Before we learn about market research questions, how about a coke?
Coca-Cola, from classic coke to their famous diet coke, is a success. No doubt. But they’ve had their share of failures too.
One of these failures happened because of poor market research. Coca-Cola’s highly ambitious product, C2, which was half regular and half diet coke, tanked badly, as they didn’t ask the right questions to the right audience during market research.
Coca-Cola lost upwards of $50 million on C2, and we don’t want something similar happening to one of your products. That’s why our focus is on market research questions that’ll get the right responses. Plus, we’ll discuss:
- What is Market Research
- Market Research Questions To Use In 2022
- How to Write Market Research Questions
- Benefits Of Market Research.
- Tools for Conducting Market Research.
What is Market Research?
Market research is the process of gaining your target customer’s insights about new products, competitors, preferences, or more. Marketing research is all about getting that high-value information on things that could benefit a company and help them grow – and surveys are a great tool for this.
If you struggle with writing questions for your market research surveys, bookmark this blog. The better and more precise these market research questions are, the better the data, and the better the decision you make with it.
25 Market Research Questions to Use in 2023
Here we are now – the 25 most effective market research questions that deliver outstanding results when used in research surveys. We’ve split these questions into five different categories so that you can pick the right ones at the right time.
- New Product Survey Questions
- New Business Survey Questions
- Competition Analysis Survey Questions
- Questions For Your Existing Customers
- Questions To Improve Customer Service
These marketing research questions can be open-ended, multiple-choice, or scale-based questions as per your data requirements.
1. New Product Survey Questions
A new product launch is where most market research happens. As exciting as it sounds, it can cause a massive failure if the new product ain’t what the target audience wants it to be.
To understand that, here are the market research questions you can ask:
- How excited are you about our upcoming product? Would you be willing to test it?
- Is the product solving your problem accurately?
- What change do you wish to bring to this product?
- If given the responsibility, how would you go about promoting it?
- How much do you think the competitors would charge for a product like this?
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2. New Business Survey Questions
When you’re about to enter a new business or market opportunity, it always works well to:
- Research the audience you’ll target
- The competition you’ll face
- The market size of this new opportunity
- The buying behavior of your target group
These are the 5 market research questions for new business:
- Who are the group or groups that’ll buy from us?
- How big is the market for this opportunity? Will it sustain or shrink in the long run?
- How can we capitalize on the buying habits/behaviors of customers in this market??
- How are our competitors, direct or indirect, doing their business in this market?
- What’s are the problems we’ll solve for our target groups here?
3. Competitive Analysis Questions
Let’s face it. Whatever your business is, there are competitors. Some are big, some are small, but competition is there, and when you’re keeping tabs on them by asking the right market research questions from your teams and customers, you stay ahead of the curve!
Here are five good market research questions for competition analysis:
- What do you like the most about our (competitor’s name) product?
- Are you content with their product pricing?
- Where do you think our brand stands compared to (competitor’s name)?
- Do you like the way they market and advertise their products?
- What sets (competitor’s name) apart? Is it their product, service, user experience, content, or anything else?
4. Questions For Your Existing Customers
When you and your teams are working on a new product, or service, or want to bring changes to the existing ones, it’s always best to know your customer’s opinions about it. Because you want to deliver what they want, and the changes that’ll take their satisfaction levels with your brand to the next level.
Check out these 5 market research questions for your customers:
- What changes would improve our product for you?
- Are you facing any consistent issues where you think we can help?
- Do you think our services can improve? If yes, we would love to know how?
- Would you buy our products/services at a higher price if we add additional features to them?
- How can we improve our products to enhance your overall experience?
5. Questions To Improve Customer Service
If you thought market research and market research questions were only about new products, new business opportunities, insights from existing customers, and competitor analysis, think again!
Market research has always been about improving according to your customers, target audience, and employee insights. Your customer experience always needs review and timely improvements, and a market research survey backed with the right market research questions would help you big-time here.
