The Situation:
A national industrial equipment manufacturer and distributor had historically conducted a high level of market research to support its product development, marketing and pricing decisions. But because their unique market segmentation required several distinct and narrowly defined panel criteria, the company often experienced great difficulty reaching its target audiences. In order to find them, the manufacturer had to employ cumbersome, time-consuming qualification processes for each individual project. This practice frequently rendered small or substandard panel groups, limited the market value of data generated, and ultimately proved too costly in terms of time, money, and human resources.
The Need:
The company quickly realized that in order to obtain accurate, cost-effective market data, they needed to procure a proprietary panel management solution that provided soup-to-nuts recruitment and profiling capabilities, but one that also allowed for direct and automated access to their panel groups.
The ClickIQ Solution:
ClickIQ leveraged both its PrivateIQ Panel and IQPortal solutions and, within 30 days, provided an automated, client-branded way for the manufacturer to:
- Recruit potential panelists via telephone and email
- Employ rigorous profiling techniques to achieve precise segmentation
- Facilitate ongoing panel communications to prompt profile refresh and survey qualification completion
- Identify and engage qualified panelists
- Design and execute online surveys
- Manage incentive fulfillment and rewards for panelists and survey participants
- Analyze data collection results
The Results:
Using the ClickIQ solutions, the company eliminated the repetitive qualification and profiling activities that so often lead to an exorbitant drain on time, money, and human resources. In doing so, this industrial equipment manufacturer and distributor cut market research project costs by 50%, improved turnaround time by more than 65%, and more importantly, spent less time collecting data and, more time using it to make precision market-based decisions.
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