In the development of our activities, we usually use some shortcuts to avoid spending resources indiscriminately. This is done because times within our discipline can be very fast and any savings that are well justified will be welcome. In communication between experts in the field, this practice is no exception.
The use of acronyms allows us to exchange messages between colleagues to be functional and fast. In general, most of the acronyms or abbreviations that are used derive from English. It is for this reason that it is desirable that market analysts know or master this language. Here are four common acronyms worth reviewing.
CPI or Cost-per-interview. In Spanish it means “costo por entrevista” and in Portuguese «custo por entrevista». There are several ways to express the cost of a project. Sometimes it is enough to define the total price of a studio globally. On other occasions it is worth expressing the unit cost per application of the questionnaire, whether it is a quantitative or qualitative analysis. It can also be used to abbreviate «cost-per-incidence»; It is important to clarify what the meaning is to avoid misunderstandings. In general, this cost does not include general costs such as administration or integral management of a project.
LOI or Length-of-interview. In Spanish it means «duración por entrevista» and in Portuguese «duração por entrevista». It is very important to define this parameter objectively since it is crucial for listing purposes and to verify the viability of the contacts. The longer the interviews, the greater the possibility that the interviewee does not finish answering all our questions and it is necessary to consider an incentive to retain him and ensure sufficient quality of information. The optimal duration of a contact depends to a large extent on the medium used to carry them out. A telephone interview is not the same as an face-to-face interview.
IR or Incidence rate. In Spanish it is known as “tasa de incidencia” and in Portuguese as «taxa de incidência». This value is also of interest to assess feasibility and determine the resources needed to develop a field survey. It is calculated by dividing the number of effective interviews or contacts by the total number of contacts made. The higher the rate, the more accessible the segment is and the fewer resources will be needed to complete the study. Low incidence rates require higher costs and times to be successful. It is not always possible to know this data in advance, so it is usually estimated by comparing projects with similar characteristics.
DG or Discussion guide. In Spanish it is known as «guía de tópicos» and in Portuguese as «guia de tópicos». The discussion guide is an essential element to carry out quantitative studies. This document establishes the questions, instructions and notes that moderators must follow to carry out a focus group or an in-depth interview. In general, this document is a base on which the interviewer must apply a set of questions. Unlike a questionnaire for quantitative studies, this allows some flexibility to adapt it to each profile that agrees to participate in research.
We know that these acronyms may already be common knowledge to many people who work in the sector. However, new people are always added who need to learn the meaning of these basic concepts for our activity. Serve this entry as a contribution for those who are integrated into the study of people’s purchasing decisions.
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