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This blog post is a summary of a recent project completed by Research & Marketing Strategies (RMS). 

Background: A regional news publication partnered with Research & Marketing Strategies, Inc. (RMS) to conduct a readership profile survey. The publication wanted to better understand readers’ usage, interests, and work to optimize marketing materials. The market research objective was to provide the insights needed to guide improvements to news platforms, provide demographic information of users for marketing collateral, and decipher the adjustments required of content and advertising to make it a more attractive purchase for businesses.

Readership Survey

Approach: The study consisted of an online survey administered to members of the community market area for the client. Both the print and online subscriber list was used as the sample pool for the online survey. In addition, a group of core reader contact information was collected and pulled into a database for the survey. A total of 407 surveys were completed, and fieldwork lasted approximately 5 weeks.

Results: Here are some highlights of the study’s findings:

  • 93% – Percentage of respondents that read at least 1 of the last 4 copies of the publication (56% read or looked at all four)
  • 63% – Percentage of readers that have other people at work, home, or somewhere else that read or look at their copies
  • 74% – Percentage of website users that visit the site once a month or more (37% visit a few times a week or more)
  • 53% – Percentage of respondents that read emailed news – another 30% read the these emails a few times a week
  • 91% – Percentage of respondents that stated the advertising or stories were helpful to make either business or personal decisions
  • Demographic profiles of readers included: (1) level of positions within organizations, (2) titles, (3) industry, (4) size of business, (5) total revenue or sales of the organization, (6) age, (7) educational attainment, (8) household income levels, and (9) approximate net worth

Research & Marketing Strategies (RMS) is a readership survey firm located in Syracuse, NY. If you are interested in conducting a readership survey for your publication contact our Business Development Director, Sandy Baker at SandyB@RMSresults.com or by calling 1-866-567-5422. Visit our website at www.RMSresults.com.

Managing content on social media platforms can become time consuming. Social media is something we at RMS deal with on a daily basis for our internal purposes, recruiting purposes, ViewPoint Research Panel, and clients. Through our work, we have come up with strategies to tackle managing social media accounts that could be applied to your business.

social-media-confusion1

Below are 5 tips for organizing social media efforts for small businesses.

  1. Have one, or only a few “cooks in the kitchen”

Too many people working on the same social media account leads to confusion. This often creates duplicate content and poorly timed posts. If used strategically, social media can enhance the branding and reputation of your business. If your organization is able to use social media effectively, you will notice an increase in awareness throughout your community, target audiences, and industry.

  1. Create your kitchen

Once you have made the decision to limit the number of people who can post on your social media platforms, you now need to create a place for employees to communicate quickly and easily with the account administrator(s). Creating an email account specifically for passing along suggested social media content is an easy way to create a dumping ground for content. This enables employees to communicate important events and content that the administrator(s) may not be aware of. In other words, all content goes to one centralized place for the cooks, like a kitchen.

  1. Create a recipe

One of the most important reasons for organizing social media accounts is to understand what is being posted and when. Redundancy is one of the easiest ways to lose followers and likes. This makes it important for the administrator(s) to post the right content on the right platform at the right time. Have a plan and stick to it. Some social media administrators turn to social media management software like Hootsuite and Buffer for assistance. These applications help administrators view multiple social media platforms at once, post on multiple accounts at once, and schedule future posts.

  1. Understand what utensils and appliances to use

In order to understand what to post on a particular platform and when, the administrator(s) first need to understand the differences and objectives of each social media platform. Each platform has specific audiences, and all of which need well thought out strategic posts. In order to understand what to post where, you will need to evaluate current and potential followers, and what types of content these audiences are looking for. Also, make sure you are using the correct social media outlet to reach this audience, and that you are creating posts appropriate for that outlet. So in summary, you could cook a steak in a microwave, but is that really the best platform to obtain the best result?

  1. Quality not quantity

Focusing on what you are posting instead of how often you are posting is key. Another way to lose followers and likes is to post dull content, or content that is non-applicable for the audience on a specific platform. For tips and examples on how to revamp social media posts click here. Ultimately, you need to aim to cook relatable content. Quality content in small bits is much better than mediocre content that is posted all the time.

Research & Marketing Strategies (RMS) is a market research firm located in Syracuse, NY. If you are interested in learning more social media tips or would like to conduct a social media assessment  contact Sandy Baker, Director of Business Development,  at SandyB@RMSresults.com or by calling 1-866-567-5422.

The following blog post is a case study summary of a recently completed project here at RMS. The market potential model study and algorithm referenced in this post was designed and completed by George Kuhn, Director of Research Services at RMS. You can contact him on LinkedIn by clicking here. The project took a total of 8 to 10 weeks to complete.

