Jan 27 2011
I remember a friend of mine’s father went into business. After years of working the stable and secure job offered by a large corporation he cast off from the anchor of the life that bored him. He had conceived of a better way to do things. After presenting his idea to his management and being resoundingly rejected, he set off on his own to make it happen. A few loans from the bank, a few chest murmurs from the stress, and no shortage of late nights, he found a small path to success. This path grew wider and wider and before long he had achieved financial success that never would never have be attainable at the stable 9 to 5 office job.
Somewhere along the way he offered some sage words of wisdom, “Businesses eat money.” He was lamenting the many expenses that pile up when running an enterprise. Sure they have a lot of upswing potential, but those bills can pile up quick.
One large bill businesses need to pay is for online market research. Before embarking on million dollar investments it’s usually worthwhile to try to learn who your projected customers are. The more you know about where they are, what they’re doing, what their needs are, and how you’re going to meet those needs, the better off you will be. So you head on over to your local market research firm, drop off a check for tens of thousands of dollars, and await the results. This report, if nothing else, will appease the financial backers, giving them a sense of security and assurance in their investment.
Cutting costs is also a great habit for businesses to get into. Any time you can cut overhead and receive the same level of service, you’re getting ahead. Thus, Lab42 was born. Lab42 is a cost effective full service online market research company. (Say that three times fast!) They prepare, send out, and evaluate surveys of your potential customers. These are then compiled into charts and reports giving you analyzed results of your market.
There are a few things about Lab42 that make them stand out. The first is that they don’t use survey panels. That is, the people taking the survey aren’t professional survey takers who only do so for an incentive. Because of this they’re able to target specific market segments for every survey. Next is that they are full service. Although you interface with them via the web there are trained research professionals handling the details on the other end. So if you need help creating the online survey they’re available to help with that.
Let’s say for instance you have a new website concept you want to research. You can design the online survey with their web interface, declare the demographic you want to target and then let them go to work. Within 3-5 days they’ll do the research and return the results. They utilize social networks to gather their data. Here’s a sample report.
As mentioned, the real crux of Lab42 is being able to get the information you need at a much discounted rate. Their fees of $300 to $1000 pale in comparison to what you would pay from using other firms. Because Lab42 is able to intelligently integrate technology without completely replacing personal assistance, they’re able to reduce costs and provide the same level of service.
Market research is expensive. It takes a lot of work to find people within your target demographic to respond to a few simple questions. Lab42 makes this type of online research accessible to those without huge budgets or those who would just like to save some money. Entrepreneurs, retailers, advertising agencies, designers, and intellectual property owners alike, will find Lab42 to be a cost effective way to conduct online market research.