Tuesday, February 27, 2018

The Benefits of Conjoint Analysis


What is Conjoint Analysis? It is a quantitative research method to get feedback from the customers about an upcoming product or feature, giving access to important yet hidden details which might not come to you naturally while doing product research. For example, a car manufacturer looking to understand whether the cost of the cars is justified with the offered features can conduct a conjoint analysis project. This will give them insights on how competitive their features are and whether they need to compromise on the cost to meet the market standards. Customers not only reveal what they expect from your organization in the future in terms of features and products, but they also disclose their current perceptions about your products or features.
Conducting conjoint analysis can get difficult to execute and analyze due to the high level of technicality involved in measurements, especially when it is implemented on a large scale. With the real-time, automated data collection and analysis offered by online surveys such as SurveyAnalytics, decision making at the organizational level becomes convenient. Those involved in deciding whether the features justify the cost of the product or learning to understand user preferences can implement this in real-time for a larger audience for new product establishment, market positioning of the product, human resource allocation for it and more.

All about Conjoint Analysis Survey:

When launching a new product, feature, or service, customer preference for a similar category of product features and pricing should be taken into account.  In addition to analyzing the sales data, running a conjoint analysis survey that will fetch you a better understanding of customer acceptance of potential new-to-market products. The results can be applied towards targeted customer campaigns and will help you create more impactful marketing campaigns.
There are three distinct phases in which a conjoint analysis survey needs to be executed: 
1. Data Collection - Online survey data collection: This is the primary stage in which a survey needs to be sent across to all your target users. This way, you can collect information from your users about their thoughts about a current or prospective product. This curated data has to be then analyzed and put in the product pipeline.
2. Derive Results - Analyze collected data: Carefully analyzing the collected data to understand the respondents’ mindset to frame action items is necessary once you’ve sent out the survey and collected information. Analyze the data collected in form of excel sheets or charts or graphs can be utilized to design a strategy for your product or marketing aspects.
3. Take Action - Actions based on insights: Dynamize the business by implementing the results achieved from the conjoint analysis. These actions can be as simple as increasing or decreasing the cost of the product in question and can be as difficult as scrapping a product on the basis of the results obtained from the conjoint analysis.

Benefits of Conjoint Analysis Survey:

  • Conjoint analysis is usually used to bifurcate a larger chunk of the target market into smaller chunks on the basis of the results obtained from the survey. This makes branding and marketing a product easy due to the filtered lists created from the main list.
  • It’s the perfect medium for respondents to give their feedback on more than one attributes.
  • A platform to analyze responses at individual and aggregate levels.
  • Easy experimentation medium for aspects like price/features before launching a new product.
  • Effective for competitive analysis.
  • It’s a very vital tool to understand the brand value and makes it easy to understand how the market share is impacted by the various accords between factors like features, pricing or brands.
To get started with conjoint analysis, click here and begin your free trial today.

Thursday, February 22, 2018

How the Smart Speaker is Revolutionizing the Home


2017 was predicted to be the year of the smart home, and consumers are slowly integrating the new technology into their homes. With smart speakers like Amazon Echo, Google Home, and the newly released Apple HomePod, consumers have many options when it comes to a digital voice assistant, and the ability to optimize and control lighting, heating, energy consumption, electronic devices and security features. Currently, 16.3% of Americans live in a smart home, and that number is expected to increase to 35.6% by 2021.

QuestionPro Audience, SurveyAnalytics panel provider for customers, polled over 450 respondents from the consumer panel to gauge their thoughts on the smart home. 56% of those polled feel digital voice assistant devices will have an impact on society in the same way the iPhone has, but only 25% own one. 19% are considering purchasing one, while 60% do not feel they need a digital assistant.

"2018 will be an important year for smart speakers in the home," said Rudly Raphael, President of QuestionPro Audience and SurveyAnalytics Enterprise. "Our case study shows that consumers are eager for a way to make their everyday lives easier and are looking forward to turning their home into a "smart home" this year.”

Audience’s newest case study takes a look into the future to predict with sound analysis what 2018 has in store for smart speaker consumers. The case study provides an in-depth look into consumers who currently own a digital voice assistant device (such as the Amazon Echo, Google Home, Microsoft Cortana and Apple HomePod), those who don’t, and how consumers plan to implement the technology into their homes in 2018.


To view the details of the case study, click here.

To run similar studies as seen above, we encourage you to reach out to us at SurveyAnalytics and we can review sample and respondent options that will meet your project specifications. Get started today on your next project with us.

Wednesday, February 14, 2018

7 Things All Market Researchers Must Do To Be GPDR-Ready by May 2018


On May 25th, 2018, the General Data Protection Regulation (GDPR) regulation will enter into effect in the European Union and it will have a fundamental impact on how organizations treat data from individuals in compliance with the new privacy laws.The GDPR replaces the 22-year-old EU Data Protection Directive and is intended to streamline data privacy laws across Europe and extend their reach to include some companies with no EU presence. Online surveys, which are at the forefront of any consumer, market, or employee research, also need to be made compliant with the updated regulations.

So what does this mean for market researchers doing work in the EU? In short, it means every organization who collects data of any kind must implement a data protocol or risk being fined 4% of total revenue or $20 Million dollars, whichever is higher.

