What is market research?
Market research refers to any combination of strategies used to collect data and better understand a company’s target market. Businesses utilise this data to create better products, improve user experience, and develop a marketing strategy that attracts qualified leads and boosts conversion rates.
Market research surveys make it simple to perform market research online. They are a cost-effective and efficient method of gathering information from your target markets. They can be utilised to gain access to crucial demographic information, from which you can learn almost anything, from what customers enjoy about your brand to what kind of product your market wants.
Investing in market research is ultimately worthwhile. Why is this so? Because guessing and gut feelings aren’t good enough when it comes to launching successful products and creating effective marketing campaigns.
Why use a market research survey
A market research survey is a method of gathering input directly from the people who have the most influence over your company’s destiny — your consumers. Unlike an interview, a survey allows you to get detailed input from a large number of people in a standardized format. That means you can turn the data into useful insights.
A survey is not a complete solution. It can be used in conjunction with other approaches such as focus groups, field research, observation, and market analysis to help you acquire a comprehensive image of your market and decide what direction to follow.
Market research surveys are primarily about your target audience, but they might extend beyond that. Employees, potential customers, and even those who do not wish to participate with your company can complete your surveys (to help you better identify the ones who do).
How market research surveys can grow your business
Here are a few of the most popular ways market research surveys are used by businesses, and tips on how to get the best data out of them.
Reach a specific audience
If you have a strong market sample to send surveys to, surveys are an excellent way to collect feedback from your target market. Perhaps you have a customer list or a large group of social followers from which to work.
Gain insight into your customer demographics
Do you need to find out who the potential customers are in a new service area? Inquire about a potential customer’s gender, age, location, income, where they shop, what they do for leisure, how many children they have, and other details. Just keep these questions in mind towards the finish. As with an in-person chat, you should first establish rapport with your respondents before asking them more intimate questions. Demographic data is critical for better understanding your target market and, as a result, improving your messaging and campaigns.
Research and analyze a target market
Your marketing budget is most likely one of your company’s major expenses. Before allocating funding for any marketing activities, you must be certain that the techniques you are contemplating will drive your success.
A market research survey can help you understand many aspects of your target market, helping you to make better judgments. This encompasses everything from evaluating the appropriate price for your products to understanding the possible market size.
Identify any product or pricing opportunities
Is your product meeting the needs of your target market? The only way to find out is to do some research. Conducting an online product feedback survey to your target audience will allow you to collect insights that will drive product upgrades, innovations, and, eventually, sales-boosting activities. To elicit product feedback, use questions such as, “What improvements would best improve our new product?” Or, “What do you like best about competitive items from other firms that are currently available?”
Measure and test brand awareness
A brand awareness survey can help you learn what your customers and prospects think about your company, image, goods, and so on. Inquire how respondents perceive you in comparison to your competitors, and why they are more (or less) interested in your products and services. That way, you’ll know if your target market is even aware of your existence, as well as where your brand ranks on their “list.”
Tips on how to create a market research survey
Whatever topic you choose for your market research, these tips will help you ensure that your market research survey is on the correct track.
1. Define the problem
When considering how to develop a market research survey, consider why you are interested in exploring a specific issue in the first place. What problem are you attempting to solve with this information? How will it benefit your product, consumers, or company as a whole? By asking these questions, you will gain a better understanding of the challenges at hand as well as the type of data you need.
2. Establish research objectives
After you’ve identified your issue, you’ll need to create a research objective that emphasizes how you’ll accomplish your inquiry. Your objective is essentially a goal you want to achieve with your market research survey. It’s possible to phrase it as a question. For instance, your goal could be: “How will customers react if we change the functionality of this product?”
3. Target the right audience
Consider why you’re attempting to reach out to your target audience. It’s also important to think about how specific your target market is. The more detailed your audience parameters are, the more difficult it is to find enough people to reply. It also becomes more pricey. Consider lowering your demographic criteria to ensure you have a reasonable sample size that fits inside your budget. You may also use screening questions at the start of your survey to qualify or disqualify respondents from participating.
4. Decide on your margin of error
This entails determining the degree to which your findings correspond to the general public’s attitudes and preferences (of those who fit your criteria).
5. Set timelines
When are you going to send out your survey? How many times are you going to send it? When do you expect to receive all of your information? These questions aid in the planning of your survey’s timeline. They also have an effect on the quantity and quality of responses you get. For example, surveys receive a higher response rate between 9 and 10 a.m. than between 10 and 11 p.m.
6. Use resources and tools to help you
Anyone involved in market research requires an efficient market research tool that is simple to use and offers a variety of options. For professional market research, Talenttic Survey Software is the ideal solution. In the form of a useful all-around tool, you get all the features you need to do effective market research. It’s simple to use, so you’ll get results quickly.