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The Primary Mortgage Market Survey Report

The Federal Home Loan Mortgage Corporation, also known as Freddie Mac, is conducting Primary Mortgage Market Survey (PMMS) every week for the last thirty five years. Presently, the survey covers different rates charged by the lenders for the popular 15-year fixed rate mortgages (FRMs), 30-year FRMs, 5/1 hybrid amortizing adjustable-rate mortgages (ARMs) and 1-year amortizing ARMs. Here, it is to be noted that ARMs are linked with US Treasury yields and the survey is conducted on the basis of first-lien prime conventional conforming mortgages. This survey has been in vogue since 1971. Till 1983, Freedie Mac, was engaged in tracking the rates on 30-year FRMs on a weekly basis. In 1984, 1-year ARMs were introduced. And it saw the introduction of 15-year FRMs in 1991. The 5/1 hybrid  mortgage rates were introduced in the survey in January 2005. Read More »

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Qualtrics 360 Feedback Tool

360 Feedback

Modern business models recognize that feedback from the top down only provides minimal insight into the overarching idea of performance. To successfully access employee performance, companies must collect data fromall levels of their organization. A coworker knows whether or not an employee plays solitaire when the boss isn't looking, and a customer can give insight intothe communication skills of their service representative. Sources for feedback are all around. Why not harness them from every direction?

In the past, collecting feedback with paper surveys and old-fashioned surveytools was too cumber some to be useful. There was a need for an efficient, online solution. This is why Qualtrics has developed the 360 feedback tool.

The Qualtrics 360 feedback tool uses many of the same powerful features asthe Qualtrics Research Suite, with some extra goodies. One of these extras is the 360 Market Place, an online store similar to an app store, where universities and institutions can upload their 360 feedback survey templates for other users to purchase. Another useful feature is the Smart Logic. With Smart Logic, a researcher can control which participant sees each question and specify whether or not participants can rate themselves.

Qualtrics understands your evaluation needs. The 360 feedback tool has a feature-rich environment that flows smoothly, navigates easily and is easy to learn. Additionally, if you are new to the Qualtrics 360 tool or just want to learn more, the Qualtrics University support team is available for trainings.
For more information about the Qualtrics 360 feedback tool, feel free to contact Qualtrics at 360sales@qualtrics.com.

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Hierarchical Bayes Estimation in Conjoint Analysis

The use of Hierarchical Bayes (HB) estimation in conjoint analysis is all the craze in the marketing world.  Why is this?  What is Hierarchical Bayes estimation?  How does a different kind of analysis technique improve the results of a conjoint analysis study?

Hierarchical Bayesian estimation is a complex but powerful approach of modeling data sets to yield more precise and granular analysis.  The HB model internalizes prior probabilities and data-produced likelihoods to compute posterior probabilities it an iterative process.  Its methods are optimized by utilizing Markov Chain Monte Carlo (MCMC) simulations as a means of estimation.

HB estimation is being used in conjoint analysis to determine the partworth utilities because it does so more accurately than other linear or logit models.  This along with the fact that HB estimation has the recovery ability to calculate these more precise results while showing fewer packages has created the excitement about HB estimation in conjoint analysis.

In the context of conjoint analysis, HB estimation takes into account the prior knowledge of the features, the individual’s preference selections as well as the preferences of all who participated in the survey to derive preference scores.  The mathematics driving the MCMC simulation allows the process to borrow information from the full data set to estimate the partworth utilities, providing estimates in situations where classical methods fall short.

There are many benefits and opportunities that are introduced into conjoint analysis with the use of HB estimation.  It opens avenues to all models of conjoint analysis, especially variations of choice-based conjoint analysis (CBC) and adaptive conjoint analysis (ACA).  No longer do marketers have to bombard respondents to question after question of packages to examine and rank.  This leads to respondent fatigue and skewed results.  With HB estimation, many statistical conditions of commonly used regression models are no longer required and allow the researcher to get amazing, more truthful results without the risk of boring the survey-taker with long questionnaires.

Qualtrics conjoint team has researchers with backgrounds in mathematics and statistics who spent years mastering HB estimation with conjoint analysis.  From start to finish, they understand the entire HB process and have the knowledge to leverage this powerful analysis method for conjoint analysis.  They have been using HB estimation to derive preference scores for conjoint analysis for years.