In order to make it easier for SurveyAnalytics survey software users to create and send GDPR compliant data collection surveys, we have put in place a seven step process to ensure all data being collected for market research in the EU is fully GDPR compliant. Current clients who are on EU servers will automatically have these settings turned on, however, the following information must be added and documented under the settings of SurveyAnalytics your account. 

GDPR Settings Structure


 

There are seven protocols to cover to ensure GDPR compliance. With SurveyAnalytics, we make it easy to  implement a process for to get started.

1. Designate GDPR Survey - Data Protection Officer
Every organization that is collecting data from EU citizens must have a named DP officer. This person should be empowered within the organization and represent the organization with respect to data and privacy issues.

2. Survey Data Retention Period 
GDPR relations state that companies must make it clear how long data about the  respondents and users are retained. Our default policy will be in place, however, we recommend each company to make a decision and create their own data retention policy that protects their business interests that would satisfy the principle of informed consent of subjects and respondents with regards to expiry of data.

3. Right to Look at All Survey Data Collected
GDPR calls for allowing citizens and users to be able to look at and download all the data collected on a user. Each EU respondent will have the ability to self-download survey responses when viewing the data privacy policy available on every GDPR-enabled survey.

4. Survey Data Breaches and Supervising Authority
GDPR calls for a legal obligation for the notification to supervisory authority regarding a data breach within 72 hours of knowing about it. GDPR allows for selecting a “Lead Supervising Authority” - SurveyAnalytics has selected the Dutch - DPA as the lead supervisory authority that governs data collected by SurveyAnalytics. In some cases, each of our clients may want to select their own Supervisory Authority. Our customers must then use their own supervisory authority and can notify them about a data breach as soon as we notify you.

In cases where there is a data breach without our involvement - example a laptop with data from survey respondents gets stolen, it is up to our clients to notify their own supervisory authority regarding the breach.

5. Notification to Subjects - Regarding Breaches

Processor Agreements: SurveyAnalytics will have a standard processor agreement for all customers that lists our obligations as data processors. Customers who wish to have their own agreement put in place should contact us to apply to your account. Please note this option is only available to our enterprise customers.

Right To Be Forgotten: Respondents can request that their data - on an individual response level be deleted. They can also delete all survey responses. Further - they can also ask for the system to completely “forget” - including all cookies about the user. SurveyAnalytics will automatically remove all references to the user from its servers.

Research and acknowledgement: When users click on data and privacy - the stated purpose of research and data use will be presented.

SurveyAnalytics offers default language that includes: 
     - Use of data for research purposes only
     - No commercial sale of data
     - No solicitation or marketing
SurveyAnalytics will offer default language that our customers can use. However, it's up to the customers to decide which options to choose. They may edit the content and language also.

6. GDPR and Data Processing Agreements
There are two kinds of entities as far as GDPR is concerned:
  1. Collectors
  2. Processors
In most cases - there will be a single data collection entity that uses one or more processors. Processors may in turn use other data processors also. In order to protect the chain of command, GDPR envisions that DPA (Data Processing Agreements) will be entered into between processors and sub-processors. SurveyAnalytics has a standard GDPR compliant DPA agreement that we will provide. This form / template agreement is a standard form that SurveyAnalytics provides to all our clients. No changes to this agreement will be allowed. Clients with an Enterprise License may request changes to the standard DPA agreement - however, it will take 30-60 days for approval of changes to our standard DPA.

7. List of EU GDPR Authorities by Nation
Each nation of the EU has has their own GDPR representative, and it is up to your organization to be in contact with the one within the country that you do the most business in. 

For more information and contact information, please contact us. We will be happy to answer any questions and help you apply the proper settings to get you ready for the May 25th deadline. 

Friday, February 2, 2018

Why SurveyPocket is the Best Offline Survey Tool in The Market


Let's face it - We can't get wifi everywhere we go to collect data. Sure, you can carry a hotspot tool, but how reliable is that? What about paper surveys? Keeping track of paper surveys, training the field team to properly collect data, and the time to organize all of the data is a pain. I know this first hand because I have personally managed market research field studies and oversaw a  team field researcher, and delivered organized results to the client within 24-48 hours. Talk about stress!

To alleviate the stress of collecting data in the field and organizing it in a timely fashion, SurveyPocket is the perfect solution. From the remote villages in Africa, national parks in Europe, and sea to shining sea of conferences in America, SurveyPocket has proven to be one of the best offline survey tools in the market. 

Features and Services include:

-Over 40+ supported question type
-Customizable themes
-Available for IOS and Android
-Automated WIFI syncing options
-Real-time dashboard and report ready for download immediately after sync.
-Onboarding & Implementation Training 
-24/7 support
-Dedicated Customer Success Manager guiding you through your customer journey for the best experience
-Access to free SurveyPocket Hackers Guide to help train your field team

As someone who has been here since the birth of SurveyPocket, I have seen it evolve into the stable and customizable solution that is is today. It's a proud moment in my career to be a part of the evolution of data collection in this world, and we look forward to partnering with you on your next field research project.

To learn more about SurveyPocket, visit us here,  or read more about SurveyPocket on Survey Analytics here. Sign up for a free trial to get started today.