Leveraging Global Survey Panels for Data-Driven Decisions | SurveyMonkey

SurveyMonkey, the world’s most popular platform for surveys and forms, recently announced a series of updates to its market research solutions designed to help organizations of all sizes conduct more advanced research faster. We connected with Scott Monroe, SurveyMonkey’s Director of Product Marketing, to discuss how these newest advancements will help end-users make more informed, data-driven decisions:

1. How can organizations leverage expanded global survey panels to gain deeper insights into diverse consumer behaviors and preferences?

If organizations want to make smarter, more data-driven decisions, leveraging global survey panels is a great way to start. Getting feedback from the right people at the right time can help uncover market trends and nuances in customer buying habits or preferences. Additionally, broader audiences provide broader insights, which can help with building the right product, validating a new marketing strategy, or improving customer experiences online and in person.

2. How does access to a more extensive and diverse respondent pool impact the reliability and validity of market research findings?

When feedback is needed on an idea or concept, a larger, more diverse panel provides more trustworthy insights. A bigger audience means you’re hearing from a true mix of people, not just a small, skewed group. Plus, it helps reduce bias, so your results aren’t accidentally leaning too much in one direction. The bigger and more varied your sample, the clearer and more reliable your insights will be.

3. What strategies can businesses use to integrate enhanced market research capabilities into their decision-making processes?  

Sometimes feedback from a small sample, or even a hunch, can drive big, strategic decisions that impact business. Hunches are good, but bolstering them with data is better. Organizations can use market research to validate those new ideas and determine whether they are viable or not. Even if a company is already very data-driven, market research adds another level of insight that can inform building new products, creating new services, or better serving customers. 

4. What are the potential challenges and solutions in adopting new market research technologies within various organizational structures?

Anytime new technology is introduced to a company, some people may be slow to adopt–or even to use it at all. There may also be a preconception that it’s going to be slow and expensive. But it doesn’t have to be that way, because today’s market research is simpler to conduct and faster to insights. A solution to these potential challenges is to choose a market research provider that is easy to set up, intuitive to use, and able to provide powerful insights affordably. Ensure they have proven expertise and experience, as well as proof points to back it up.

5. What role does real-time data collection and analysis play in shaping marketing and product development strategies? 

Most marketing and product teams want feedback from target markets quickly, so timing is crucial. Marketing teams may be looking to launch a new campaign, and they want to validate a couple of different creative concepts to see what resonates. Having the ability to get close to real-time feedback like this helps them decide quickly on creative direction and get their campaign in the market faster.

6. How can businesses measure the return on investment (ROI) when implementing advanced market research solutions?

There are several metrics that can help determine the ROI of market research initiatives. Let’s say an organization conducted market research on a concept for a new product to add to its portfolio. And, in this case, the research validated the idea and indicated that consumers were willing to buy it. After the product is launched, there are some questions to answer that will provide insight into the ROI: How much new revenue was created from sales? Did the business improve market share? What was the customer satisfaction score for the new product? To truly measure the ROI of market research, organizations can also track results such as cost savings and revenue growth, as well as benefits like time-to-insights.