Market Research, one of the key strategies employed by companies worldwide all started with a man in the late 1920’s. Often called as the Father of Public Relations & Market Psychology and named one of the most influential Americans of the century by Life magazine, Edward Bernays structured the very concept of contemporary marketing and advertising.
Bernays is credited for developing and evolving the idea that “market research was fundamental to understand why and how consumers chose to buy a certain good.”
A Market Research Survey is conducted in an effort the understand the behavior of the market, usually before the launch of a new product or expansion of an existing one. To run and scale a successful business, it is crucial to identify your target customers, their needs & requirements and what they expect from you.
Market Research Survey is the sure-fire way which can help you get accurate information on virtually anything about the market; customers as well as competitors. By identifying and predicting customer needs, you can serve them better and provide exactly what they look for. Market Research takes a pivotal spot in any company’s marketing blueprint. It encompasses market approach techniques, consumer needs and wants, resource allocation to steer your company’s strategic activities based on consumer demands.
Successful products have creative and well-planned market research strategies behind them, paving the way for customer appreciation and satisfaction.
When you build your product, you will leave no stone unturned in ensuring that it is an instant success. In such a case guess-games and instincts are insufficient and to an extent foolhardy.
It is always wise to know your market, size it up appreciably before you take the plunge. This is owing to the fact that the conditions surrounding your business can fluctuate dramatically. A new policy, a new trend, a growing need for consumers, the level of competition and so on.
Market Research Survey is conducted to extract key points which are quintessential to your business:
Station your product: This involves answering whether it is wise to launch your product in the target market. Will your product be redundant in an already overflowing market of similar ones? Is there any other geographical location or different demography where your product has the best chance of succeeding?
Gauge your competition: Your product would be locking horns with the key players in the market. So before you venture out, you should know what to expect from the market otherwise you would end up like a lost child in a crowd.
Coin your price: When you penetrate the market, and when you expand your existing product, the pricing strategy you opt for would be different. But to put a price on your product, you need a comprehensive analysis of how much your customers are willing to pay, the competitors price. Surely no one would think twice about avoiding an overpriced product!
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 few crucial points. These can come handy to help you craft surveys which can effortlessly present before you data- the dos, the definite don’ts, the next course of action and the spots requiring some serious attention and action.
Identify the purpose: Uncover the very purpose of conducting the 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 efficient to keep a laser-sharp focus on it. Thus you can eliminate any unwanted detours in the wrong direction.
Select your audience: Once you know what is the purpose of your market research, the next step would be to figure out who would you like to know all this from, ie, your audience. Choose your demographics well 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 also!
Craft your survey: You know why you want to research, you know whom to ask, now just ask! 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 for they have a big role in bestowing the negative image surveys are known for. The more you engage your audience, the more honest answers they’ll give you. Surveys are well-known for being left midway or entirely unattended altogether. You can solve this issue too right here. Test it with a small group before you send it out to a large group.
Share generously: Until recently, companies focussed on restricting sharing such surveys in limited channels. But now, say yes to more! Email survey, web links, social media- more the channels the better, more the reach the better. Provide a coupon if your audience completes the survey successfully. Don’t miss any opportunity in reaching out to them.
Collect data, create information: Once you get the survey responses, you have crude data in hand. Turn this data into information which can be used for extensive studies and analysis. Graphs, charts so on and so forth.
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.
Audience Panel is a group of individuals who are using or have used a particular product and provides feedback on it. Such a panel is mostly constituted with people belonging to different backgrounds who are picked out and asked for 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 and improve the product before penetrating the market.
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. Gone are the days of targeting anyone who could be interested in what you offer. This vague approach would wither before it blooms. Profiling your audience can be based on various demographics like age, gender, location, ethnicity, income, and employment.
Create research questionnaire which is relevant and precise to capture all the critical data points you want to gather. Most of the survey tools have templates to get you started, but customize it to fit your needs. A tailor-made survey best projecting the data points can garner you rich data with profound insights. Ensure it measures customer expectations, satisfaction and improvements needed.
Analyze your data and figure out the direction in which you would steer your product as it plunges into the market. A good market research survey software will help you identify the blind-spots and render a top-notch product before your consumers.
A good market research survey software helps you gather fine data about the market behavior, consumer trends, and competitor natures. This allows you to gauge the right approach to launch a product or improve an existing one. Once you have located the critical data points, it’s time for in-depth analysis. A good market research survey software will provide you dashboard to gather insights about the survey results.
SurveySparrow offers detailed analysis that can aid you to identify and understand the multiple facets of your research. This multi-dimensional approach will ensure you don’t miss out anything crucial!
With a great Market Research Software by your side, analyzing your survey results is a cakewalk. Once you know where to go, it’s a matter of packing your bags and venturing out. A faltering internet connection that's blocking with your live product feedback collection from your audience? Our offline survey app zooms past to solve this in a jiffy! When you have all the necessary cogs in place to run the wheel, a smooth ride is guaranteed. So conceive the idea, devise the strategies and put together a great plan. Your product would take the market by a storm. Why wait anymore?
Sign Up with SurveySparrow right away to execute flawless Market Research Survey. Get started with the Market Research Survey Template we have created for you!