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Power of Conjoint Analysis

Conjoint analysis is the perfconjoint analysisect marketing strategy to diagnose the preference for product features and what factors drive purchase decisions.  The strategy is embedded within a survey to put respondents through real-world decisions with the underlying result being that they are indicating what variables they truly value.  Conjoint analysis reports the utilities of the features and levels that the product consists of.   From this we can gather feature importance scores, market share and optimal bundling options.

Qualtrics is the ultimate survey tool to vehicle these conjoint surveys.  It provides for a dynamic solution to handle any conjoint model, including choice-based conjoint analysis (CBC), adaptive conjoint analysis (ACA), full profile conjoint analysis, discrete choice conjoint analysis, self explicated conjoint analysis and more.  Thousands of these surveys have been professionally run through Qualtrics with the exact look and feel, and respondent experience the user is requiring.

The conjoint team at Qualtrics specializes in taking on these conjoint analysis projects and knocking them out of the park.  They are apt to meet any level of involvement the client is searching for; from just designing the survey to taking on the entire project.  The team is made up of mathematicians and statisticians who know the advanced theory behind designing the conjoint survey and analyzing the results (they use Hierarchical Bayes estimation to model the conjoint utilities – and they understand every line of code that goes into it!).   The true advantage that the conjoint team at Qualtrics has over other market research consultants is Qualtrics.  They know the insides-and-outs of the premiere market research tool and utilize this ability to optimize its features and functionality.  This provides for a better client experience, greater respondent engagement, more statistically sound results, a quicker turnaround and all for a less expensive price.

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New Qualtrics Website

Qualtrics launched a newly redesigned website last week that might just be the greatest thing we’ve seen since they put the pocket in pitas.

"Our primary objective was to simplify the website for a better user experience," says Tom McConnon, the new website project director. “We’re pretty happy with the end result.”

The website showcases some great Qualtrics features:

Video Content: The front page has a new product video and testimonials from Columbia University, Foot Locker, and The Conference Board. We’ve made it really easy to see how others are using Qualtrics.

Bulleted Features: All of Qualtrics' capabilities are explained in easy-to-navigate bullet points with expandable information. You’ll now get access to as much (or as little) information as you want.

New Products: Pages showcasing Site Intercept and the long-rumored Qualtrics 360 tool are now up.

We hope you find a few tips to help improve your research. Check out our new site for the best survey software on the market.

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Using SAS to Import Survey Data

You can always download your survey data as a CSV, SPSS, XML or HTML file under the “View Results” tab of your Qualtrics survey dashboard. However, sometimes it is useful to read your data directly in to SAS. For example, if you would like to do a recurring analysis of your data in SAS, you would not have to keep downloading the updated data file as people continue taking your survey.

Qualtrics REST API

The Qualtrics REST Application Programming Interface (API) allows you to query our system using simple URL syntax without having to log in to the regular Qualtrics interface. The API is typically used to set up an automated system, such as automatically downloading a survey's data at midnight each night, or each day automatically scheduling a mailing to a list of respondents from a CRM, etc. API access typically incurs an extra cost. If you don’t have API access, but someone in your organization does, you can collaborate your survey with that person to be able to use the API. Contact a Qualtrics representative for more information about acquiring API access.

The root URL for communicating with the Qualtrics system is:
https://new.qualtrics.com/Server/RestApi.php. If you do not specifically need the data to come from a secure http location, you can simply use “http” instead of “https”. Otherwise, you must download the SAS/SECURE™ SSL Add-in module and obtain an SSL certificate. The add-in can be found at SAS/Secure Software. An explanation on how to obtain an SSL certificate can be found here.

Survey Request: getResponseData

In order to use the API to get your survey data, you will need to use the getResponseData request. The required parameters for this request are User, Password, SurveyID, and Format.

Example:

https://new.qualtrics.com/Server/RestApi.php?Request=getResponseData&User=MyUserName&Password=MyPassword&SurveyID=SV_123456789&Format=XML

User and Password are simply your Qualtrics username and password. Your SurveyID can be found by logging in to your Qualtrics account and clicking on your survey. The survey ID will be displayed in the URL and will begin with “SV_”. The Format parameter specifies the format you want your downloaded data to be in. A table of all possible parameters for the getResponseData request is provided below.

