Even before the pandemic made the world go virtual, the market research industry utilized online research methods to cut down costs and boost efficiency across the board. With a focus on agility, many brands yearn for consumer data in real-time so they can pivot quickly to changes making virtual interviews and virtual focus groups the new gold standard of market research for customer experience (CX) teams.
Here are the top benefits of virtual market research we think will be the most defining for researchers and participants alike in 2021 and beyond.
Benefits of Virtual Interviews & Focus Groups
Though each project is unique, market research can often cost upwards of hundreds of thousands of dollars, depending on the scope. From vetting participants, renting lab space, offering incentives, compiling data, and more, the price tag of a research study is nothing to sneeze at.
To keep costs down, many companies prefer virtual interviews or virtual focus groups. Virtual market research removes the overhead costs associated with in-person market research and allows researchers to interview people in a shorter time-frame.
Virtual market research isn’t just more cost-effective, but it is also more convenient as well. Researchers and participants don’t have to fight through traffic, take an elevator, and wait in a room with fluorescent lighting. Instead, they can engage in research from the comfort of their own home, sweatpants, and all.
With capabilities like a virtual waiting room, screen sharing, whiteboarding, and even a private backroom for observers and stakeholders, virtual interviews and focus groups are indeed a game-changer for CX teams.
Widens Your Reach
Without geographical limitations, researchers can pull from a larger pool of potential participants giving them higher-quality sampling. By widening their reach of participants, researchers can be as picky as they would like to be regarding age, income, marital status, occupations, and more.
By researching on a global scale, CX teams gain a broader range of insights, leading to more insightful answers and cultural nuances.
Easy To Schedule And Run Many At Once
Because virtual market research is easier to organize than traditional, in-person research, it’s advantageous for researchers to run multiple projects at once. Without travel, facility rental, and food, researchers can dramatically trim their costs and get their study up and running within weeks instead of months.
Moderators And Observers Can Chat Privately While Interview Is In Session
With tools like FC Live from Fuel Cycle, it’s possible to set up a controlled study with a hidden observer. Stakeholders are now able to watch participants interact with products while remaining undetected by participants.
Moving to Digital
As the world becomes increasingly digital, market researchers and CX teams must adapt to the latest virtual interview and virtual focus group tools and techniques. With the innovative technology found in the FCX Marketplace, researchers can conduct a wide range of research in one cohesive, easy-to-use platform.
Need more help gathering valuable insights for your business virtually? Learn how to conduct a virtual observation research study to consistently gather accurate customer data for your business.