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Benefits of conducting marketing survey research on your new product idea

Posted on 2/24/2021 by Elizabeth in category: survey software articles

Companies frequently depend on new product development in order to remain competitive within their industry. While it can be a challenging and often lengthy process, new services and products allow businesses to further expand and grow their market reach.

To ensure the cost and time invested in the launch of a new product doesn't go to waste, it's important companies make informed decisions based on customer insights and actual market opportunity. This is where conducting a marketing survey tool will come in more than handy. Below are some benefits of using marketing online survey software to conduct your new product or service idea.

Benefits of Marketing Research Survey Software

Some benefits of using a hosted survey software for your market research are:

1. More Accurate Analysis, Less Mistakes

Market research installable survey software frequently has a structured questionnaire with limited answer choices. While it does have fewer response choices, the data gathered, unlike qualitative research approaches, can be easily analyzed with greater accuracy using specific patterns and formulas.

2. Helps Gauge Market Demand

You can capture customer preferences with market research software, allowing your company to gain an understanding of the end-user experience as well as prioritize your target audience's "needs" and "wants".

Ultimately, conducting market research during your whole process of product development is crucial to gauging market demand and making sure your final product will meet user demands.

3. Decreased Business Costs

Making an initial market research investment could lead to a decrease in overall costs for your company. When you're developing a new product, you should consider the following costs:

• Product casing
• Components
• Advertisement
• Production/manufacturing
• Packaging

If your organization is premiering a new service, you need to have the ability to share the news with prospective and existing customers. Aware campaigns and in-store signage cost money and resources too. You may even have to send out your product to influencers before its initial launch.

4. New Future Product Ideas

Along with obtaining feedback on a product you plan on introducing, market research in advance can provide you with new data you can use to jumpstart your future business. Also, your team's research might reveal upcoming trends you could capitalize on before your competitors have the chance.

Once you've gathered data from your market survey research into the needs and wants of your target market, you'll then be able to make the necessary product or service adjustments and move your marketing plan forward. When you don't have prior research, you risk introducing a product that could cost valuable resources to produce, while simply just sitting on a shelf collecting dust.

And, remember, market research isn't meant to be just once and done. Once you launch your new product, be sure to continue to obtain continuous feedback to learn if improvements are needed.

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