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Market Research 101
By definition market research is "any organized effort to gather information about markets or consumers." In reality, market research is specifically geared to gathering information to answer key questions a business has about a variety of topics.
In order to answer these questions, the research being done usual takes one (or more) of several forms: survey research, secondary research within already existing datasets, qualitative research including different types of observational techniques as well as contextual, probative research.
With so many options available, how does someone new to market research decide what to do? What follows are the steps someone new to market research should take before they start a project.
The Democratization of Market Research
Nearly every product you interact with, from the car you drive, to the TV and movies you see, to the advertising to which you're exposed, has benefited from market research, a $32-billion and growing global industry. Businesses value such research. They demand it. And why should they not? Good research is vital to innovation and competitive advantage, bringing to light new needs as well as clues on how to satisfy them. Market research has some downsides too. It can be complicated, slow, and expensive - available only to big spenders with plenty of time on their hands.
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What We Like and Dislike: a C&M and Toluna ABC (and D) guide
People love brand activity on Social Media. But when brands embark on Social Public Relation programs, a lack of sanity and charisma can be fatal. Too much communication, no enough creative quality and a lack of understanding about how and why you are followed will result in diminished returns over time. While this may seem obvious, the devil is in the detail; your planning principles, your audience expectations, your messaging strategy and your engagement tactics. Our consumer research with Toluna tells what real people want on Social Media and why, and offers some simple advice on how to put your best foot forward.
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