By 2005, Internet marketing research will account for about 50 percent of all marketing research revenue in the United States because many companies will resort to Internet research to save time and money. The following are some growth drivers of such research:.
• The Internet provides more rapid access to business intelligence and thus allows for better and faster decision-making.
• The Internet improves a firm's ability to respond quickly to customer needs and market shifts.
• The Internet slashes labor and time intensive research activities, including mailing, telephone solicitation, data entry, data tabulation, and reporting.
Emailing, Chat rooms, and etc. would be a prime example for the following points that are listed above.
Some Internet advantages would be:.
• Rapid rate of development and real time reporting. Internet surveys can be broadcast to thousands of potential respondents simultaneously. The results can be tabulated and posted for corporate clients to view as the returns arrive. Thus, Internet survey results can be in a client's hands in significantly less time than traditional survey results.
• Dramatically reduced costs. The Internet can cut costs by 25 to 40 percent while providing results in half the time it takes to do a traditional telephone survey. Data collection costs account for a large proportion of any traditional market research budget. Telephone surveys are labor-intensive efforts incurring training, telecommunications, and management costs. Using the Internet eliminates these costs completely. While costs for traditional survey techniques rise proportionally with the number of interviews desired, electronic solicitations can grow in volume with little increase to project costs. One example for this would be instead of asking people to come in to take surveys they could do it online that way the company could save money.