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Market research surveys began back in the 1920's when companies began to realize the importance of demographics in the successful selling of their goods and services. Since then they have been going strong as an important survey tool in practically every industry.
Objective
The objective of the market survey is to collect information about markets or customers in order to minimize risk, gain competitive advantage, and obtain consumer insight -- all of which will ultimately increase profits.
Benefits
In an uncertain market, Market research surveys serve to reduce risk of making decisions under these conditions of conjecture. A market survey tool is a critical component of business strategy in that it helps you gain an advantage over competitors.
Market surveys can reveal information on consumer buying habits, buying motives, product trends, demand patterns and market size. A market research online survey allows a company to adjust product and service offerings to meet consumer needs and preferences. Creating benchmarks and monitoring their progress is another benefit of this survey tool.
An indirect benefit of a market survey targeted to consumers is that it helps to foster better company and consumer communications and relationship. Finally, once data is collected from a market survey using survey software, a business plan can be developed to best market the company's product or service.
Types of Market surveys
The uses of market surveys are far and wide. From surveying customer attitudes to expectations to brand loyalty, you can get inside the mind of your target consumer by conducting an online market research survey.
From an advertising standpoint, advertising message effectiveness and advertising value analysis help you find out how your advertising dollars are faring and whether they need to be redirected. New product market surveys are also a popular business online survey that helps to determine the likes and dislikes of a new product concept before a major investment goes into its development. Customer satisfaction surveys are another type of market surveys that businesses use commonly, especially for companies providing customer service through the telephone. Sales forecasting, price setting, and market tracking are other types of market surveys as is brand equity analysis and product positioning.
Questionnaires, focus groups and online surveys are some of the instruments used to carry out market surveys. While each have their benefits, an online survey can be implemented quickly and is convenient for the consumer. Data can be compiled and analyzed easily when using an online survey. Web-based surveys have become one of the fastest growing survey tools used to obtain a better representation of consumer preferences.
Designing a Market survey
Designing a market survey may seem more complicated than it is. You'll have to conduct some preliminary preparation, such as defining the survey objective, deciding on the methodology, assessing the cost and time needed to implement the market survey and deciding on your target demographic. Once the prep work is done though, you'll get into the meat of the survey. This involves crafting and selecting questions to be included in the survey tool. Survey software is very helpful in achieving this goal in an efficient and comprehensive way. Developing a well-designed market research survey will ensure you get the information you want -- and need -- to improve your business.
All-in-all, studying the intimate needs and spending preferences of consumers goes a long way to formulate an action plan for a company's long-term success. This type of survey tool helps a company gain competitive advantage, analyze new growth opportunities, illustrates consumer insights, highlights market trends, understand advertising effectiveness and so much more.
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