George Terhanian writes about the democratization of market research and asks what will happen when market research becomes streamlined and open to all?
Every product you interact with has been filtered through the$32-billion global industry. Every business of consequence values and demands the research because it’s vital to “innovation and competitive advantage.” He says the downside is the complexity, time and cost.
But now he sees a world where “just about anyone could pose questions to a target population and receive unfiltered, immediate answers they could trust.” It’s already happening when you post a picture on Facebook or ask a question on Twitter. The feedback, while lacking scale, coverage and diversity can be worthwhile and influence your decisions.
He expresses admiration for a variety of new tool for the more adventurous including Toluna’s QuickSurvey (Mr. Terhanian runs Toluna) which enables you to select the respondents and write the questions for a small fee, with a credit card, in minutes.
The DIY survey market is in $500 million range, he says, which includes companies like SurveyMonkey and Polldaddy, which sell subscription services to its survey engine. He likes survey more than the first movers because his product gives the customer “access to its community of four million prescreened responders in more than 30 countries. The business model is akin to selling a printer at low to no cost, and making money by selling the ink.”
He sees a lot of growth in this DIY market, but says it will depend on the quality of the information the DIY approach can produce and on whether or not people are willing to change their buying habits.
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You mentioned survey monkey, have you ever tried survey gizmo?
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