Q. If you were research director in a company and had a limited budget, what kind of research would you do?

A. Since I have been writing mostly about Focus Group Discussions and qualitative research, my answer may surprise you. But in this situation, the first thing I would do is set up some type of quantitative Tracking Research.

I define Tracking Research as research that is conducted in a regular pattern (interviews every day, week, month or even several times a year at pre-planned times) with most of the questions remaining consistent and space reserved for a few “changing” questions.

The possible methodologies for Tracking Research are endless (you can do it by telephone, on the Internet, by mail, at random, with customers only, with customers and prospects, etc.) and depend on your information needs and just how limited your budget is.

Advantages of Tracking Research are clear:

• You can spot changes or trends early on because you are always monitoring your marketplace.
• You always have research in the field, so you will have information quickly about changes in the marketplace (if two competitors announce a merger, you are likely to have market reaction to it before they do).
• You are already in the field, so to add a few questions checking out a new product or strategy (your own or competitors’) is simple.
• You can budget for the whole year in advance and usually spread out payments throughout your budget year.

Do you have a comment or research-related question? Send it to me for future FAQs!