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internet is an integral part of our lives which certainly cannot be ignored as the information flowing through it is substancial.
in some cases we have relied on internet data and coupled it with primary collected data and copared it in some cases with official government issued data which i personally feel is a good source also as secondary data.
even if company's exaggerate we always keep a margin of10% for error and usually in our plans we keep room for ammendments and change.
i havn't seen a forcast or plan that was full proof, even if the plan was well set and researched, market usually tends to fluctuate and market dynamics might shift especially for shorlt lifecycle products.
internet is a good source through which data can be collected. Yeah data collection over internet is simple but it is not 100% correct. this is the internet data and therefore is called as secondary data. Seminars, questionnaires etc are some other good methods through which appropriate data can be collected. this type of data collection technique is called as primary data collection.
Internet is a medium of processing data and now as Amer said became a handy tool for gathering any data with no time just at your finger tips but some times data is fake and exaggerated and sometimes many companies use very traditional method of business where computers and internet doesnt play much important role then it become difficult to accumulate right data and you have to again depend on your sources which can get you right data.
So, we can re check and confirm data's genuiness if incase we use it from Internet as cross checking will make it more relaible.
1. Yes, reliable market research data can be obtained from the internet.
For some types of market research, such as observation, face to face still trumps.
However for surveys, you can get very reliable data when administered through the internet. The reliability and accuracy is higher if you have a prior relationship with the sample (audience) - this is used widely by businesses that generate leads from their blogs and have customers all over the world/ country.
2. IF a huge part of your target audience are not on the internet, results from internet-based market research may be skewed.
3. For observation type market research, you can't possibly rely on the internet.
Data reliability and validity has to be taken in account for doing research. Internet provides one with the secondary data which one can initially use it for getting different insights.
Market research cant be just based on the data avaialble on internet because the opinions of people change when they give answers on internet. The best way is to collect primary data but for this one has to be very precise. Big Brands connect with the customers while they are shopping to know the behavior of customers how they respond to particular offering.
I beleive for getting first insights secondary data from the internet can be used but for making decesions its the primary data which will play important role in decesion making . So companies should focus on primary data.
You can get a large chunk of your secondary-source data from the internet, as most internet reports and articles have mentioned valid sources. The authenticity of these reports may vary from ACCURATE to vaguely so, and this can easily be judged from the source name present. However, for more critical information it would be unwise to completely rely on internet sources.
In such circumstances, it would be better to look at paid reports and information from reputed consultances or research agencies.
The most accurate source of market research data would be gathering your own market research first-hand through primary sources - direct interviews with generic target groups, formation of a focus group and monitoring, questionnaires and conclusive analysis of all these put together in an unbiased mannerism.
Internet is an important source to gather data. You can under no means include a medium like the internet from your data collection.
Like every media, it has its advantages and disadvantages and the accuracy and dependability of your data depends on your research instruments and how you conduct your research. Its an inexpensive way to get your data compared to other traditional instruments like personal interviews and group discussions. Most researchers get their secondary data from the internet. The source of the data is of prime importance as it showcases the validity and credibility of your research. As a student I had access to research databases like EBSCO or Euromonitor and that provided me with a lot of really good reports and data especially for my dissertation. The quality and credibility of these reports are well known across the globe and marketers and research analysts across the world refer to these databases for most of their research. Now that I am no longer a student, I have to pay for these reports.
The amount of money you have to spend on market research, the sample group and its size and the objective of the research will decide your medium and methodology.
Every researcher has to himself try to fill in the shoes of the person undertaking the survey/questionnaire before administering it to the target group. The length of the survey, the time required, the mood and emotion of the person undertaking the survey etc will heavily affect the quality of the research.
Today, and appart from the internet benefits of instant connection with suppliers and vendors, internet provide also an instant link to research provider, paid or unpaid. Researcher can rely on those research company to buy analytic report concerning suppliers, markets, vendors, etc... D&B is an example.
