Taking part in research?
If you have been asked to participate in a market research study, here are some details that you might find useful.
What is market research?
Market research is a way of helping companies understand their customers by gathering your opinions on, and attitudes towards, their products and services. Companies rely on feedback from people like you to help them ensure that the products and services that they offer are meeting your needs, and to suggest ways in which they can improve.
There are two main types of research – qualitative and quantitative.
- Qualitative research is used to help companies understand how you feel, think or behave and why. We collect in-depth information to try and ‘get underneath’ your skin and really understand what is influencing you. Normally qualitative research involves depth interviews or group discussions. You normally receive a thank you in the form of a financial reward for your time and participation
- Quantitative research is used to measure how many people feel, think or behave in a particular way. You have probably been called on the phone, or asked some questions on the street – these would have been quantitative surveys
What will I be discussing?
Strictly Financial specialises in conducting research for financial services companies. This means that we could be asking for your opinions on anything from banking, car insurance, house insurance, life assurcnace, savings and investments – or anything else to do with financial matters. However, rest assured that we will never ask for personal financial information – we are only interested in how you think and feel about the companies and the products and services they offer, and generally how you go about organizing these types of things. We combine your answers with those from other participants so that your comments are totally anonymous and confidential.
How do you know if I am suitable?
For every project, we will be looking for specific people whose input will help our clients – for example, we may be looking for people in specfici age groups, with or without specific products or with a specific interest. You will be asked a number of screening questions designed to help us identify whether you are able to help us in this instance.
If you are a customer of our client, we may be using a list supplied to us – in this case please be reassured that we adhere to strict codes of practice to protect your confidentiality – including the DPA and MRS.
If you are suitable, you will be given details of the session – how long it will last, where it is, how many others (if any) will be involved and what your thank you for participating will be
I have been asked to do some homework…
Sometimes we will ask you to undertake some homework prior to the interview or group session. This is normally a very simple task asking you to note down your thoughts/ feelings about a subject, look up some information for us (for example, people often forget who a certain insurance may be with) or simply think about a particular subject before you come along. By collecting this information from you, it helps us understand you and your lifestyle better, gives you a chance to prepare and helps us manage the session/ time better.
What should I expect at the session?
When you arrive you will meet the moderator, who will go through the purpose of the research with you, and introduce everyone. The moderator will introduce the topics and ask for your views, opinions and comments – the whole idea is for you (and your fellow respondents) to tell us what you honestly think. There are no right or wrong answers – it is your opinion that matters.
The sessions will normally be recorded, and occasionally filmed. This is the easiest way for the researchers to ‘take notes’ – the recordings are used to analyse what was said during the session. The recordings can only be used in accordance with the MRS Code of Conduct and only for the research project that you have agreed to participate in. If the recordings are going to be used in any other way, you will be told of this when you are first asked to come along so that you know about this well beforehand and you will be asked for specific consent.
You will absolutely not be sold to, or be asked to buy anything before, during or after the session.
The Market Research Society (MRS)
The MRS is the professional body overseeing market research companies. You can find more information on their website - http://www.mrs.org.uk/ – and download the confidentiality guidelines ( http://www.mrs.org.uk/mrindustry/downloads/confidentiality.pdf)