Market research is a vital contributor to any company’s success. For smaller businesses though, conducting market research is more often than not overlooked because of the traditional high-cost barrier, writes Lamia Lee, Regional Director ANZ of Lucid.
However, there is another option that is not so widely known and that is do-it-yourself (DIY) market research. Advancements in technology have given rise to innovative DIY platforms which are becoming a popular option for startups and major global brands alike, offering a modern, efficient and economic means of performing survey research at scale.
What Is Do-It-Yourself market research?
Do-it-yourself market research, more commonly referred to as DIY market research, is exactly what the name suggests — it’s when an individual uses software to conduct market research themselves instead of going through a service or agency. This method involves the use of online research tools, typically through self-serve market research or survey platforms. These platforms comprise many sophisticated tools and features that enable users to collect and evaluate data quickly and efficiently.
DIY survey research software allows researchers to connect with web users by distributing online surveys and questionnaires via email or through their websites. Once respondents provide answers to these questionnaires, the software’s built-in tools will analyse the data in real-time without the need to outsource to a data processing company or research agency.
Why DIY market research is gaining steam
DIY survey research, like all market research, helps researchers gain valuable insights about consumer preferences, opinions, attitudes, behaviours and concerns, enabling businesses to gauge how successfully they’re connecting with their current or prospective customer base. With this information, an organisation can determine what is and isn’t working within its business model and identify opportunities for growth, evaluate marketing strategies and make other adjustments as needed.
Other reasons companies use DIY market research platforms include:
- Evaluating competitors
- Identifying strong points
- Understanding customer needs
- Making informed business decisions
- Setting business goals
- Managing risks
- Identifying business opportunities
- Creating relevant marketing materials
Where do small businesses stand to benefit most from embracing a DIY approach?
Though conducting market research through a professional company has its perks, there’s a reason DIY survey research is becoming more and more popular for companies of all sizes and across practically every industry. This research method is attractive to businesses because it brings them many advantages they can’t get through an agency.
Using self-serve market research platforms to gather valuable data for your company provides a number of benefits, including:
- Cost savings: When you use DIY tools, you can conduct valuable market research at a much lower price than you would with a professional market research service.
- Ease of use: DIY market research platforms are designed to be as user-friendly as possible, meaning they don’t require much skill, practice or training to use. Many of them have built-in survey templates, automated reporting tools and other features that facilitate seamless use.
- Speed: While research companies can take months to deliver results, self-serve platforms enable you to generate data on your terms instead of relying on someone else to complete the project, resulting in faster turnaround.
- Unlimited use: With DIY market research platforms, your research opportunities are limitless. You can conduct research as often as you want or need to.
- Ownership: You’ll retain full ownership of all the information you collect when using do-it-yourself market research software. Your data will never belong to anyone but you.
- Customisation: Self-serve market research platforms allow you to tailor questionnaires based on your individualized goals and objectives. You can control the types of questions, number of questions and question content to get the most relevant information for your application.
DIY platforms can help businesses that have limited budgets and cannot afford to hire a third-party organisation. For companies less concerned about cost and more focused on getting timely market research results, a self-serve platform is a perfect option.
And if confidentiality is a key factor, where you don’t want to share internal data with an outside source, a DIY survey will offer you the privacy and security that you need.
Ultimately, the data and insights collected from these surveys is what counts. Research insights, no matter how you get them, are a valuable asset to lean on when formulating your marketing and business plans and leveraging them in the right way can greatly help to contribute to the success of your business.
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