Market Research Software is the key essential to make informed business decisions. Ask us why- ever heard of Odeo? No? Alright, how about Twitter? Oh yes, isn’t it! Twitter was previously known as Odeo before its founders Evan Williams and Biz Stone decided to pivot from being a platform to create, browse, and share podcasts to a back-to-the-basics feed of information, with a renewed emphasis on news.
Another interesting trivia is that the immense success of Twitter is a result of well-laid out market research. From dodging the blunder of venturing out into the podcast space ruled by Apple to learning from existing social networks like Facebook about customer dissatisfaction, they left no stone unturned to release a product that would soon enough become a sensation worldwide. Now the blue bird tweets all day, around the globe!
Market research is the process of collecting data to determine whether a particular product/service satisfies the needs of customers. With an effective market research software, it is possible to gain inestimable insights about the current market trends, competitors, spending traits of your customers, economic climate, and demographics.
Before launching a product, it is crucial to find out how well it can perform. A product launched straight out of incubation, without knowing the current economic state of the market, consumer trends, or about a competitor is bound to stumble and tumble.
Numerous brands have opted the market research way on their road to immense success. A product launched at the right time, with the right needs to meet consumer requirements can even replace an existing monopoly easily. Therefore, the capability of proper market research cannot and must not be underestimated. A market research software is a proficient data collection tool that fetches accurate data about customers, competitors, and the target market.
Having a well-planned market research is great! But to have flawless execution, you need a great market research software. Market research involves targeting the right audience, asking them relevant questions, and gathering insights from the data collected, and taking actionable measures.
A market research software is one which can aid you in every one of those crucial touchpoints. Elaborating a little more, here’s why you must have a great market research software in your pack!
Is there a need for such a product in the market currently? If yes, what makes your product stand out from the existing ones. Would your customers switch from competitors to your product? These are the few questions which a market research software would help you get regarding your product.
Releasing your product at the wrong place for the wrong audience is bad news which can get a lot worse! Have a clear idea about who needs your product and why & if would they purchase it. A market research software that's capable of bringing you the right audience for your market research is like a generous icing on the cake.
When you launch your product, you would possibly be locking horns with the well-known names in the market. But don’t let your product be engulfed in the overwhelming competition which can be tough to beat. Instead, a market research software will help you analyze who is your biggest competition, how to tackle them, and even beat them in the future.
How can you understand what customers want from you? Simple, ask them. Easier said than done. Most often, it is a round of interrogation which happens in the form of online surveys. A great market research software helps you converse with your customers effectively and collect valuable customer feedback. This feedback is crucial for your company. You will discover what’s amiss and what needs to be done for improvement. Know the pulse of your customers by using a customer feedback survey or a customer satisfaction survey. Therefore, a market research software steps in as an effective voice of customer tool to know your customers better.
Having data in hand is good. Having information drawn from that data is excellent. But this is not an easy task. A good market research software helps you gain in-depth views of the data you have collected as a part of the research. A feature-rich market research software can provide you the length and breadth of the entire process. Employing it well can turn things around for your brand in a blink.
Hold on! Before you make up your mind on market research, see what’s your answer to the questions we have below!
Does your market research software help you to…
Does your market research software help you identify potential customers? To do so, you must know who your target audience is. Who would be using your product, and would they be ready to switch from their current product to yours? An efficient online panel will help you reach the right audience which is a crucial step. When you hit the right people, this is the surefire way of having new customers on board.
In the run to recruit new customers, you must not forget your existing customers. This big faux-pa was made by Coco-cola when they completely stopped the production of the existing cola drink that was loved by the public. The new coke wasn’t bad, but in the run to recruit new customers using the new formula, they completely ignored the existing customers who were loyal consumers of the old drink. Improper market research and crude marketing made this one of the biggest marketing blunders in history.
A great market research software helps you convert raw data into refined information. This will help you tremendously to identify the strengths and weak points of your business. Consequently, you can use this data to steer your marketing strategies and take your brand one step higher.
Market research software helps you explore the market along the length and breadth, not missing out an inch. You can locate potential points for growth and expansion of our business and add new customers to your pool.
The purpose of market research isn’t just finding out if your product can fight and survive in the market amidst stiff competition. It is also to learn how an existing product can be improved to make the product a customer favorite. Use your market research software to extract the best views about your biggest business challenges and blind spots. Witness your business soar to new heights.
When you are kicking off a new venture, along with hopes, there are many risks involved. Profit & loss lies on either side of the balance, and getting profit and success ultimately depends on customer acceptance. However, a market research software helps you to gather what the customers expect and need, thereby helping you to bring in tweaks, add new features, and make your product the right fit for the target market and customers.
When you have significant data in hand, you get better insights. As a result, you will get the bigger picture and get an end-to-end view of scenarios. A market research software helps you uncover every grain of data, which consequently reflects in the decisions you make. When you have valuable facts, you can make improved decisions and remove any miscalculations & misconceptions out of the equation.
