Market research is an essential part of any business that wants to offer products or services that are focused and well targeted. It allows you to get to know your customer, identify potential new customers and grow your business.
By conducting market research surveys you can get a better understanding of your customer base, who your customers might be and whether a business idea has a potential market. Demographics, public tastes and competition is forever evolving, so you need to keep an eye on all these factors to remain relevant in an ever changing market place.
Your findings from your research will help you to keep your business model relevant and reveal business opportunities. By understanding changing market preferences you can adapt accordingly to meet the needs of your customers or prospective customers.
Here are some of the types of market research you might want to carry out:
The Customer – find out about your customer and future customers. What do they like? What don’t they like? Where do they live? How many children in their household? Where do they currently get their services and products from?
Product Examination – test your services or products out. Allows respondents to trial your service for free and answer questions on what they thought of it afterwards. This kind of survey can be carried out for services in much the same way as it is done with products.
Consumer Satisfaction – you want to make sure that your customers are happy with your service or product for 2 main reason. Repeat sales and customer referrals. If a customer is happy then they are more likely to come back and also bring their friends and family with them. If they are not happy, taking the time to ask customers your survey questions will not only allow to you make changes, but can also help to maintain a relationship with the customer as they feel that their option matters.
Brand Studies – if you are starting a new business which is similar to other existing and established businesses, for example, you can find out the reason behind why people identify with a brand and why they are loyal to certain brands
Online surveys questionnaires, customer feedback forms, website polls—they all help you gather information about your market, your customers, and your future business prospects. They can help you to identify market trends, market size, client/customer demographics, optimal price points, customer’s buying habits, and important information on your competition.
Establish what it is that your market audience WANT, not just what you think they need. You can find out directly from your consumers or clients where they see the need for your improvement, where you are going well and what they would like to see more or less of.
5 tips for Market Research Survey success
1. Keep it short and sweet – the longer the survey, the lower the response rate
2. Avoid open questions – it is easier to analyze closed question answers
3. Act on results – if you your respondents are giving you a reason to change…then do it!
4. Share the results – featuring your results in promotional materials and pointing out what you’ve done to improve.
5. Rinse and repeat – conduct your market analysis surveys regularly to keep on top of changes in market
Successful enterprises and establishments carry out market research continually to make sure that they are keeping up to date with market trends and maintain their competitive edge. So, whether you are starting a business or expanding your existing one, market research is vital to understanding your target market and increasing sales and satisfaction.