Market research survey has its limitations. You cannot survey a wide amount of population. It is also possible that your results will correctly represent the target customer base you are researching. Fortunately, the survey report gives an idea of how far or close you are from the 100% match. You will need to use the ‘Margin of error calculator’.
Online market research panel suppliers OvationMr have been in this field for more than 10 years. Hiring them can make a difference because they make use of the latest methods and technology to validate and engage panelists. The answer to your question ‘how accurate are your survey results’ can be found in the margin of error calculator that is easily accessible on the OvationMR website.
How margin of error calculator works?
You will need three values while calculating the margin of error on the calculator.
- Sample size
- Population size
- Confidence level
If your market research is to find out which official flag is suitable for Rockland County in New York – design A or design B, then your target population will be every person residing there. The population size for 2021 is 326,323, which can be found on the US Census Bureau website.
Suppose 2,400 people participated in the survey, which will be the sample size. You are not sure what to put in the confidence level box. According to industrial standards, the confidence level is always 95% by default. Now, you got all three variables. Type them in the calculator and the margin of error you obtain is 1.993%.
What does the result from the margin of error indicate about your survey?
It reveals to which extent your research reports can differ from the entire population’s viewpoint. You are conducting a survey using a smaller number of total population. It even gives an idea of the survey accuracy level. A small percentage means more accuracy and more confidence. As the percentage grows bigger, more reasons will pop and question the survey result validity.
From the example above, your market survey results reveal that 60% of participants prefer option B. The margin of error is 1.993% or approximately closer to 2%. It means the margin of error lies between 58% and 62%. It is safe to come to a conclusion that half of the Rockland population favors option B, which can be your winning resolution.
When to doubt the inaccuracy of the survey results?
If your margin of error showed a result of 6% then making a safe and confident decision would be challenging. Inaccurate data can pull you in a counterproductive or wrong direction.
Missteps in the planning and execution of market surveys are responsible for misleading or unreliable research data. The entrepreneurs need to understand how the survey is conducted because it is critical for business growth and success in this highly competitive market environment.
For example, if you are writing customer surveys then be aware that some questions are intrinsically biased. This can skew the results in the wrong direction. Therefore, it is wise to hire experienced market research panel suppliers to avoid slip-ups and jeopardizing the final results.