Background: A local consortium of clients partnered with Research & Marketing Strategies, Inc. (RMS) to conduct a market study of residential property growth in the primary market area (PMA) of downtown Syracuse, NY. The main objective of the study was to determine how well penetrated the Syracuse market was and to determine what potential there is for residential growth.

Predicting Residential Potential

Downtown Syracuse

Approach: The market potential study was broken down into three core components: (1) demographic and trend analysis, (2) competitive assessment, and (3) a telephone and online survey. All three components were combined to build a market potential model which used data-driven assumptions to arrive at research conclusions for this report.

  • To complete the demographic analysis of the this market potential study, Research & Marketing Strategies (RMS) utilized DemographicsNow.com which is an online software supported by data from the official United States Census. Statistics collected in the 2010 Census were then projected using sophisticated models and algorithms to arrive at 2014 estimates and five-year predictions for 2019. To determine a pool of residents that will most likely impact residential living in the Downtown Syracuse area, RMS needed to review two separate Census tracts. Market predictions from the data include basic demographics including population, age of residents, income, and other factors.
  • The mystery shopping component and competitive assessment of this market research study was the second of three crucial pieces to the foundation of the market potential model. A list of over 30 like-properties existing in the primary market area (PMA) was compiled by RMS. It is important to note this inventory only reviews what was deemed to be “like-units” to what developers would like explore adding to the residential market and the 30 properties (both rent and own) are not intended to be a fully representative of all of the offerings within the Downtown Syracuse market. A combination of phone calls, emails, and secondary research completed online was used to obtain critical data on current residential living options in the PMA. RMS professional staff posed as potential prospects and residents interested in living downtown to obtain three key pieces of information: (1) current price and rental ranges offered at the property, (2) current occupancy rates at the property, and (3) other influential amenities offered at the property that might influence the decision to choose it over a competitor.
  • The quantitative surveying component of this market research study was the third of three crucial pieces to the foundation of the market potential model. RMS employed a short survey of approximately 20 questions which lasted respondents a total of three to five minutes. The survey was constructed to better understand resident attitudes, needs, desires, preferences, and interest in residential living in the Downtown Syracuse market. A total of 613 completes were obtained for the quantitative survey. The survey was first sent to RMS’s proprietary Central New York ViewPoint panel which includes over 2,000 residents in the area that are willing to participate in important research studies. Due to the limited number of telephone records available for purchase, additional efforts were needed to reach the downtown market using an awareness campaign that included: (1) the creation of an official letter document endorsed by the clients supporting the need for feedback from residents, (2) social media sharing through personal networks, emails, and phone calls from the clients’ and RMS’s set of contacts, (3) paid boosts on Facebook for the survey which targeted residents within a 5 mile radius of Downtown Syracuse, and (4) targeted phone calls and emails from the RMS in-house call center and staff to large area employers encouraging the sharing of the survey letter and link with staff.

Results: 

  • The Downtown Syracuse Market Potential Model combined a number of different assumptions, known data points, and variables in an attempt to arrive at answering the objective: How many more additional residential units could be added to the Downtown Syracuse market while still ensuring extremely high occupancy rates? A conservative number, an intermediate number, and a ceiling market potential number was provided to the clients based on the market research. The model provided market potential numbers for current (2014) through 2019 figures.

Research & Marketing Strategies (RMS) is a market research firm located in Central New York. RMS specializes in feasibility studies and using a unique combination of demographic trend data from the U.S. Census, competitive insight, and survey data to create a customized algorithm for predictive analytics. This includes such predictive analytics as estimating residential market potential in a city or region, estimating the number of stores or retail locations a specific area could support, estimating the number of long-term care units a market could support, or estimating how well a product or service would do if it was launched. For more information on predictive modeling projects contact Sandy Baker, Director of Business Development at RMS at 1-866-567-5422 or SandyB@RMSresults.com.

ViewPoint is a research panel owned and operated by Research & Marketing Strategies, Inc. (RMS). ViewPoint provides businesses with insight for actionable decision-making.  Research panels such as ViewPoint need consumers just like you! ViewPoint members receive opportunities to participate in market research efforts such as surveys, focus groups, interviews, and mystery shopping. Signing up for ViewPoint is easy and comes with great benefits! To sign up go to: http://www.rmsresults.com/viewpoint.

Qualified-Someecard

Below are 5 benefits of joining ViewPoint:

  1. Rewards

There is a misconception that joining research panels can be a viable source of income. Don’t get me wrong, you will have opportunities to get rewarded, but it will not be equivalent to a salary. At RMS, most surveys that are sent to ViewPoint members only take 5 minutes or less to complete. Because of this, a common reward for participating in a survey is a raffle entry. Mystery shopping, focus groups, and interviews typically offer rewards up to $150 or more.

  1. It’s easy

Joining ViewPoint is easy. It only has two steps, and once you complete the sign up process you will begin receiving opportunities to participate in market research. The first step asks five basic questions, which allows RMS to gather contact information to connect with you in the future. The second step asks approximately 20 questions, which gathers deeper demographic information that will be used to help us determine if you qualify for particular opportunities in the future.