So, let’s look at five such examples of market research questions that you can ask about your customer service:
- After raising your query, how much time our customer service representative took to reply?
- Did our customer service representative directly gave you the solution or explained why the issue occurred in the first place?
- How convenient is it for you to reach our customer representative and head?
- Do you wish our customer service team to be available on any other channels apart from the ones they are?
- Do you get consistent customer experience on all channels from our service team?
How to Write Market Research Questions
Here are 10 tested tips to create a perfect market research survey that gets results. Make full use of it.
- To create the perfect market research survey, define the problem you’ll solve with it. Don’t just conduct market research hoping to get actionable data.
- Select the right target group. You do not want to collect irrelevant data that’s of no use. So, for a particular problem, select the right people.
- Know your sample size. Whether your method is cluster sampling, quotas, systematic sampling or purposive sampling, figure out the number of survey responses you’ll need for reliable data, and keep a safety margin for half-filled or not-responded surveys.
- Select focused questions. Use these twenty-five questions the best you can. You can also check out our go-to guide on how to write better survey questions.
- Use interactive question types – like voice notes, image choice, video backgrounds and graphical sliders.This will massively increase your response rates.
- Give incentives like free e-books, gift cards. This can give respondents the extra encouragement they need to complete the survey.
- Keep it conversational. Market research surveys work when they are treated with the same care and warmth as a conversation. So, build that trust with the tone of your questions.
- Don’t send the survey to all the respondents at once. Send it to a small batch first. Analyze how they’re answering, make changes if needed, then go for the full-scale market research.
- Set times for reminders. You don’t want to speed up at the wrong time.
- And last, give enough time for analysis. Certain survey tools can save time with auto-generated survey reports that you can customize.
Benefits of Market Research. What Makes it So Important?
While we were explaining market research and market research questions, we mentioned one of its biggest benefits too. The benefit that makes it absolutely important for any business gunning for long-term and sustained growth.
Guessed it? Well, it’s the benefit of getting rich insights from your target audience. But that’s not the only benefit.
Yes, market research offers a lot more than you can think of. And it’s time we discuss them one by one.
Know Your Business Better
When you get feedback from customers and the target market about a product or service, you see the difference between your and your customer’s opinions. Observing this difference gives you the chance to bridge that down by aligning the new or existing product based on their wants.
So, when you use the right market research questions in your survey, you get to observe your company through the target audience’s lens, which in turn allows you to understand the business and its goals better.
Get More Business Opportunities
While conducting a market research survey, you often find or realize a new opportunity or avenue where the company can thrive. This realization comes when you analyze the collected survey data and see your target market’s interest in this new opportunity.
Discover New Customer Segments To Target
“The product has come out well. I would like to use it, and I think the Genz’s would like it too.”
If the answer to one of your market research questions is something like this, you and your teams know they have a new customer segment to target. That’s a powerful benefit of conducting a well-planned market research survey that contains the right questions.
Massively Reduce The Risk Of Failing
With market research or market research surveys, you don’t just get to know the insights and opinions of your target audience on a certain product, you also come to understand areas where it’s severely lacking and can cause a failure if not duly addressed.
Also, with a few well-crafted market research questions, you get to know the areas where your business is lacking. And if you’re working on those, the chances of your business going under reduces massively.
Understand Where And How To Market
By using the right market research questions in your surveys, you understand where and how your customers and target group want your teams to market a product.
Give your survey respondents the freedom to express themselves and you’ll get gold out of your market research. Believe us on that!
Track Your Competition
While conducting market research, you can’t forget about your competitors. As a leader, you need to stay on top of proceedings regarding your competitors and their products. Your teams need to have answers to questions like, what new are they bringing, what’s their new campaign like, what are they focusing on at the moment, and many more.
What better way to do that than to ask these subtly by including the right market research questions. And trust us, you’ll get massive information about your competition with these surveys, that’ll allow you to pivot and do better.
