A Business Research Lab Tip
Quick & Dirty Research Techniques - Part 1
Knowing the appropriate amount of financial and time resources to commit to a research project can be challenging. For many projects, extensive research testing techniques provides management with a host of definitive information and answers. However, there are a number of occasions when both time and money are scarce yet information is needed. This is when "Quick & Dirty" Research can come into play.
This two part series will briefly examine some "Quick & Dirty" research methods to help you measure:
- Advertising
- Price Points
Advertising Testing
Usually the goal of advertising is to generate sales or lead volume. However, determining the source of sales can be challenging if a mix of different media types are used or it the advertising is simultaneously being run in different markets. Therefore, the following techniques can be employed to help measure advertising effectiveness.
- Telephone Number - Set up a different phone number or extension for inquiries for each media type or market. For example, newspaper ads might use extension 1, radio extension 2, television extension 3, etc. Or, apply the same principle to different markets. By tabulating the number of phone inquiries received by each extension, you will be able to monitor the effectiveness and cost/benefit of each media type.
- Special Offer - Forcing the customer to "mention" or "ask" for a special offer can also be an effective means of measurement. The key is to keep employees from volunteering the offer or price to customers. This will create skewed results and distort the effectiveness of the advertising. One common way of creating this type of offer is to use a "coupon" or "certificate" placed in newspaper ad, direct mail solicitation, flier or stuffer. Or, try a "radio coupon" in which the customer must mention that they heard the offer of a specific radio station.
In Part 2 of this series, we discuss "Quick & Dirty" Price Point Testing.
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