  1. Participate

Who wouldn’t want to get paid to try new foods, taste beer, rate TV adds, or try new technology? Theses are just a few examples of the market research which ViewPoint members have the opportunity to participate in.

  1. Have your opinions heard

RMS strives to provide clients with the highest quality insight into the minds of their consumers. This insight comes directly from ViewPoint members. ViewPoint members have opportunities to express their opinions, and give feedback to businesses.

  1. Influence business’s decisions

Businesses turn to RMS in search of guidance. The research RMS conducts directly influences the decision-making process of our clients. By joining ViewPoint, you will have the ability to help businesses with current and/or future market research projects.

If you have questions about joining ViewPoint click here.

If you are interested in joining the RMS ViewPoint Research Panel please click here. Research & Marketing Strategies (RMS) is a market research firm located in Syracuse, NY. If you are interested in learning more about RMS contact Sandy Baker, Director of Business Development, at SandyB@RMSresults.com or by calling 1-866-567-5422.

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In some ways, feasibility studies are like football-you can go wide or deep with the research, but you often cannot do both at the same time. We often find that many clients will have a couple of concepts they would like to test, but also want to know “what else” they can offer. As a market researcher, this can be a difficult situation to navigate. While concept testing is a routine component of a feasibility study, it is inherently different from determining untapped areas of opportunity for a client. Getting the client to understand the differences between the two types of work can be challenging, but we have a couple of tips to facilitate the conversation.

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  1. When it’s best to go “wide”

This approach is best when the client is just starting to dip their feet in the water, and would like to gain information on many different topics. Consider this example:  a higher education client is contemplating the ability to add to their graduate program offerings, but does not have particular program concepts in place and is not sure what the best options would be for their university. In this scenario, we would suggest secondary research of local higher education graduate offerings (competitive analysis) to determine potential gaps in the market. This involves more in-depth research than a typical competitive analysis, where programs and potential competitors are already known. Through compilation of local competition, you can determine what programs will face steep competition due to a large market share, and which programs may be practical options. Since this phase of the research is exploratory, it is important for the client to conduct follow-up research with a narrowed focus to determine the true market feasibility of particular offerings. This can be achieved through an analysis of occupational supply and demand (to determine labor market needs), as well as a student demand survey of potential students to gauge interest.

  1. When it’s best to go “deep”

This approach is appropriate for clients who have one or more concepts that they would like to test in the market, with the purpose of gaining insight into the viability of those concepts. Consider the previous example of the higher education client. They have completed the first phase of secondary research and have found that competition is minimal for Masters’ programs in Statistics. Now they need to determine if there is a need for masters-level trained statisticians in the work force, and whether there is interest among potential students to fulfill enrollment needs. For this phase of the research, we would gather data on regional and national market demand for statisticians who hold a master’s degree using available labor supply and demand databases. If the current and projected market is anticipated to be strong, meaning the number of anticipated regional job openings is large enough to accommodate program graduates, we would then implement a focused student demand survey. The survey would incorporate the current program concept for the Masters program in Statistics to measure interest levels in program components (such as credit hour requirements, tuition rates, proposed schedule-day/evening classes, etc.) as well as branding reactions to determine awareness and perception of the institution.

If you’re interested in conducting a program feasibility study, contact our Business Development Director Sandy Baker at SandyB@RMSresults.com or by calling 315-635-9802.

Here at Research & Marketing Strategies, Inc. (RMS), we manage our own research panel called ViewPoint. ViewPoint is comprised of members who are willing to participate in various types of research such as focus groups, surveys, in-depth interviews, and mystery shopping. Typically, members of research panels, like ViewPoint, are rewarded for their participation which makes it important for RMS to ensure ViewPoint members are truthful, highly-engaged, and sincere.

Man holding a magnifying glass over his eye

Here are 5 quality assurance tips for research panels:

  1. Welcome new members

As the RMS ViewPoint Panel Coordinator, I place welcome calls and send emails to all new members on a regular basis. This is a great way to initiate two-way communication between RMS and our panel members.  This is also a simple way to ensure that the people who are joining ViewPoint understand what a research panel is, and know where to find resources for more information. Most importantly the welcome calls and emails set a friendly standard for ViewPoint members by letting them know they have a real person they can contact with any future questions or inquiries.

  1. Check for duplicate members

The demographics of ViewPoint are extremely important to RMS. This makes it imperative that the panel does not have duplicate members which could skew data. RMS regularly combs through member data to check for duplicate email addresses, names, and phone numbers to ensure each individual record is unique.

