Are you considering an investment in an online omnibus survey? A rising number of businesses have become curious about this market research method due to its cost-effectiveness.
Unlike other methods, this one stimulates businesses to join their budgets and invest in an extensive questionnaire to cut costs. At the end of the process, each brand receives the required information while paying only a portion of the entire cost.
There are numerous experts developing online Omnibus solutions, helping businesses make the best decisions.
Here is everything you need to know about these solutions.
Quantitative market research
In order to better understand the concept of online omnibus surveys, you should first get familiar with the importance of quantitative market research. While consumers conduct market research to understand products, businesses perform such research to get to know their customers. It provides essential information related to target groups, market trends, and customer populations.
Moreover, quantitative market research relies on two methods for data collection, including questionnaires and surveys. The latter can be of multiple types, such as face-to-face, telephone, and email surveys. The quantitative data gathered through these methods provides businesses with an insight into their industries and consumers.
What is an omnibus survey?
This type of survey is organized by multiple companies and is usually administered online. It’s basically a questionnaire with numerous questions from various topics sent to a particular target group. The question types included in the questionnaire depend on the brands sponsoring it. Check out this definition of a target market.
Instead of just one, several brands pay an agency to provide them with questions linked to their industries. Every brand is provided with a section of the questionnaire to collect the desired information without sponsoring an extensive survey. The questions might be about dissimilar services, products, behaviors, etc. Despite the difference in topics, they end up in the same questionnaire.
Let’s take three different companies as an example. Company A is curious about the customer loyalty of its brand. In contrast, company B wishes to inquire consumers about their reading habits. Company C wishes to ask women in their thirties about their issues with cosmetic products. Although the questions are random and completely unrelated, they are a part of the same script.
How is it conducted?
Nowadays, the methods for conducting omnibus surveys have switched from traditional to online, particularly in the course of the past several years. In the past, they were conducted over the phone, but today, telephone conversations have been replaced by online platforms. These platforms enable the collection of real-time data, cost-effectiveness, and fast responses.
The procedure of performing an omnibus survey is straightforward. Sponsors pay a fee to get a series of questions, ranging in number from one to thirty. These can be related to consumer loyalty, brand awareness, brand perception, etc. The following link, https://www.huffpost.com/entry/3-ways-to-create-more-bra_b_11251970, includes some tips for creating brand awareness without breaking the bank.
The first step is to get in touch with an agency in charge of conducting online omnibus surveys. You’ll be inquired about the information you intend to discover. In case you haven’t determined the types of questions yet, you can use the agency’s templates to gain access to ideas and direct them to respondents. Once you make the selection, the agency will get busy programming the survey.
The final step of this process is sending the questionnaire to a multitude of respondents to gain valuable information. The advantages of using this quantitative market research method are indeed numerous.
A large number of small and medium businesses decide to use omnibus surveys as a way to reduce costs while gathering quality data. A fantastic advantage of using this method is the opportunity to discover the pain points, behavior, and needs of your consumers through real-time responses. Companies usually get responses back in a period between 24 and 48 hours, depending on the length of the questionnaire. Once respondents complete it, you’ll be notified about the results.
Another vital advantage is the cost-effectiveness of this method. Market research is relatively costly for businesses, especially the small ones. Nevertheless, the costs of omnibus surveys are shared by a couple of organizations, which makes them surprisingly affordable. Additionally, these questionnaires are the basis of further market research.
Most businesses are interested in targeting specific audiences, which is impossible without conducting research on the market. Let’s assume you are launching a new anti-aging cream and you wish to discover which age group is the best to target. An omnibus survey can answer your question about the age group and serve as a basis for your upcoming research.
To sum up
The benefits of these solutions are of great importance to businesses.
Investing in an online omnibus solution is always a good idea!