How to select sample size for customer survey | Startup | Sarthak Ahuja
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2 سال پیش
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How many people should you
How many people should you survey to test your business idea or product?
As a rule of thumb, the margin of error (moe) in making any inferences from a survey, depending on the number of participants, is approximately 1/root(N).
👉🏼 At 10 respondents, your moe is at ~32%
👉🏼 At 100 respondents, the moe is 10%
👉🏼 At 200, moe is ~7%
👉🏼 At 500, moe is ~4.5%
👉🏼 At 1000, moe is ~3%
Which means, the margin of error decreases only marginally with increase in numbers beyond 200, but a sample size of less than 100 is bound to give you some incorrect inferences.
Thus, optimise for a respondent sample size to be between 100 to 200.
Adding more will give you more accurate results (and possibly more credibility), but the costs of conducting it may not justify the refinement in inference.
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Like, Share, Subscribe for more!
Follow me on my other social media handles for all updates, events and live sessions-
Instagram: Instagram: casarthakah..
LinkedIn: LinkedIn: sarthak-ah..
Website: http://www.casahuja.com/
-------------------------------------------------------------------------------------------------------------------------
A Chartered Accountant with about 10 years of experience in areas of Tax Advisory, Startup Consulting, Fundraising, Audits, Deal Advisory, Business Modelling and contract CFO services.
Winner of the ISB Young Leader Award 2017 and the Best All Rounder, PGP Class of '17, Sarthak has also been published about in the leading financial newspapers such as The Financial Express as possibly the youngest Indian to have completed the courses of CA, CS and CMA along with a graduate degree in Financial & Investment Analysis from University of Delhi, all by the age of 23 years.
As a rule of thumb, the margin of error (moe) in making any inferences from a survey, depending on the number of participants, is approximately 1/root(N).
👉🏼 At 10 respondents, your moe is at ~32%
👉🏼 At 100 respondents, the moe is 10%
👉🏼 At 200, moe is ~7%
👉🏼 At 500, moe is ~4.5%
👉🏼 At 1000, moe is ~3%
Which means, the margin of error decreases only marginally with increase in numbers beyond 200, but a sample size of less than 100 is bound to give you some incorrect inferences.
Thus, optimise for a respondent sample size to be between 100 to 200.
Adding more will give you more accurate results (and possibly more credibility), but the costs of conducting it may not justify the refinement in inference.
------------------------------------------------------------------------------------------------------------------------
Click here to subscribe to my YouTube channel: https://bit.ly/3cpTleK
-------------------------------------------------------------------------------------------------------------------------
Like, Share, Subscribe for more!
Follow me on my other social media handles for all updates, events and live sessions-
Instagram: Instagram: casarthakah..
LinkedIn: LinkedIn: sarthak-ah..
Website: http://www.casahuja.com/
-------------------------------------------------------------------------------------------------------------------------
A Chartered Accountant with about 10 years of experience in areas of Tax Advisory, Startup Consulting, Fundraising, Audits, Deal Advisory, Business Modelling and contract CFO services.
Winner of the ISB Young Leader Award 2017 and the Best All Rounder, PGP Class of '17, Sarthak has also been published about in the leading financial newspapers such as The Financial Express as possibly the youngest Indian to have completed the courses of CA, CS and CMA along with a graduate degree in Financial & Investment Analysis from University of Delhi, all by the age of 23 years.
2 سال پیش
در تاریخ 1401/06/14 منتشر شده
است.
661
بـار بازدید شده