Do you know what the most useful asset for marketing professionals is today? The answer: data. There is no doubt that we are currently living in a golden age for data providers, as they are one of the major linchpins for guaranteeing the effectiveness of market research.
For this reason, their role is increasingly important to research teams within agencies, apart from being an essential link for brands. This is due to their function of providing concrete and quality data that, among other things, allows an agency to make valuable predictions with regard to different market trends.
Hence the close links that are maintained within the industry by both actors.
The data provider and market research agencies
Evidently, data collection is considered to be the raw material of market research as, based on this, it is possible to interpret a situation, make forecasts and reach valuable insights. It is even considered to be the key that opens the door to the creation of new products and services.
As a result, market research is an essential tool for making business decisions when developing business and marketing plans. So, what we are saying is that there is an extremely close relationship between the research agencies and the data providers.
On the one hand, the agencies constantly require information on the diverse profiles of a country’s population in order to formulate conclusions and recommendations for brands. On the other hand, data providers take on the delicate task of methodically and accurately compiling this data with the aim of ensuring the reliability of the information provided.
This is why, today more than ever, market research agencies tend to rely on specialist and certified businesses.
The importance of a quality data provider
According to research carried out by Snowflake, some 80% of organisations worldwide use or plan to increase the use of quality data in the near future, with the objective of launching new sources of income or pricing models.
Hence the importance for brands to offer a good experience that leads to satisfied customers, greater loyalty and higher revenues. With so many eyes on the data providers, compiling, analysing and using poor quality data is definitely not an option.
Because of this, we often find ourselves using different ways of checking the quality of the data that has been gathered for a research project. Below are the five most notable components for this:
- Integrity. Guarantees that there are no gaps between the data that is assumed to be collected and the data that is actually collected.
- Consistency. The type of data gathered should conform to the versions expected by the agency.
- Accuracy. The data compiled should be correct, relevant and representative.
- Validity. This enables us to know whether the information compiled represents what we are trying to measure. To do this, it is vital to ensure that the study is designed and carried out in the most precise manner.
- Punctuality. The data should be received at the planned time so that the information can be used efficiently.
Common problems when searching for a good data provider
Today, agencies are much more cautious when selecting providers that guarantee quality information. Therefore, those that include rigorous procedures and carry out continuous reviews will have a greater chance of taking part in different market studies.
However, some of the difficulties that tend to arise when looking for reliable data providers are experience, cost and availability. Although you may consider that a data provider is essential in order to make business decisions, the factors mentioned above may act as market inhibitors.
However, as we are aware, the availability of the data and the time taken to compile it tend to be extremely important factors. This is because the data is obtained in real, or almost real time. So when a provider offers insufficient data collection and availability, we encounter an obstacle that could prevent them from gaining the contract.
Online data collection methods: an obstacle?
In contrast to what is often thought, online data collection methods have provided a range of technological tools that give reliable data.
For example, at Netquest, we have broken through these paradigms by making use of advanced digital platforms and sophisticated mechanisms for detecting fraudulent responses. We also use a reliable panel that is loyal, to which we apply various technological locks in the sample selection process and in validating the information.
Characteristics of the ideal data provider
In light of the above, data providers that work with research agencies should possess the following profile:
Have a transparent sample recruitment or selection process
Data providers should consider reliable recruitment sources, as well as using ongoing mechanisms for the validation of profiles and “sole participants”.
Use cutting-edge technology
Today, technology is synonymous with quality when it comes to data collection, as using checking tools on data collection platforms will help to detect inefficient participants. For example, speeders are an excellent ally to avoid participants advancing under pressure when responding. Also, tools like straight-liners enable the detection of people who respond with the same sequential pattern.
Use of appropriate incentives for participants
Motivation is an essential factor for gaining the loyalty of a panel. That’s why it is vital that a data provider’s rewards programme is designed in a way that truly values the time given and the information provided by the panellists. This should be done without creating significant bias, such as professionalisation. It is about obtaining genuine opinions.
Quality procedures for processing the data
Last but not least, it is crucial that a data provider has strict legal measures in place that guarantee the integrity of the information, both for the study and for the participants. These include confidentiality agreements, terms and conditions, data protection laws, etc.
Benefits for the research agencies
Choosing a quality data provider leads to obtaining different benefits for the market research agencies. Among the most important ones, we would highlight:
- Perspective (through the genuine insights obtained from genuine data)
- Confidentiality
- Saving time
- Trust in the sector and its reputation
The endorsement that the information used in a study has been collected by a company that is committed to the highest quality standards has an undeniably higher value within the industry. Because of this, it is no surprise that this tends to be an important issue for brands when deciding to work with a research agency.
An innovative data provider that is renowned within the industry
With more than 20 years of experience, Netquest has always endeavoured to be one step ahead in quality data collection, and today we have become one of the most important leaders of the sector in Europe and Latin America.
What is our objective? To be a single-source panel that enables the combination of diverse types of data and to offer a 360 degree view of consumers.
If you are looking for a reliable data provider, don’t hesitate to contact us. Our specialist team is ready to assist you with the requirements of your next research project.
