Technology has become a key part of any research project, but tools using advances such as artificial intelligence and automation are just that — tools. While they make certain processes much easier, they don’t replace the need for human oversight. Researchers still need to fully understand how their market research technology is managing those processes.
If you don’t have enough transparency and visibility, you may be hurting your project without even realizing it. That’s why it’s important to evaluate any new market research technology carefully before implementing it, whether it’s a survey tool, an insights community platform, or an incentives provider.
When you’re using tools that don’t give you enough transparency, the entirety of your project could be at risk, including these three aspects.
READ MORE: Our Top 7 Tips for Market Research and Effective Incentives
Knowing exactly what data you’re collecting and how it’s being stored and used is more vital than ever, thanks to increasing privacy regulations and security issues. As most research methods, even qualitative ones, are now conducted online, the dangers have escalated. It’s not just what fields you require your participants to fill in, but also what information your market research technology might be collecting and storing on the back end. For instance, when you conduct a clinical study via an anonymous survey about sensitive medical information, you need to be confident that your survey tool is really protecting those identities and using the data appropriately.
It’s no secret that many research budgets are facing cuts, so you need to protect every dollar. By choosing platforms with transparent pricing models, you not only ensure that you’re not wasting money, you can also more accurately predict your spending needs. Some incentives tools, for example, don’t charge for their services upfront, but they keep the money from any unclaimed rewards. Since your claim rate can vary depending on your audience, your offering, and other factors, you’ll never know exactly how much you’re actually paying for the technology itself. BHN Rewards users see an average claim rate of 82%, according to our platform data, but instead of forfeiting those other 18%, our platform automatically refunds them into your account. What you pay for the use of the platform is clearly communicated and paid upfront, so there’s never any question.
The same should be true for your other market research technology tools, such as survey platforms. Make sure you’re clear before purchase on any limits on the number of surveys and responses, and what the upcharge will be if you need more.
When your employer or client, your grant provider, the government, the Institutional Review Board (IRB), or any other regulatory body comes calling, you better have answers. If the research technology you’re using doesn’t arm you with all the right information, it can be a disaster. You may need to have clear reporting on the number and amount of incentives that were claimed by each recipient for tax purposes, or you may have to show how you’ll be able to reward survey respondents without sacrificing anonymity, so your study complies with IRB or HIPAA requirements.
Regardless of the data needed, being transparent isn’t just about getting the information. Truly transparent market research technology should also make it easy to do so, with self-service reporting and tracking that allows you to quickly respond to any regulatory or audit requests. If it’s a major ordeal for your finance or IT team to compile the necessary reports, then it defeats the purpose of technology meant to save you time.
Check out our Product Tour to learn about all the ways BHN Rewards offers transparency for its users, including robust analytics, reward income reporting, data masking, and, of course, 100% refunds on unclaimed rewards.
Hannah is a reformed journalist who has more than 15 years of experience and now focuses on content marketing for innovative tech companies.
Hannah is a reformed journalist who has more than 15 years of experience and now focuses on content marketing for innovative tech companies.
