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What is the world thinking?
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Is 600 an ideal sample size?
600 sample size maximizes your Confidence Level, Confidence Interval, and overall investment.
95% is a typical Confidence Level and tells you how sure you can be in the results. You could repeat the research 100 times and arrive at the same result 95% of the time.
Your Confidence Interval (or c.i.) is a "plus-or-minus" figure helping us understand the "Margin of Error" in a result. Using a c.i. of +/- 4% and 65% of your sample responds to a given question, you would know that by sampling the entire population, between 61% (65% - 4%) and 69% (65% + 4%) would answer the same.
Cost-wise, you can achieve savings with a smaller sample size, like n=400, but your c.i. becomes larger (+/- 5%) and less helpful in discerning statistical differences in data.
You can choose a smaller c.i. of +/- 3% however, your sample size needs to increase significantly to n=1,000 and overall costs increase disproportionately.
Example, a full-service study with a final cost of $30 per complete provides these options:
n = 400. c.i. +/- 5% Cost $12,000
n = 600. c.i. +/- 4% Cost $18,000
n = 1,000. c.i. +/- 3% Cost $30,000
Cost figures are for example only.
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This full tear-down and rebuild is quite extensive with extra attention to the details. For example, have a look at that 392 Hemi motor and what you will not see are all of the lines and hoses that have been hidden beneath the engine bay body panels for a super-clean look.
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Losing customers in the cross-shopping process sucks.
So, we are here to help you figure out who is shopping your brand, what those consumers are cross-shopping, and how to get more shoppers to make your brand their first choice.
But first, here are three things you can do to help your brand prevent cross-shopping and win more sales.
1. Help consumers understand how your brand helps them solve their problem. Can you think of all the ways an LED lightbulb solves customers problems?
2. Position your brand as the only one that can provide a unique solution. A unique solution makes it risky for consumers to consider any other brand.
3. Let customers know you are "here to help" them along their journey. And that journey can go a long way, especially when it comes to loyalty and repeat purchases.
Want to know more about your potential shoppers, what they are cross-shopping, and how to make your brand a first choice?
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