Tuesday, December 13, 2016

Qualitative Market Research Versus Quantitative Market Research

Qualitative Market Research

Market research is an important aspect in business. And for marketers, researches are not only used for the purpose of knowing, it is also a very important and crucial component needed to make good logical business decisions. Research is also considered as a first step in undertaking many key marketing tasks that may involve a marketing plan, product development, need analysis, hazard and risk assessment, branding, and even pricing. We can think of the marketing field as an unfamiliar field and research as a map. Market research give marketers a clear idea of what is going on or what might come up. If the research is thoroughly executed, it can result into wise business moves that may convert to financial gains or product improvement. This is the exact reason why market research is very essential to businesses.

Researching in general provides data and information that can be beneficial for the company. And there are two type of research that can be incorporated to market research: quantitative and qualitative market research. To identify which marker research direction to go, let us differentiate and identify the function of the two.

Quantitative Market Research –

Samples used in a Quantitative Market Research are usually a large number of cases representing the population of interest and the respondents are randomly selected. Sometimes it also focuses on a certain demographic to obtain a more concrete and specific information. The data collection method are structured techniques such as online questionnaires, on-street or telephone interviews. It also involves statistical data analysis and is usually in forms of tabulation. The findings are conclusive and descriptive in nature. Quantitative market research is often followed by qualitative market research to boost and help recommend a course of action.

When to use a quantitative market research?

- When you want to quantify and make a generalization of interest from a sample population.
- When you want to measure the frequency of incidents of various views and opinion in a chosen sample.

Qualitative Market Research –

Compared to quantitative market research, qualitative samples are a lot smaller in number of non-representative cases and respondents are selected to fulfill a given quota. Data collection doesn’t follow a certain structure as it can be an in-depth interview or discussion of theories. Data analysis isn’t statistical although most of the time it makes use of a quantitative research results to come up with a thorough research findings and back up its claims. Findings are also not conclusive and cannot be used to make generalizations about the population of interest. A qualitative market research aims to develop an initial understanding and sound base for further decision making.

When to use a qualitative market research?

- When you want to gain an understanding of underlying reasons and motivations on a certain area.
- When you want to provide insight about a problem, and generate ideas and/or hypotheses for later quantitative research.
- When you want to uncover prevalent trends in thought and opinion.

Market research do not just end with coming up with an outcome or interpretation. What really is important than knowing which direction to go, is how these researches can be beneficial in making it big in the market.

If you need an in depth qualitative research for your company, just visit Infinit Datum.

Monday, October 24, 2016

How to Save Your Brand from a Social Media Crisis

The social media outsourcing company you’ve hired should not only be on the lookout for the latest trends in the industry but it must be ready in times of social media crisis as well. After all, they’re the ones who are handling your accounts and in the frontline of your company’s defense online.

Customers no longer punch your hotline number to voice out their complaints. Social media is the modern customer service center. It is where they could easily reach you with the hopes that you can see their tweet or comment immediately. Regrettably, anyone in the world with a social media account can see it, too. A simple complaint could turn into a public debacle in a matter of seconds.

How can you contain and fix a social media crisis?

First, let us identify what a social media crisis is. According to Social Media Examiner, if there’s a high volume of incoming social media messages on one particular topic, chances are you have a social media crisis on your hands. Or a dear employee of yours posts something offensive or malicious on the official Facebook page of your company.
Here are the tips you and your social media outsourcing partner should keep in mind:

Turn your social listening ear on
Hootsuite suggests you should monitor:
·         Your company name
·         Your products and/or brands
·         The competition
·         Customer service inquiries
·         Influencers
·         The CEO
·         Your media spokesperson or PR representatives
·         Keywords related to your industry

We are not telling you to watch every social media account of yours like a hawk because you might never sleep a wink to be able to do it. Instead, use social listening tools like Google Alerts and Social Mention where you can automate and categorize every social mention related to your brand.