Advertising when done right, can take your brand places. It tells your customers how your product helps them and the need to procure it. But how will you know what are the needs of customers and the problems they face? With the data, a market research software collects. When you uncover what lacks in the market, you can quickly put it forward with creative pieces that sell your product easily.
If you answered a big NO to all the above, it’s time you left the market research software you have in hand and switched tools!
There are various ways in which you can employ market research software for your business. Here we outline the 4 main uses of a market research software.
Market research software helps to ascertain the market fit for your product. Product-market helps to understand how relevant a product is in its target market- whether there’s a need for it, if it matches the requirements, if customers prefer using it, and so on. A product that doesn’t meet the product-market fit ultimately fails to take off. Here’s a product-market fit survey template to help you out.
On the brink of launching a new product? However, how can you know if there’s a need for the product in it? Placing your product in the wrong market can be the biggest folly a company can make. Therefore, market research software helps you to do effective market research so that you can know your target market accurately before launching a new product.
Market research software also helps to understand how a product can be improved to match the changing trends in the market. It is necessary to keep a close watch on the changing needs of customers and the market conditions that surround it. With market research software, you can know the pulse of customers and tweak your product to tailor-fit it.
Market research software helps to know your target market inside-out. You can gather information about the competition, pricing trends, the pros & cons of launching the product, the changing trends, nature of promoting & advertising in the market, etc.
You saw what a good market research software could help you achieve. But what makes a great market research software anyway? There must-have qualities in a market research software which can, after your market research, leave you with a content smile and sense of immense satisfaction.
Every step in market research is significant. But it wouldn’t be wrong to say identifying and employing the target audience has an additional supporting role as well. If you get the wrong audience, all the following steps would be affected, and this has accompanying repercussions. Market research software capable of fetching you the right audience is a win-win any day. Such a market research software would provide you with an online panel of audience who will answer the questionnaire you send out for them.
Once you know your target audience, the next step is to draft questionnaires that capture answers you wish to find out. Understand what customers expect from the product and what are their requirements. When you know what they want, it is easier to tweak your product to fit the bill. While drafting questions, keep in mind the following tips:
Make surveys engaging: Survey fatigue is real. People have an aversion towards taking surveys, and this is what reflects as the low completion rates. Therefore, ensure that the market research questionnaire you create engages the audience. Personalize the surveys to get this result.
Keep surveys short & relevant: Nobody looks forward to answering a survey that stretches for pages. Get the objective of the research clear and draft questions which will help to ask what’s important. This also helps to avoid wandering off into different territories and over-stuffing the survey.
Ask the right questions: Ensure that you have the right balance of both open-ended and closed-ended questions. Include diverse question types and get pertinent data.
Share your surveys across different channels- both online & offline to boost their visibility. As a result, respondents can opt for the channel that’s most convenient to them; be it emails, social media, web links, SMS share, to name a few. You can also employ an offline survey app to collect data even when there’s no internet.
A great market research software helps you convert the raw data collected into quality information. This is pivotal in gathering views which is the entire purpose of the market research. A market research software should, therefore, be capable of rendering you such invaluable information. A software which comes with a robust reporting system, which analyzes the data at a granular level, must be at the top of your priority list.
Get, set, go! Now all that remains is to take measures based on the information and insights you have in hand.
Wondering how SurveySparrow can help you through and through as your market research software? Let us show you how:
Our online audience panel, spread across 80 countries, can easily fetch you the apt audience for your market research. Get access to pre-screened and qualified members who can give you the best feedback you were looking for. Therefore, SurveySparrow solves your problem of finding the right audience for your market research.
We are happy to inform you that you have reached the right spot looking for market research software. Want to know why? SurveySparrow comes with two survey experiences. We have chat-like surveys and conversational forms that help you to engage with your audience better. You might wonder what’s it with chats and conversations. With a conversational interface, you can achieve up to 40% higher survey completion rates. Therefore, with SurveySparrow, you have in hand a market research software that fetches you an increased number of responses from your audience.
Strike the right chord with your audience with the very first question of your market research survey. SurveySparrow helps you achieve this effortlessly using a broad spectrum of diverse question types to choose from. We have features like Jump logic which will enable your audience to see only questions relevant to them. Why ask a vegan their favorite type of cheese!
More the reach for your surveys, better are the chances of fetching a higher number of quality responses. SurveySparrow's market research software leaves no stone unturned in ensuring that this is implemented. Be it email survey, web links, social media, embedded survey or SMS share, we have ensured your surveys reach the right audience always!
SurveySparrow is one such market research software which helps you get the big picture in totality. We have a rich dashboard which presents you with detailed analysis and reports of your research work. Charts, histograms, pie-charts; are just a few mentions we have in store for you.
Now you know the whats, whys, and hows about everything related to market research and market research software. Why don’t you hop along and become part of SurveySparrow?