We have all heard the paradigm that more is better than less. The more the merrier – the group or the party is more lively with more characters, isn’t it? There are countless examples. But does this apply in MKTG Research? How about surveys?
One would think that more data would be beneficial – and it certainly is up until a certain point. However, with the costs associated with conducting these MKTG activities, there is a diminishing return associated with getting too much feedback.
Statistically speaking, a sample size of about 500 will give you results that are statistically significant at a confidence level of 95%.
If budget is not a factor, you may want to increase sample size a bit more to allow for cleaning up your data. If you have ever taken a high school test that you weren’t prepared for and did the Christmas tree answer method, or picked a letter and used that for all of your answers, well some folks continue using that same method deep into adulthood on your surveys that they are taking. You’re going to need a few more responses to offset those that just click the same answer for each survey question.
So when you’re cooking up your next survey, just remember that on top of all of the factors I have already mentioned, the additional statistical analysis on superfluous survey data can bury you.