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