Parameter Value(s) / Formatting Required Description
User String Yes Qualtrics username
Password String Yes Qualtrics password
SurveyID String Yes The survey you will be getting the responses for.
Format {XML, CSV} Yes The format the data will be transmitted in.
ResponseID String No The response id of an individual response. ResponseSetID, SubgroupID, StartDate, and EndDate should not be specified when using this parameter.
ResponseSetID String No The response set you want to retrieve the data from. If not specified it will use the default response set.
SubgroupID String No The subgroup you want to download the data for.
StartDate YYYY-MM-DD No The date the responses must be after. YYYY-MM-DD HH:MM:SS
EndDate YYYY-MM-DD No The date the responses must be before. YYYY-MM-DD HH:MM:SS
Questions Comma-separated list of question ids No Will filter the data to only include those specific questions.
Labels {0,1} No If 1 (true), the label for choices and answers will be used and not the id. The default is 0.
ExportTags {0,1} No If 1 (true), the export tags will be used rather than the V labels. The default is 0.
ExportQuestionIDs {0,1} No If 1 (true), the internal question IDs will be used rather than export tags or the V labels. The default is 0.
ExportRowID {0,1} No If 1 (true), the row id will be exported. The default is 0.
LastRowID Integer No Each response is recorded sequentially. The row id is incremented for each new response. When specified it will export all responses after the id specified.
LocalTime {0,1} No If 1 (true), the StartDate and EndDate will be exported using the specified user's local time zone. The default is 0 {false} which uses the server time zone.
UnansweredRecode Integer No The recode value for seen but unanswered questions. If not specified a blank value is put in for these questions.
PanelID String No If supplied, it will only get the results for members of that specific panel.
Limit Integer No The maximum number of responses to return.
IncludeStatus {0,1} No If 1 (true), the response status data will be included. The default is 1.

SAS

The following example uses macros to assign values to the required parameters of the getResponseData request. These macros are then used in the filename statement where the full URL is assigned the name “mySurvey”. The data step assigns the name “SurveySample” to the data found at the specified URL and inputs the variable names.

Example:

/*These Macros assign values to the required parameters of the getResponseData request. Replace the values on the right of the equals sign with your own values.*/
%let myUserName = John;
%let myPassword = password;
%let mySurveyID = SV_123456789;
%let myFormat = CSV;

/*Full URL*/
filename mySurvey url "http://new.qualtrics.com/Server/RestApi.php?Request=getResponseData&User=&myUserName&Password=&myPassword&SurveyID=&mySurveyID&Format=&myFormat" debug;

/*Data Step*/
data SurveySample;
infile mySurvey firstobs=3 dsd length=len; *firstobs makes SAS begin reading in the data at row 3. Your data may start at a different line depending on the settings you have in your Qualtrics account;¬
input ResponseID :$15. ResponseSet :$7. Name :$9. ExternalData $12. EmailAddress :$15. IPAddress :$30. Status $ StartDate :$30. EndDate :$30. Finished
Question1
Question2
Question3; *this step assigns variable names to the collected information in your survey;
run;

In this example, SurveySample contains the results for only 3 questions from the survey. The rest of the variables are columns that Qualtrics surveys usually automatically output. Following is a description of each of these columns.

  • ResponseID – a randomly generated code for each participantResponseSet – this might not appear in each data set, depending on the settings you have in your Qualtrics account.
  • Name – name of the respondent. It may be anonymous depending on the specifications you have for your Qualtrics survey.
  • ExternalData – can be used if you want to associate an ID with each panel member with an ID outside of the Qualtrics system. For more information, refer to Qualtrics University.
  • EmailAddress – email address of the respondent.
  • IPAddress – the IP address of the computer the survey was taken on.
  • Status – this is used as an identifier for spam responses. For more information, refer to Qualtrics University.
  • StartDate – the date that the participant started taking the survey.
  • EndDate – the date that the participant finished taking the surveyFinished – a “1” in this column indicates that the participant finished the survey.
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Top 10 Survey Pitfalls

In a perfect world, we’d all be survey experts. But since nobody’s perfect, sometimes we still make common mistakes when designing surveys. Avoid these pitfalls and you will have better data and make better decisions.

Loaded Questions or Leading Words

  • Avoid wording differences (could, would, should, might)
  • Watch for strong words (prohibit)
  • Don’t use biased phrases (wouldn’t you…)

Misplaced Questions

  • Consider question order and context
  • Use the Funnel Approach
  • Avoid “ringer” or “throw away” questions

Mutually Non-Exclusive Response Categories

  • Use mutually exclusive multiple choice questions unless otherwise specified

Non-Exhaustive Listings

  • Are all of the options covered?
  • Do a pretest or use an “Other (please specify)” option
  • Cover at least 90% of the respondent answers with your survey

Nonspecific Questions

  • Build questions that are clearly understood
  • Be specific about what you want to know

Confusing or Unfamiliar Words

  • Avoid specific jargon or confusing acronyms
  • Make sure your audience understands your language level, terminology, and intent
  • Keep it simple (9-11th grade reading level)

Non-directed Questions that Give Excessive Latitude

  • Provide clear intent and direction for the question

Forcing Respondents to Answer

  • Avoid being too intrusive
  • Try offering incentives and assurances of confidentiality

Unbalanced Listings

  • Avoid unbalanced scales
  • Clearly identify end points

Double Barreled Questions

  • Don’t ask two questions simultaneously
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Qualtrics Trip – MSMR Conference

Qualtrics is hitting the road!