Identify New Trends
Scanning the internet for new trends is an absolute time-consuming process. You can replace that with market research and market research surveys to stay updated and well-informed on what new your customers want.
If not anything, it’ll save your teams a lot of time, which they can use for other important tasks.
Predict The Future
To sum all the benefits we’ve mentioned, you’ll be able to predict the future of your products, services, and even your business after knowing your customer’s insights and opinions on it. That’ll give you the chance and the freedom to bring the right changes at the right time. Ain’t that impressive?
Reliable Tools for Conducting Market Research
You now know the twenty-five top market research questions to include. But how can you add these questions to a market research survey and send it? What are the different tools you could use for it?
If you’re having these questions, with no further ado, get your answers here.
A Full-Action Survey Software
There can be nothing better than using survey softwares to conduct market research surveys. Period. But why? Well, survey software is the best way to gather reliable information quickly from your customers and employees about your existing or new products. These surveys would give clarity about your potential and target customers, buyer persona, and the solid feedback you’ll receive will help you strategize and do better eventually.
If you’re looking to use survey software for your research surveys, look no further than SurveySparrow. This Typeform alternative allows you to create engaging forms and surveys with no hassle. These surveys are conversational, easy-to-use, and completely secure. More importantly, it offers features like likert scale questions, interactive dashboards, customization, embedded surveys, recurring surveys, and so much more. And you can use all these features in the 14-Day free trial itself.
Our friendly suggestion: Don’t miss out on this!
Chatbots for the Website
Chatbots are the future of market research, no doubt on that. As per a study, by 2024, the global market for chatbots is projected to be over $994 million. That’s some number! Thousands of brands are implementing or have implemented chatbots in their everyday business task. From doing market research to tracking and answering customer’s queries, chatbots are everywhere.
Do you know what’s the best thing about a chatbot? It’s that it makes a customer’s or employee’s journey more enjoyable, as the conversations are natural and human-like. In addition, a chatbot will always ask a follow-up question to your customers just like a human mostly does. And this helps in market research. How? By making sure you and your teams are always up to date about what your customers want and what their expectations are from your products, services, and support.
SurveySparrow’s no-code Feedbot is made to gather insightful market data with no programming knowledge. Deloitte Digital, a San Francisco-based marketing, and advertising company de-cluttered their data collection process using SurveySparrow’s Feedbot. The company was facing challenges while collecting market data with the paper questionnaire format. However, the chat-like experience and interactive UI of Feedbot helped them gather 804 survey responses out of 1200 surveyed people. That’s a 67% completion rate. Market research conducted most profitably, isn’t it?
360 Degree Feedback Software
You can spend all your dollars on your customers to make them stay, but without your employees’ efforts, it just won’t happen. When we talk about market research, the first thing that comes in our mind is the customers. We want to conduct market research to gain knowledge about customer preferences, insights, and opinions. But, what about employee research to find their satisfaction levels?
In recent times, employee satisfaction and experience have both become popular and crucial topics. Because, no matter the industry, people like to do business with people. And satisfied employees are the most real, and simple people to attract customers and keep them engaged.
That’s why it’s important to use a 360-degree feedback tool like SurveySparrow’s 360 degree feedback solution. With this, you can conduct an employee assessment (research) to increase their satisfaction levels and drive growth. Trust us, you need to conduct such assessments, especially going forward in this new normal.
There you have it, then. You now know the benefits of market research, twenty-five different questions to include in the market research survey, tools to conduct these surveys, and as a bonus, highly effective tips to create the perfect market research survey.
The only thing that’s left now is for you to use these questions and start conducting market research surveys. SurveySparrow and its marketing experience solution can make this process a lot easier, effective, and the least time-consuming for you and your teams. So, check it out, and we’re just this click away if you need any help. Waiting to hear from you. Au revoir!