Consumer research is a vital part of business. It allows business owners to gain a better understanding of their customers, as it enables them to learn their habits, see how they interact with products, and see how they view these products. With a better understanding of the consumer, business owners can improve their marketing strategies and thus enhance their visibility and boost their success.
By Utilizing online survey software to conduct research surveys, gaining an understanding of consumers is simplified. With this type of survey tool, you can easily reach your customers, customers can conveniently share their opinions, and you can objectively analyze responses and develop strategies that will increase your success.
While there are several types of research survey tools available, here’s a look at five that are significantly beneficial.
Market Description Surveys
These surveys are used to learn the size and the market share of a specific market. Market research is the process of gathering and analyzing data related to the market, including consumer preferences, trends in prices in the market, as well as the presence of competitors’ products. Market surveys gather information by directly asking consumers questions about the products that they prefer to use, their habits and their experiences with specific products. From the data that is collected from a market research survey, business owners can gain a better understanding of their target audience, including:
- How much money they spend on specific products.
- Whether or not they are using products from competitors and if so, which products.
- Their interest level for new products.
Purchase Process/Tracking Surveys
These surveys allow you to track where the customer is in the purchasing process. This information allows you to learn about the diffusion of innovation process for the market. It also allows you to learn about the product, as a whole. Key points that this type of research survey tool enable you to analyze include the consumer’s level of:
- Awareness of a product.
- Intention to purchase a product.
- Intention to repurchase a product.
Customer Intention-Purchase Analysis
This type of survey allows you to gain an understanding of current customers. From a customer intention-purchase analysis, you can discover what motivates your targeted audience to move from thinking about purchasing a product to actually purchasing it. By understanding this, you can improve conversions by improving the commitment to buy and the loyalty your targeted audience has toward your business.
New Product Concept Analysis
Whenever you launch a new product, it’s essential to understand how your customers view that product. For example, what do they like about it? What do they dislike about it? What do they think could be improved? How likely will they be to purchase a new product in the future? This type of survey will allow you to make any modifications that may be necessary in order to improve customer satisfaction, and thus, the success of the new product.
Product Fulfillment Analysis
When you market a product, you make certain promises to your targeted audience. A product fulfillment analysis will allow you to determine whether or not the advertising, packaging, and the actual product itself fulfills these promises and can help you make adjustments, should they be needed.
What type of research marketing do you find is the most beneficial for your business?