Market research is an important part of building and improving a business. It helps you to identify developing trends in a market, weak points of customers and even how new products shall be received. However, market research can be painstaking, slow and demoralizing.
You might also find that some of the data in market research is inaccurate, misleading or too old. That is why you’ve got to find a way to market your business that is painless for you but provides you with all the information you need to make positive actions.
Yet, there is a way that you can overcome the problems by conducting market research and getting all the information you need: and that is by using surveys.
>> Create your Online Survey with Drag’n Survey, click here
Why Use Surveys?
There are many reasons why surveys are very useful in conducting market research. Some of the best advantages are here:
1. You Can Reach A Larger Audience
One of the key aspects of market research is knowing what your target audience thinks. The best way to get an accurate measure of this is to ask as large a population as possible. This reduces the chance of bias in your results. As the population completing your survey improves, the more confidence you can have in your data and you will become more certain of the direction in which you should take the business.
It is also more cost effective to have surveys when you need to seek a large audience. You aren’t just standing on the street, or arranging focus groups, which takes up your time. All you need to do is to create the survey, send it off, and then analyze the results.
2. You Can Get More Willing Participants
Generally speaking, when you’re asking people to complete your surveys, you can offer them a time frame for completion that can be minimized. Therefore this, encourages more people to respond to your surveys. Therefore, the rejection rate is much lower, and the number of people you can survey, is higher.
The more willing your participants are to complete your survey, the better the quality of the data collected. This is because people are going to be more positive at completing the survey for you.
3. You Can Improve The Variance In Demographics Of Your Respondents
The demographics of the participants can also be more varied. Those that are caught on the street or in focus groups are more likely going to be from a very narrow range of the demographics with only a few people who are from different audiences.
For instance, if you conduct your research at 10am on a Friday outside a department store, you’re most likely to get parents with young children. While this can be useful if you’re looking for parents, you’ll only going to be collecting the opinion of parents who aren’t at work at that time. Those who work and have children at school or in childcare might have different opinions.
Therefore, you get rid of bias because you’re focusing on a single audience and instead looking at the wider population.
How To Run A Survey For Market Research
There are several key steps to running market research via a survey. The steps include:
Identifying Your Audience: The first step is to identify who you want the survey to reach. While you have to be broad in your audience, by ensuring that you’re getting the opinions of lots of different people, there should still be a focus. For instance, you might want to get the opinions of parents, but you’ve got to be sure that you’re seeking the opinions of parents from different backgrounds and lifestyles in order to really know the market.
Identify What You Want To Know: Another key step is to find out what the key information is you want to know. Are you looking for the pain points of your audience or how they current deal with the a specific problem. It is best to limit questionnaires to about 5-10 questions. So, always be precise with what you want to know.
Develop Questions: Next step, write your questions. Be sure that you’re not writing leading questions or questions that are too personal. You should also get your questions checked by a third party to ensure that they are free from mistakes.
Send Out Survey: Next send out your survey. Email, or through a website, is the best way to distribute a survey. It is quick, cost-effective and allows you to collect results instantaneously.
Complete Analysis: After you’ve collected results you can analyze the results of your survey. With the right programming, this can be done very quickly so there is little for you to do. Then you can take positive actions on the surveys to ensure that your business is heading in the right direction.
Conclusion
Market research is an important part of running a business. It allows you to know what direction you want to take the business and gives evidence to the need and willingness of the target audience to purchase solutions you’re offering.
More about surveys:
Turn Your Customer Feedback Into Stunning Marketing Content, click here
4 Ways To Share Survey Results With Your Team, click here
How To Create Powerful Online Surveys That Get Completed, click here
How To Improve On Rating Scale Inefficiencies, click here
Why You Don’t Fill Your Survey With Leading Questions, click here
Read the french version:
Le moyen le plus simple de créer une étude de marché, click here