Editor's note: Melanie Courtright is vice president of research services at Research Now, Plano, Texas.

Trackers are one of the most important research tools for monitoring the long-term status of a brand or a population and, as a result, are heavily invested in by companies globally. It is critical, therefore, to get them right and to keep them finely-tuned. In 2011, trackers represented more than $2 billion in global market research dollars. These trackers monitored business-critical metrics such as brand equity, attitude and usage, advertising effectiveness, media and audience shifts and global product trends. Recent industry reports from multiple outlets all indicate a trend towards modest growth in 2012 figures, which means even more revenue will be spent on trackers.

When running a tracker, the design phase is critical. Every decision made during this period will have ongoing implications on the data and making changes well into a tracker can be costly – in terms of budget but also in terms of stability and comparability. We have to “measure twice, cut once.” This upfront measurement of options and decisions comes down to asking ourselves the right questions, ones that are focused on the heart of the business objectives: What do we need to know and why do we need to know it? What is the business question we are attempting to answer? What decision(s) are we trying to make? What do we need to know about the customers or the marketplace? What data is required to answer these questions?

New questions appear

Once these initial questions have been answered, we can move into the actual design phase, where a new set of questions appear. These questions are more related to the survey work that will support the overall business objectives.

  • Is this a recurring question where the data will change over time based on service levels, the competitive set or shifts in the marketplace?
  • How often will changes occur? Would they move slowly over time or could they change frequently due to volatility, interruptions or disruptions?
  • Based on those answers, should we survey continually to offset daily blips or as a recurring snapshot in time?

Business questions that require recurring measurement and that move over time are the most obvious candidates for trackers but other topics like product adoption curves and behavioral studies are also measured in an ongoing fashion to track population shifts. In an article1 for MIT, Brynjolfsson and Schrage made the following observation about how fast our world is changing:

The evolution: Technology is allowing companies to test new ideas at speeds – and prices – that were unimaginable even a decade ago.

The effect: Innovation, the lifeblood of growth, is growing more efficient and cheaper.

What’s ahead: Innovative companies will shift away from traditional research-and-development methods. Managers will change the way they solicit ideas. And much, much more.

With change happening so fast, while impacting behavioral, pricing and buying trends, measurement has never been more important. To keep up with the movement, research tracker investment is heavy and return on investment is critical.

Sampling plan

Our next set of critical choices concerns the sampling plan. Based on my experience, this step is too often rushed, to the detriment of the resulting data. Correctly matching your business objectives to the right methodology and audience inarguably determines the success or failure of the project.

  • Does our question pertain to the population at large or to a subgroup of customers, prospects or markets?
  • What is the best methodology for reaching the target population?
  • What types of quotas should we set to ensure we have a representative sample and meaningful data? And, are there subgroups we need to be able to measure? Will we be comparing over time and need sufficient data for analysis? What quotas should we set to ensure stability in the results? Will the design be replicable and sustainable next week? Month? Year? What quota design will ensure the results are reliable and defensible?
  • Where do the people we need to talk to “live, play and talk” in their world? Online, by phone, on their mobile devices or in the social media space?
  • How much targeting and profiling should we use and how does it impact the results? Would a “rep/augment” or some other hybrid approach be best?

Crafting the survey instrument

The most exciting and time-consuming part of a research project is often crafting the survey instrument. Survey design is a lot like a healthy diet. Too little or too much are both detrimental. Too little attention to design and we get weak, nutrient-deficient data. Too much time can result in an overweight, lethargic survey and a heavy data file and report. Balance is key and keeping the respondent in mind is essential to balance.

  • What questions do we need to ask to get the right data? What is need-to-know versus nice-to-know?
  • What questions are reasonable to ask our audience? What will they share?
  • What questions and format will engage them – and what will cause them to shut down?
  • How long will this audience talk to us meaningfully?

Brings clarity

The overall goal of the design phase is to achieve “fit for purpose.” Will the decisions we made during the research, sampling and survey design result in a data set that answers our questions and brings clarity to our decision-making? Is the newly-defined process a good fit for the business purpose?

Once a tracker is properly designed and executed, the data can drive insights. Shifts in the data over time should be the result of changes in the marketplace rather than from design or execution flaws. Your company will be positioned to stay in step with trends that will drive corporate strategy and innovation. And that’s the return on investment your stakeholders need to succeed. 

References

1 Brynjolfsson, Erik and Schrage, Michael. “The new, faster face of innovation.” MITSloan article. http://sloanreview.mit.edu/executive-adviser/2009-3/5139/the-new-faster-face-of-innovation.