Several businesses are often confronted with lack when it comes to human resources and finances. This is especially true of small businesses.
Visit https://www.investopedia.com/ to find out 5 major financial challenges your small business may face. When this lack is experienced, managers and business owners would need to reduce their expenses. One thing that gets the first slash is research budgets. This can ultimately affect the business so it isn’t such a great idea.
Luckily, these days, we have DIY sampling platforms that are fast rising in popularity so they are easily accessible. This means that lack of funds can no longer be used as a reason for poorly done market research. Now, even small businesses can conduct their market research by themselves and even be competent at it.
But just as with everything there is, this beneficial tool also comes with some drawbacks. In this article, we will be taking a close look at both the advantages and disadvantages of DIY sampling platforms.
Advantages of DIY Sampling Platforms
Below are some of the major advantages of DIY sampling platforms:
1. It is Faster
If you weren’t researching by yourself, you would have to hire a research company. The research company would be offering you a service, so obviously you would need to pay them. But it doesn’t stop there, after payment, you would still have to wait a while (might be some months) before you can get results.
But with the do-it-yourself platforms, you simply need to be patient and carefully learn your way about the platform. In no time, you would have mastered it and would be able to make your research on your own.
Also, since you are in charge of the research, you will have total power over the research’s timeframe and quality.
2. It Offers More Opportunities
You know the business more than anyone else since it is yours. You know its priorities and needs in ways that no research company would. When you DIY the research yourself, you can take advantage of the knowledge you have about the business and test approaches that will fit the need of the business.
By learning to use the platform, you will build the competence of your business while identifying new methods of developing it.
3. It is Cheaper
While a limited budget can restrict your company’s growth, on one hand, it can be an initiative to help your team find creative yet cheap solutions to issues. This is what a DIY sampling platform provides, they give you enough space to work creatively at quite a low cost.
4. It is Easy
These sampling platforms are usually ready to use, with ready-to-use templates, respondents preselected panels, automated reporting, and so on. So, you won’t find it hard to use, all you need to do is understand the working of the particular platform you choose. It will only be a matter of time before you master it.
Disadvantages of DIY Sampling Platforms
Below are some of the major disadvantages of DIY sampling platforms:
1. Minimal Experience and Knowledge
Reliable sample companies are often quite experienced and would know the potential challenges that can be encountered in this process. Since they know this, they also have the competence to combat these challenges when encountered. You most likely can’t say the same for yourself.
2. Lower Conversion and Complicated Pricing
Sometimes, the sample can be paused automatically because of low conversion. To continue sampling, a price increase would be required.
Other times, the sampling may not be paused, but the survey will be given a reduced score and this won’t be seen by the panelists. Ultimately, your conversion rate will be impacted negatively.
Again, sometimes, profiling may be difficult for clients. When this happens, the criteria will be fragmented. This would also cause a decrease in the conversion rate which would make the platform algorithm halt the process and more money would be needed. You can read this to learn more about what conversion rate is all about.
When Should You Use DIY Sampling Platform
With all of the above said, at the end of the day, the choice of whether to use a DIY sampling platform is solely yours. However, we advise that you only take this approach when the project is straightforward.
But, if it is more complex, for instance, your incidence rate is low or you have a complex target, then a research manager may be the best choice at that point.
DIY sampling platforms are readily available for any company’s market research. Companies looking to cut down costs can harness these platforms to get what they want without spending too much. However, just like with everything, there are some negatives attached to the positives. In this article, we have discussed these two sides (the good and the drawbacks) to help you properly understand what you are getting into.