Earlier this month, we sent two Qualtrics representatives to the Master of Science in Marketing Research Conference hosted by University of Texas – Arlington in Dallas to meet some of our awesome clients.

These reps, Bryce and Robert, had the chance to visit with both academic and corporate organizations. We thought it’d be great to have them share what they loved about meeting with clients.

Better Relationships

They both noted that meeting face-to-face with clients helped them build stronger relationships with those individuals.

Robert mentioned one client was “…really testing out the software and had a list of questions I was able to [answer].” Bryce said that meeting with clients “…allows you to connect with them on a different level and build a stronger bond.”

Validation

One important purpose of the trip was to learn how we could better meet the needs of our Qualtrics users. Robert told us that when asked, the only problem one particular client could come up with was that they needed to update their version of Excel so they could read our reports better.

“That isn't even a Qualtrics Problem!” Robert said.

User's Excitement

Our employees had fun watching the excitement some users showed as they learned more about Qualtrics’ capabilities.

“There is nothing like hearing an audible gasp as you show them features that will save them hours of time,” Bryce said.

A special thank you to anyone who met with Bryce and Robert in Dallas — they loved seeing how you are using Qualtrics in real-world applications.

If you have any cool examples of how you’re using Qualtrics, let us know by emailing publicrelations@qualtrics.com.

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What is "Qualtrics University?"

Earlier this year, we created a new team here at Qualtrics headquarters.  The teams previously known as Support, Training, and Marketing were combined to form one dynamic team of Qualtrics experts. This lineup is now known as Qualtrics University.

Each individual group of people carried strengths to the new and improved team:

  • Support brought speed, efficiency and the ability to find solid solutions to complex problems.
  • Training added in-depth teaching, customized attention and proactive outreach to make sure all is well with Qualtrics users.
  • Marketing provided great writers, increased attention to detail, a boosted effort to create skins and a stellar new company website (in the works).

Each member of Qualtrics University is ready and willing to help with all of these functions. We want you to have the best Qualtrics experience possible, and this team is here to make sure that happens. You can contact a member of Qualtrics University with a request for help via email, phone, Twitter, or Facebook.

Also, in an effort to be even more accessible, the QUni website has video tutorials, written instructions, available trainings, Coder’s Corner, contact information and research articles. It is being updated and improved as often as Qualtrics itself, so be sure to check it out.

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Find Answers on Our FAQ Page

Thanks to continuous feedback from users, we are able to constantly work to update Qualtrics. Each new release, we do our best to improve the tool and incorporate as many suggestions as possible. Even with this recurring revamp and our efforts to make Qualtrics as intuitive as possible, there are still some questions we hear a lot – and maybe you’ve had some of these questions, too.

The Qualtrics University has a Frequently Asked Questions section dedicated entirely to your questions. Do any of the following examples seem familiar?

Survey Design

  • How do I export my survey to Word?
  • How do I insert a heading or instructional text into my survey?
  • How do I re-number the questions in my survey?
  • I set up a randomizer, but it isn't presenting the blocks evenly. Why?

Distribution

  • How can I track who took my online survey?
  • I am getting responses that people are not able to access the survey. Why would this happen?
  • I sent out my survey, but I realized that I need to make some changes to it. Will that influence my results?
  • Why does the “from” address say noreply@qualtrics.com when I send out a survey invitation email?

Reporting

  • How can I import responses I collected in multiple surveys into a master survey?
  • When I look at reports, I don't see all of the questions, or they aren't in the order of the survey. Why?
  • When I look at reports, I don't see all of the responses. Why?

Other

  • I need to get approval from the IRB to use Qualtrics. Where can I get information on your system?
  • Which web browser should I use?
  • What should I do if I forgot my password?

And the list goes on! So next time you’re in need of Qualtrics help, think about turning to our Qualtrics University FAQ page to find quick and easy answers. And always feel free to contact the Qualtrics University team, as well, if you need more advanced help.

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