How to Build a Market Research Survey?
Building a
market research survey wouldn’t take much time or effort. But creating an excellent market research
survey would require you to keep in mind a few crucial points. These can come handy to help you create a
survey which can effortlessly bring data; the dos, the definite don’ts, the next course of action, and the
areas that require some serious attention and action.
1. Identify the purpose: Uncover the very purpose of conducting market research. What is it that
you wish to find out from your consumer or market? Once you isolate the purpose, it would be very easy to
keep a laser-sharp focus on it. Thus, you can eliminate any unwanted detours in the wrong direction.
2. Select your audience: Once you know what the purpose of your market research is, the next step
would be to figure out who would you like to know all this from, ie, your audience. Choose your
demographics wisely since they can significantly affect your business, whether a startup or Fortune 500!
When you target the right people, you will get the answers you were looking for and possibly weren’t
expecting to get too!
3. Create your market research survey: You know the purpose of the research, you know whom to ask,
the next step is just to ask now! Merely asking won’t fetch you answers, what you ask and the way you ask
makes all the difference. Create engaging
surveys and don’t wander off into irrelevant territories. Also, don't restrict yourself to simple
and conventional ‘Yes/No’ or the, ‘I strongly agree/disagree’ questions. They have a big role in bestowing
the negative image online surveys have. The more engaging your market research survey is, the more honest
answers you’ll get. Survey abandonment and survey fatigue are challenges that data collectors face, even
now. You can solve this issue right here as well. Test it with a small group before you send it out to a
large group.
4. Share generously: Until recently, companies shared market research surveys on limited channels.
But now, say yes to more! Email survey, web links,
social media, SMS surveys- more the channels the better, more the reach the better. Provide a coupon if
your audience completes the market research survey successfully. Don’t miss any opportunity in reaching
out to them.
5. Collect data, create information: Once you get the market research survey responses, you have
crude data in hand. Turn this data into refined information using the reporting module of your market
research survey platform. Consequently, you can use this information for extensive studies and analysis.
6. Analyze and act: You have all the information needed in hand, now take measures to implement
things. It would all mean nothing if you aren’t planning to take any measures after analysis.
How to Use Panels to get Your Audience?
Audience Panel is a group of individuals who are
using or have used a particular product and provides feedback on it. Such a panel mostly consists of
people, belonging to different backgrounds, who are picked out to get feedback.
It is a form of preliminary market research which gives you untainted, raw reviews on the actual product
itself. This is very crucial since it can help you pick out the selling points and the flaws.
Consequently, you can improve the product before penetrating the market and make it a perfect market-fit.
So how can you use audience panels for your market research?
The first and primary step would be to identify the key purpose of the research you wish to conduct.
Specifically, have a picture of the nature of data you want to collect from your target audience.
Now, you need to identify the target audience. Targeting anyone who could be interested in what you offer
is not smart. This vague approach would wither before it blooms. You can profile your audience based on
various demographics like age, gender, location, ethnicity, income, employment etc.
Create a market research survey questionnaire which is relevant and precise to capture all the critical
data points you want. Most of the survey tools have survey templates that give you a fair idea, but you
must customize the template so that it fits your needs. A tailor-made market research survey that projects
the data points best can garner you with profound insights. Ensure it measures customer
satisfaction surveys, their expectations, and improvements needed.
Analyze your data
and figure out the direction in which you would steer your product as it enters the market. A good market
research survey tool will help you identify the blind-spots and render a top-notch product before
your consumers.
