Navigating the Challenges of Difficult-to-Survey Target Groups: Unlocking Insights with Open Banking Data

In the dynamic world of market research, understanding and accurately surveying target audiences is crucial for driving business success. However, not all audiences are easy to reach.

Difficult-to-survey target groups present a big challenge for researchers, often leading to gaps in data and skewed insights. These hard-to-reach groups can include individuals with niche habits, audiences with low digital engagement, or segments with unique consumption behaviors in specific categories. But there is a solution: leveraging open banking data to segment and survey audiences based on their actual consumption patterns.

The Problem: Identifying and Reaching Difficult-to-Survey Target Groups

Reaching and surveying difficult-to-survey target groups is a persistent challenge in market research. Traditional approaches to identifying and surveying these audiences often fall short. Screening in large masses for a select few is both time consuming and expensive. General panels may also miss key segments with predefined questions for segmentation, and the data collected might not accurately reflect the true behaviors and preferences of these groups. This lack of accurate data can lead to misguided business strategies, ineffective marketing campaigns, and a failure to connect with valuable customer segments.

The implications are significant. When businesses cannot accurately identify and understand these difficult-to-survey groups, they risk alienating important segments of their audience. This can result in missed revenue opportunities, decreased customer loyalty, and a weakened competitive position in the market.

The Solution: Leveraging Open Banking Data for Audience Segmentation and Surveying

To overcome these challenges, Again Technology utilizes open banking data to identify, segment, and survey target groups based on their actual consumption behaviors. Open banking data, derived from consumers' financial transactions, offers a precise and reliable method to understand the true spending patterns, interests and preferences of individuals.

By analyzing open banking data, we can create detailed consumer profiles that accurately reflect the real-world behaviors of even the most elusive target groups. This allows us to identify and segment audiences based on actual consumption, rather than relying solely on self-reported data, which can be incomplete or inaccurate.

Why Open Banking Data Matters for Market Research

Enhanced Audience Identification: Open banking data provides a rich, detailed view of consumers' actual spending habits, enabling us to identify and segment even the most difficult-to-survey target groups with precision. This data-driven approach ensures that no valuable segment is overlooked.

Accurate Insights: By leveraging real financial data, we can gather insights that are far more accurate and reflective of true consumer behavior. This reduces the risk of skewed data and ensures that the insights generated are both actionable and reliable.

Increased Engagement: Open banking data allows us to tailor surveys and outreach efforts to the specific preferences and behaviors of each target group. This personalized approach increases engagement and response rates, particularly among groups that are typically hard to reach.

Cost Efficiency: Using open banking data to segment and survey audiences reduces the need for expensive, broad-reaching screening attempts that may not effectively target the right groups. This approach allows for more focused and cost-effective research efforts, maximizing return on investment.

Compliance and Security: Again Technology’s use of open banking data is fully compliant with data protection regulations, ensuring that all personal information is handled with the utmost care and security. This commitment to privacy helps build trust with respondents, encouraging participation and honest feedback.

Conclusion: Redefining Market Research for Difficult-to-Survey Audiences

The ability to accurately survey difficult-to-survey target groups is becoming increasingly important. By harnessing the power of open banking data, Again Technology is revolutionizing the way businesses understand and engage with these elusive audiences.

Our approach not only ensures that no valuable segment is overlooked but also provides the accurate, actionable insights needed to drive successful business strategies.