  1. Use filter questions

When taking a survey, it is important to pay close attention to what the question is asking. A red herring or quality control question is an easy way for market research professionals to check that respondents are paying attention and not simply speeding through the survey. These types of questions can be added anywhere in a survey, but are preferable in the middle after the respondent is fully engaged in the survey. An example of a simple quality control question in an online survey is, “Please answer this question by choosing response #3″ or, “Please select strongly agree in the chart to the right.” Surveys with responses to this question other than those indicated can be removed from analysis. More importantly these panel members can be flagged and their case data will be reviewed closely in the future. Ultimately, if the respondent continues to fail quality control tests, he or she will be removed from ViewPoint.

  1. Check for straightliners

Market research professionals should also check for participants who respond to every question with the same answer. For example, if a survey prompts respondents to rate different aspects of their satisfaction on a 5-point scale, with “1” being strongly dissatisfied and “5” being strongly satisfied, extra attention should be paid to those who answer the same number for every question. If this occurs, analysts should review responses to other questions to see if they vary, review the time to complete the survey, etc. Although answering “4” on all of the grid questions could be a valid sequence it does raise a red flag that needs to be investigated. After flagging this member, their responses should be reviewed in future surveys.

  1. Check for speeders

Similar to straightliners, response times should be reviewed for each survey completed to ensure it is feasible.  For example, a respondent should be flagged if a 10 minute survey only takes two minutes to complete. Analysts should review response times for this member in future surveys.

Research & Marketing Strategies (RMS) is a market research firm located in Syracuse, NY. If you are interested in learning more about our market research services please contact the Director of Business Development, Sandy Baker at SandyB@RMSresults.com or by calling 1-866-567-5422.

 

Conducting a Higher Education Program Feasibility Study: 5 Things To Consider

As budgets become increasingly strained with every passing year, higher education institutions are turning to market research firms to investigate the viability of their current and potential academic programs. Many institutions require feasibility research as part of the program approval process, and for good reason. At RMS, we routinely conduct these studies, and have learned that there are several factors to consider when implementing program feasibility research.

  • First and foremost, NOT conducting program feasibility research is often more expensive than the market research investment. We’ve seen it many times-an internal stakeholder with a vested interest wants to create a new program, but feels that research is not necessary or has the perception that market research will be too costly. The danger in this approach is that the college will be offering a program that may not fit into current and projected labor market needs. This sets the graduates up for disappointment (and lack of return on their investment) when they try to enter a stagnant or saturated workforce. This approach also means that substantial financial resources will be attributed to the creation of a new academic program without the back up support that market research can provide, in turn jeopardizing the credibility of the college and its offerings. It is for these reasons that many colleges and universities are turning to market research firms as part of their initial scoping activities for new programs. There are a few approaches we recommend to clients undertaking this research.
  • First, conduct a competitive analysis of your local competition. What other colleges and universities are offering similar programs at the same level (Associate’s, Bachelor’s, Master’s, Doctorate, Certificate, etc)? Figure out the content these competitors are offering, their class schedule, number of credit hours in the program, tuition cost, and other factors that are going to matter to prospective students. An informed market research firm will have the tools necessary to investigate your competition and gain the competitive insight necessary to determine if another college or university already holds a substantial portion of the market share (which would tell you that competition will be steep for that program).
  • Next, investigate the labor market demand through occupational supply and demand research. The market research firm will determine the current and projected demand of professions that graduates of the potential program would qualify for, ensuring that the market is not inundated and there will be job opportunities available for graduates. This data will bolster the credibility of the program with internal stakeholders, as well as provide valuable marketing material for prospective students.
  • After the first wave of secondary research is completed, we recommend surveying the prospective student population to gauge interest in the potential program. It is also valuable to know the needs of the potential student population with regard to class schedule, pricing sensitivity, etc. For example, if you’re hoping to offer an MBA program, there’s a good chance that night and weekend options will be desirable for some prospective students (many of them may have a full time job during business hours, have family obligations, etc), but that is dependent on other lifestyle and geographical factors that need to be considered when determining the best audience for the program. By knowing the needs of the prospective population during the setup phase of program creation, the college is in a stronger position to garner internal administrative support and external interest.
  • Upon the completion of all research activities, ask the market research firm to compile their findings in a format that will be conducive to your internal stakeholders. Do you need a lengthy report with in-depth explanations? Or would a PowerPoint deck be more valuable, allowing you to use the information in a presentation? Determine the audience for whom the material will be presented, and shape the reporting around their preferences.
  • The last piece of advice is not related to research, but rather to nurture relationships with internal administrative staff. Being cognizant of other stakeholders’ agendas is often THE most important factor to preventing roadblocks in the approval process after research has been presented. The research will speak for itself, but understanding the approval process and what is important to all involved is the driving factor for a smooth academic approval.

If you’re interested in conducting a program feasibility study, contact our Business Development Director Sandy Baker at SandyB@RMSresults.com or by calling 315-635-9802.

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