Social media crisis management plan
Create this before your social media outsourcing vendor creates your Facebook or Twitter account. As the late Benjamin Franklin said, “Failing to plan is planning to fail.”

Form a crisis committee
Who is involved? Hint: it is not a five-man team. The entire company and your vendor must be involved in this. Anyone in the company with a social media account can share their sentiments on the matter. And sometimes, it could create further damage even if they’re only trying to ‘help.’ Distribute a social media policy to each employee that contains the guidelines everyone should follow during a crisis.

Conduct a drill
Simulate a crisis scenario after you’ve created a social media management plan with your outsourcing partner. In this way, you will able to identify the loopholes on your plan and fix it accordingly. Only a foolproof plan can handle any social media crisis.

Act fast
How long should you respond to an online rant? Is it after an hour or a day or a week? Prolong response time and you will be creating your own quicksand where your brand will never survive. Keep in mind the real-time nature of social media. Being proactive is the key. However, acting fast doesn’t mean you can reply in haste. As you formulate a well thought-out response, you may acknowledge the comment first and an assurance that you will get back to them after you gathered enough information on the matter.   

Post moderation guidelines
This is an idea we’ve got from an article on Forbes. “Post moderation guidelines on your social media pages to make it obvious what behavior will or will not be tolerated within your social communities.” Think of it as a making a play book on your brands persona and ethical handling of crises in the brand’s personally special way.
Don’t send out ‘robotic’ replies
Users can see through automated responses and it could hurt your brand even more. It does not only sound robotic or lame, it also shows you don’t care for other people’s opinion. Remind your social media outsourcing partner to avoid doing this.

A social media crisis can happen anytime but once you have a well-formulated plan in place you could definitely save your brand’s reputation and image.

Monday, July 25, 2016

4 Courier Service Horror Stories The E-Commerce World Will Never Unsee

If you have never attempted to purchase anything online, this post is not for you. There are a lot of very good things that you can avail off the internet and we are not going to talk about that. If you’ve ever had the opportunity to buy stuff online, you probably had initial jitters about being scammed or having mangled products delivered to your doorstep and that’s a very valid concern—there are faulty courier services worldwide. At least for the Philippines, there are courier services are almost always totally reliable, but what about items that transit from other countries through other unfamiliar courier services?

Here are some nightmare stories about deliveries that hit the fan.

Wrong Item Deliveries
If you think that selling rare Rock & Roll classics and sandwiching them between pizzas is weird, think about your 14 year old kid opening a package with firearms inside. In North Texas, one Luke Tanner saw an unusual package at the door that he took inside. The eighth grader, upon asking permission from his dad, proceeded to opening the package to discover a semi-automatic rifle. It was shipped from Louisiana and UPS had right after made things with the delivery right.

Items that Never Make It At least surprise packages have their own charm—what’s really frustrating is expecting and never seeing it come. Especially for diehards who subscribe to certain fandoms, saving money to support your idol’s cause or at least be a little bit closer to their branding is your own piece of personal heaven. For some of the people who ordered the Lip Kit by Kylie, heaven never happened. They made paid and never got the item. The system accepted more orders than they had in stock and people got refunded. Still, how disappointing is that to think you’re going to get a limited edition anything just to be told “oops! We messed up. Sorry!”


Customs Seizure

If some deliveries from courier services in the Philippines never reach you, some just stay a little ways out of reach—almost inches away even! This is what happened during the popular Bureau of Customs(BoC) scandal in 2015 when a lot of deliveries from abroad are being charged too much for tax. Have you ever needed to pay an additional P1,088, after every other cost(shipping, processing, etc), just you can get your hands on an item? Elizabeth Ramos certainly had and she has some choice words for everyone’s wisdom on right with regard to how BoC charges for deliveries.

Downright Destroyed Deliverables

Need we say more? Here are some actual footages of handlers making sure you’ll cry after seeing what you purchased. At least these footages aren’t from courier services in the Phillippines but be vigilant of whose hands will be handling your packages from now on.