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If youâ?Tve been thinking of registering with a survey company to help make a few dollars on the side but are hesitant keep readingâ?¦
My goal here is to provide another viewpoint. That is, from the companies who require these surveys because they are essential to the success of their multi-million dollar marketing initiatives.
Letâ?Ts first profile the marketing department of your usual fortune 500 company. Generally they have a large budget (despite the fact that theyâ?Td say otherwise) a tiny staff, very little time, and an insatiable hunger for growing their market share by chasing trends that havenâ?Tt even happened yet.
If it sounds tough, you bet it truly is. No wonder the marketing department is the first place most corporations make cuts inside a recession. So what have they got going for them, a substantial budget. Letâ?Ts take a look at how they use it.
With a large budget and small staff naturally companies have to outsource most their work. Who do they leverage; agencies. Agencies appear in all forms sizes and offerings. Their services range from creative, to interactive media, search engine optimization, and social media. Large agencies may do all of the above and smaller agencies could target one specific aspect. The agencies we care about for the purposes of this document are the types that handle market research. Market research is crucial to the success of any corporate initiative.
So what an Initiative? Itâ?Ts just a fancy term companyâ?Ts use for virtually any project with the focus of growing the company. A quick example would be a company opening new stores in reaction to robust sales the prior year. While initiatives are favourable overall, they do include obstacles which land squarely in the hands of the marketing department. They have to now determine the best places to open these stores, how to promote to these regions and how to relate their brand to the individuals theyâ?Tre looking to target. They must also defend all of these decisions with data, but Iâ?Tll come back to that later.
This is where they may start buying market research. Research that they obtain through agencies which obtain it from survey and opinion companies like those you see via the internet. When you signup with these companies youâ?Tll be given surveys everytime your profile matches what the corporation wants. Just how can these organizations offer so much money for my personal opinion? Well, while $50 is excellent money for a couple hours of our lives itâ?Ts still fairly cheap for a corporation. Bear in mind they are spending literally vast amounts for a single campaign and most Fortune 500 companies manage at the least several campaigns for each and every season, especially throughout the holidays. Also, companies look at your survey results quite different than we do.
I donâ?Tt know if youâ?Tve heard the saying that if one individual complains, then 1000 individuals were also mad or displeased but didnâ?Tt voice it. Well itâ?Ts precisely the same idea with survey data. Youâ?Tre not simply giving your opinion but youâ?Tre also representing a larger group of people like yourself. So that $50 is buying a corporation the views of an entire group of people.
Finally, letâ?Ts speak about what happens if that 5 million dollar gamble doesnâ?Tt pay off. This is where being able to defend youâ?Tre decision matters from a human perspective. If you are a manager or VP of a giant marketing department leading a massive initiative you need research to back up everything youâ?Tve done. You need proof that even if things go wrong, you did everything within youâ?Tre ability to prevent it. Sometimes despite all of the research and money invested, that 5 million dollar gamble flops unbelievably. And when it does lots of questions will be asked. If these inquiries canâ?Tt be answered jobs will be in jeopardy. Anyone can see then why marketing departments prefer to invest heavily in this area. About the Author
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