An online survey developed from survey software is an effective way for marketers to obtain market research information for their business. The results of market surveys help marketers and researchers develop strategies from customer knowledge and preferences in an effort to improve future sales. The goal is to sample a small market population in an attempt to gain and predict the behavior and thoughts of the larger population as a whole. Marketing surveys are the gold standard survey tool for collecting market research data.
Marketing surveys, conducted through an online survey, can be used by marketers and business managers in a number of ways. Let's take a look at five of the most common:
1. Optimal Price Point. A key factor in successfully selling a product or service, while retaining the most profit, is setting the right price point. By sampling the target market segment for your product and service using an online survey, you can obtain the optimal price point for which to sell your goods or services by finding out how much customers are willing to pay for your product -- or what they consider to be a fair price.
2. Advertising Campaign Effectiveness. If you are spending significant dollars on advertising, then you most likely want to know that it is money well spent. A marketing survey designed using survey software can provide you with feedback on how effective your advertising campaign really is.
3. Customer Transaction Assessment. All businesses would love to have a constant stream of repeat customers. But if the customer is frustrated by the overall transaction, whether it's a product or service, they may look elsewhere for their next purchase. An insightful marketing survey can be developed to go out after each customer transaction to obtain timely and accurate transaction feedback.
4. Improve Customer Retention. Improving the customer transaction experience is one way to maintain customer loyalty, but it's not the only way. A marketing survey can provide you with valuable insight as to why a customer chose to end his relationship with you or why one is a long term fan of your products or services.
5. Improve website effectiveness. E-commerce is an important part of many small and large businesses alike these days. If your website is slow loading, contains broken links, or gives errors in the midst of a transaction, users will go elsewhere for their purchases or information. A survey tool in the form of a marketing survey will help to reveal parts of your website that is less than ideal in your user's eyes.
When written and designed correctly, marketing surveys can reveal valuable information about your customers (and potential customers) buying habits, preferences, likes and dislikes. Even if you feel you already know your customers well, a marketing survey can highlight areas that you may have overlooked; it will help you fine tune your marketing and business strategy.
What's the takeaway? By creating and publishing online surveys for market research, your company can have a better understanding of what types of products or services people want, including what features they like the best and least. Further, gathering statistical information on customer wish lists, preferred price points, and purchasing behaviors, you will be better able to predict and increase future sales.