You already know how important marketing is to the success of your company, and you also know how important it is to understand your target demographic so you can find the best way to appeal to them through advertising, social media presence, and your overall business image—but do you know the best way to access that information? Do you know what questions you need to ask to learn that kind of information about your potential clients and buyers? Participating in omnibus studies can help you gain access to this information without costing you as much, and without requiring you to come up with all the questions you need answers to.
How does it work?
Omnibus studies allow you to share the cost of conducting marketing research with other companies who are likewise looking to compile data about their potential consumers. An omnibus survey, also known as a piggyback survey, allows multiple subscribers to add questions to one survey that then gets sent out to a broad range of individuals. Each subscriber, or business, then receives the information back that was collected via their section of the survey.
What are the benefits?
Omnibus studies collect quantitative marketing data that can then be applied to your company’s marketing strategy. However, in addition to the shared costs, which means lower costs with a high data collection return, many businesses also benefit from the more generalized nature of the survey, which results in a wide range of data being collected on multiple subjects over the course of the interview. Of course, the survey can also be structured to target more specific audiences, including age-, gender-, education-, income-, and behavior-based groups.
Why choose omnibus studies?
There are a number of reasons for you to choose to take advantage of omnibus studies. They are a way to obtain quantitative market data that can help you make your marketing strategies overall more effective, thus guaranteeing a higher return. They also provide a means of broadening your potential client search, which may reveal new demographics to you that you hadn’t thought to appeal to through your marketing. Further, omnibus studies can provide a strong starting point for your business to begin to discover its demographic reach, and it provides cost savings that can easily be worked into smaller budgets while still garnering a significant return.
How can omnibus studies save your business?
If you are struggling to draw new clientele into your business and need a cost-effective way to accurately gauge responses so you can determine your appropriate target demographic to market to—in addition to the types of marketing strategies that are going to best appeal to that demographic—then omnibus studies can be the difference between success and failure for your business. To ensure your marketing strategies are fulfilling their fullest potential, you need to compile accurate data on consumer insights, perceptions, products, and trends. Omnibus studies provide a flexible, effective, and cost-efficient means of gaining those bottom-line-saving insights, and that could mean all the difference for your business.
Kelton Global is a strategy consultancy with deep roots in research, transforming rich insights into actionable plans and provides strategic solutions like brand tracking, market segmentation, omnibus studies, and public relations research, etc. Visit www.Keltonglobal.com for more info.