Market Research, the Askem Way

Research Over Facebook:

14290424_23842508927020190_790413317_n

With 1.8 billion consumers engaging with hundreds of millions of businesses big and small on its platform, Facebook today is – by far – the biggest database of consumer behavior in the world. Over 90% of U.S.-based websites are funneling their data to Facebook.

And at Askem, we’ve built the first and only sampling mechanism to enable companies to use this treasure trove of data for market research. Guided by the concepts of engineering and advertising technology and the modern statistical methodology, we utilize Facebook’s advertising platform to reach the audiences that companies want to get the insights they need.

Given the dominance of Facebook, conducting quantitative research on Facebook – before or in parallel to marketing efforts on the platform – enables major optimization of brand and consumer interaction.

 

15277758_23842525650480190_1580281625416040448_n

Representative Samples over media: Conducting quantitative research on Facebook is challenging from a statistical methodology perspective. To be able to collect random, representative samples over optimized advertising media, we needed to develop a profound understanding of the underlying media and create optimization algorithms in order to counteract any inherent bias. We built the methodology and tools for our programmatic ad management system, and before we launched, we ran validation tests. Lots of them. Over the course of six months, we collected close to 200,000 distinct responses to more than 200 surveys, on topics covering a range of industries, to make sure that the answers were valid. We spent the time and money on these validation surveys so that our customers can be certain that our sampling will live up to our pre-calculated margins of error. After all, we’re in the insight business, not the tea-leaf business.

 

Interviewing Real People: Typically, other market research firms will use “one size fits all” surveys. But just as people don’t consume products in the same way, they also don’t react to questions and interact with surveys the same way: Would the same survey that appeals to an 18-year-old woman from California really work for a 54-year-old man from Maine? To begin with, our surveys are short and visual, which is hugely important because as one recent study found, the maximum length of time millennials will spend on a survey is 12 minutes. Additionally, we utilize high-end algorithms and machine learning to transform one survey into a thousand different versions that can appeal to any number of different audiences. The language, visuals and overall experience are all optimized to ensure that people enjoy interacting with Askem surveys – and complete them. As a result, our conversion rates are much higher than the industry average for non-incentivized surveys.

 

15277772_23842525659010190_1852940567571333120_n

No Incentives: The industry standard is literally “a penny for your thoughts” (adjusted for inflation), with incentives paid to pre-recruited panelists. But data obtained using incentives is notoriously problematic. We don’t incentivize responders. We don’t need to. With the hyper-targeting ability discussed above, we’re reaching people who are engaged with a brand and genuinely interested in giving their opinions about it. No incentive means no bias.

 

Hyper Targeting: We run surveys as ads on Facebook, which offers a big advantage over other market research firms that place their surveys on publisher sites. By cross-connecting attributes to demographic information that is readily available for Facebook’s user base, we can provide unprecedented targeting. We can sample in real time based on interests, behaviors, job titles, income, marital status – you name it. Looking for hyper-targeted audiences? We’ll find them.

So what are you waiting for? Start getting the consumer insights you need today. And keep coming back to our blog to read deeper dives into how we’re changing market research as you know it.

Learn more on our website or get quote now.

Leave a Reply