If you’re thinking about launching a new product in a new market, you may be wondering how to collect data from your target audience.

While there are several options for market research, international market research companies often use two methods: online surveys and phone surveys.

We’ll compare the pros and cons of each method so you can choose the one that best suits your needs.

What Is Market Research?

Before we get into the pros and cons of different types of market research, it’s essential to understand what exactly market research is. Market research is collecting data about your customers’ preferences and behaviors in a particular market. This data can be managed by businesses and organizations to inform decisions about product development, marketing strategies, and more.

Advantages of Market Research

There are several advantages to conducting marketing surveys:

  • You can gain a better understanding of your existing and potential customers.
  • You can identify opportunities to develop new products or services based on consumer needs and wants.
  • You can justify your marketing decisions with reliable data that you have collected yourself.
  • You can identify the areas in which your marketing activities should be focused and the areas that need improvement.
  • You can improve your customer service and develop more effective promotional campaigns by identifying key trends in the market and consumers’ buying behavior through qualitative and quantitative research methods.

Disadvantages of Market Research

Researching your market might seem like a no-brainer for any business, but there are disadvantages to this common practice. Here are some of the risks associated with market research:

  • The answers may be inaccurate. Many factors can cause inaccuracies in survey responses and data, including self-reporting bias (i.e., survey respondents telling you what they think you want to hear), lack of diversity among participants, or even simply choosing the wrong questions to ask.
  • It can be expensive. Depending on your method of choice (phone survey, online survey, focus groups, etc.), you could be looking at a significant investment to gather data on your target audience.
  • It’s time-consuming. Gathering information takes time—especially if you have to hire someone else to do it for you.

Most of the risks associated with market research can be avoided by following a standardized research practice. Market research companies are professionals with experience and training to ensure your research doesn’t run a risk.

Exploring Online Surveys

The internet has become a revolutionary market research tool. For a company looking to gain feedback and insight on a specific objective, quantitative research can be a quick and valuable method.

Online surveys are programmed, administered online and deliver results almost instantaneously. The ease of delivery is a significant benefit of online surveys vs. traditional surveys, reaching a mass audience with low costs in little time. Now, there are plenty of free-market research tools that organizations can use to create, send, and receive online survey results in a matter of days.

Online surveys are not perfect. One way to avoid potential pitfalls is by employing an experienced qualitative researcher like Grapedata.

Defining Phone Surveys

Phone surveys are one of the oldest and most popular methods of collecting customer feedback. Phone surveys have remained a mainstay for decades for a few reasons.

First, phone surveys allow for qualitative and quantitative research to be conducted. Researchers can collect more profound customer feedback on products or services and use data to decide what products or services to roll out next.

Phone surveys also provide active two-way communication between the interviewer and respondents. It is an advantage over other market research methods, like mail surveys or online surveys, because it allows for more personalization and customization during the interviewing process.

However, there are some disadvantages to phone surveys in 2022. For one thing, phone surveys are not cost-effective and take time compared to other marketing technology methods. Also, phone numbers change frequently, making it more difficult to reach respondents than before.

Final Thought

While there are several pros and cons to each, when it comes to online surveys vs. phone surveys, it’s clear that the former is the better option for most businesses in 2022. With a shorter completion time, a lower price point, and a more convenient experience for consumers, you’ll get higher-quality data from your customers faster.

In addition to the benefits of online surveys themselves, businesses can save even more money by partnering with Grapedata to handle their survey needs. The experts at Grapedata provide cost-effective survey design, distribution, and analysis services that will help you get the most out of your marketing budget.

Whether you’re on the fence about which type of data collection is right for you or you want to get started with an online survey for your company, Grapedata is here to help.

Contact us today to get started!