Knowledge is power. That saying is especially true when it comes to operating a business. Performing extensive market research and analysis gives you insight into your customers' interests, values, beliefs, loyalties, and desires as a consumer, and if it is used wisely, that knowledge can help you make decisions that will propel your business into a successful future. However, as with all valuable things, market research comes with its costs. Hiring a market research firm to conduct consumer surveys can be a fairly significant investment. That can make it feel as though it's a luxury afforded only to large companies with major budgets. This can be frustrating for small business owners who want insight to help them grow their business, but feel that the tools to accomplish that are out of reach for them. One option small business owners should consider are omnibus surveys. Omnibus surveys are a type of consumer research survey that is shared among a group of companies. Here are a few reasons why omnibus surveys are within reach and highly beneficial to small businesses.
Sharing the Costs
The costs and results of omnibus are shared among a group of participating companies; although the overall costs might be similar to that of a more traditional consumer research survey, the cost for each business is significantly lower because it's shared by a number of parties. This makes omnibus surveys much more affordable than most market research surveys, and it often means the surveys lie within the comfort level of smaller businesses. The more businesses in on the survey, the lower the costs, so there is a certain level of flexibility as well.
Sharing the Results
As mentioned, the results of an omnibus survey are shared between all participating businesses. Each are allowed to submit a certain number of questions, and the responses to those questions are accessible by all involved, even if the question doesn't pertain specifically to all businesses. Some businesses might have concerns about sharing their research results with other companies, and others might feel that paying for responses to another business's question is a bad investment. However, the results are still shared narrowly enough that it shouldn't compromise your business, and having access to information from another business that might even be in a different industry can turn out to be a good thing. You may stumble on a piece of information that you never would have thought of or known about, and that can help you in surprising ways.
An Investment in your Business
As a small business, it can be hard to come up with the capital to invest in your business in significant ways. Omnibus surveys offer you the opportunity to do just that by placing in your hands important knowledge and insight into what's important to your customers. If you want to learn more about your audience but can't afford an individual, private market research survey, omnibus surveys provide you with an option that is more affordable, but just as valuable.
Kelton, a market research firm in Los Angeles, New York, Chicago, and London provides actionable strategic plans with a range of qualitative and quantitative research methodologies like brand tracking, customer journey mapping, market segmentation, copy testing, omnibus surveys and many more. Visit KeltonGlobal.Com for more info.