Build highly engaging surveys to conduct market research
Utilize multiple platforms to share market research surveys
Extract valuable conclusions from market research data
Devise measures based on market research insights
Market Research has emerged as a powerful element in the marketing strategies of companies worldwide. In simple terms, Market Research is the process of studying and scrutinizing the target market for a product/service. This is carried out in an attempt to uncover various crucial facets such as customer trends & requirements, pricing patterns, competition level, general market weather, and such. A business can make use of these valuable data to position their brand in the right market where it is an immense success.
There are mainly two forms of market research:
Primary market research includes gathering research data by yourself by interacting with customers via customer feedback questionnaires & polls, online surveys, telephonic interviews and so on. Secondary market research includes collecting data that has been obtained by another party and then analyzing it. This includes information available at your disposal like reports, statistics, market content and such.
Conducting market research thoroughly can provide you with a plethora of advantages and possibilities. Thus, one can safely say that a firm becomes adequately positioned to tackle the various hurdles that come their way using the information revealed by market research.
With market research, one can:
Place the product in the perfect target market where there are requirements and immense potential.
Find out and tweak a current product/service to best suit the present market vibes. Consequently, your product becomes a perfect market-fit thereby improving customer satisfaction and enhancing the overall customer experience.
If your product is not what the consumer wants, the market sinks it right away. Before presenting a product, it is crucial to find out consumer purchase patterns to tailor-make a product to suit their needs.
Devise ways to make your product stand out from the remaining competition. Market research opens the door to uncover data that helps to offer features which differentiate your brand and makes it unique.
When you know what your brand must offer and to whom, your organization is on the way towards achieving a strong foothold in the market.
Pricing your product at just the right amount is crucial to strike the perfect balance between affordability and revenue generation. Remember, consumers wouldn’t think twice about avoiding an overpriced product. With market research, over-pricing or under-pricing your product is no longer a worry.
As a business grows, expansion is mandatory. An excellent market research helps you uncover the scope and potential new target markets can offer.
Doing excellent market research is no easy task. Data collection is of no use unless it can bring out the specific areas in which your company has misjudged or misinterpreted facts.
Here’s a step-by-step guide on how to conduct flawless market research.
The first step toward useful market research is to identify the objective of conducting the study. Having a well-conceived idea always gives immense clarity for the entire process. Is the goal to find out consumer trends & their preferences, pricing strategies, or to find out if there is a demand for the product in a particular market and so on.
When you get hold of the right audience, you can quickly identify the gap between what you provide and what customers want. An online panel that comprises pre-screened audience comes handy here. Online panel audience is profiled according to various demographics like age, gender, employment, location, ethnicity, and so on to suit multiple needs market research may have.
The next step is to draft up a crisp questionnaire that asks the right question to your audience. More engaging the survey is, higher the quality of responses you will receive. Opting for open-ended questions like opinion scale, MCQs, rank order, and such in your market research survey will tremendously help in boosting the completion rates. Interact with and not interrogate your audience.
Once you craft your market research questionnaire, ensure that you share it across multiple channels to provide maximum reach. Share surveys online via email surveys, web links, social media, etc., to ensure they receive maximum visibility. You can also opt for an offline survey app to collect feedback directly from them, in the absence of the internet. More the sharing media, better the completion rates!
Once you get the market research data in hand, extract meaningful information from it. Get a panoramic view of market trends, customer purchase patterns using statistics, numbers, graphs and more! From the insights, gain new perspectives you can which were misinterpreted before and also identify blind spots which were invisible and overlooked. In this manner, you can steer your business in the right direction and overcome hurdles that come up.
With the market research information you have in hand, perform the SWOT analysis. Identify the Strengths, Weaknesses, Opportunities, and Threats. This is a highly result-oriented technique to identify the strong points, weak spots, the scope for improvement, and challenges for business. Steer your business strategies based on the insights revealed to make your product the best amongst all others in the market.
If you are unsure about the type of questions that must go in your market research survey, here’s a quick market research survey template to help you get an idea. You can modify the questions to fit your market research requirements and get started, right away.
Market Research takes a crucial position in any business strategy today. However, executing flawless research is a cakewalk with a great market research tool by your side. Read on to find out how can SurveySparrow be the perfect market research tool for your business.
SurveySparrow’s market research software comes with a host of efficient features to create smart surveys that offer a highly personalized experience to each user. Some of them include:
SurveySparrow has its own dedicated audience panel to cater to your market research needs. Our extensive profile covers business roles, business types, employee sizes across various spheres. The reach is spread far and wide, over 80 countries around the globe!
SurveySparrow’s market research tool is rather serious when it’s about sharing surveys. For that, we have neatly lined out the best survey share options for you like:
With SurveySparrow, rest assured, for you can slice & dice the market research data to gain invaluable insights. Equipped with a rich dashboard that furnishes in-depth reports, graphs, charts, histograms and more to give you a wholesome view. Thus, assemble refined information in no time!
Find out how well your survey is faring by tracking with SurveySparrow’s market research software. Identify the channel that has brought maximum responses and steer your strategic efforts accordingly. You can also find out the completion rates, the average time to complete your survey, and more!
Market Research helps you to size-up your target market before you take the plunge. In this manner, you will position your product in the right market, present it to the right audience, price your product aptly, tackle competition smoothly, and make a strong foothold for your brand in the market.
SurveySparrow's market research software helps you achieve all these in one smooth stroke! Why don't you sign-up and try our market research tool!
"Smart, varied and loaded with opportunity for users to share insights they might not otherwise feel comfortable sharing..."
Market Intelligence & Strategy Manager at Paysafe
Business Manager at Brella
Founder at Parisa Consulting
Business Advisor at Exceeding Limits