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When existing markets are saturated, a company can use market expansion as a growth strategy to push a service available in new areas. An analysis of current and potential distribution channels precedes the adoption of steps to expand the reach and boost sales in target markets in a market expansion plan.
Technology for conducting online surveys is still on the rise and is rapidly improving. Before now, developing and running a survey for business expansion with online survey software required an extensive understanding of web building tools, scripting tools, and HTML. However, online survey services and software packages, like Novi Survey, considerably streamline and advance the creation of online surveys.
Benefits Of Online Market Surveys
Various benefits of online survey research are discussed below:
Time-saving
One advantage of conducting a market survey online is that it can save time for researchers, mainly when done with a survey tool. Online market research lets a researcher quickly connect with thousands of people who share similar traits, even though they are separated by miles of land and oceans.
Cost Saving
Online surveys save cost, and that is an understatement. Online surveys are less expensive than paper surveys since companies do not need to budget for printing, supplies, or mailing. Additionally, unlike group interviews and surveys, online surveys don't charge participants for travel or lodging or interviewers for their time. Online survey software and tools store data in real-time, enabling companies to obtain computer findings immediately while saving time and funding.
Extensive coverage
Online survey research has a broader audience than other market research approaches. If you think about it, sending a survey to thousands of people via the Internet is considerably simpler than sending an identical survey to each person or doing in-person interviews with the respondents. Companies can keep tabs on survey respondents and choose them based on various criteria that suit their needs. They can then send a link to the survey to anybody, anywhere, at any time.
Depending on their preferences, respondents can complete the survey on various devices (computers, phones, tablets, etc.), which increases the possibility that they will respond by the due date.
Accurate data collection
When gathering data, being truthful is crucial; otherwise, your analysis and the actions you take to do so may be distorted. People may "hold in" or give false information in person or through telephone calls. Still, most online survey software provides anonymity, increasing the likelihood that respondents would state their honest opinions.
Takeaway
Although entering new markets can be difficult, it can also be quite beneficial if you have the correct market growth strategy.
For people and organizations wishing to do their research, online surveys created with a survey tool are a great choice. Due to these advantages, online research is a reliable method of market research for many firms.
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