Using virtual focus groups to gather qualitative research for new products and services that they are considering launching is becoming mission critical. The feedback provided by these groups can be used to confirm or reject product development and marketing outreach. This significantly reduces the risk of a failed product launch or strategic misstep. This is especially true when it comes to product and services that are focused on teens and millennials.
For many companies, conducting traditional focus groups is a cost-prohibitive practice. Suppose that you are an online retailer with customers nationwide. In the effort to gather feedback from multiple target markets, it would be necessary to conduct several focus groups in each target location. This creates logistics costs that include travel, meeting facilities, refreshments, and multiple moderators. While these costs are easily absorbed by large, national corporations, they may present a barrier to adding this market research method to product development for smaller companies.
If this has been a roadblock for your business, virtual focus groups may be the solution. Unlike traditional focus groups, they are much easier to plan and execute. For example, rather than flying to each target market, your research team can use online outreach to identify and invite participants from these locations to login to an online session for the group. Because the group is online, it is possible to conduct larger groups and gather information in a faster way. This eliminates the cost of booking facilities and reduces the costs of hiring multiple moderators.
Finding market research methods that lower costs for your business without sacrificing quality can help your business compete more effectively. In markets that are becoming increasingly global, virtual focus groups can provide the mission-critical strategic decision-making confidence that is required to compete and succeed. At New Perspectives, our experienced marketing research professionals have a proven track record at creating and leading virtual focus groups. Contact New Perspectives today and find out how we can help you facilitate your next virtual focus group.