Years ago, marketers had to make their best guess estimates of customer needs. It was often difficult to tell with any accuracy want the customer wanted, let alone what the customer needed. Today, market research surveys take the guesswork out of marketing and product development. Marketing research surveys are conducted to gain insight and are a precursor to decision making for any business plan.
Marketing research surveys consist of an organized collection, recording, analysis, evaluation, and interpretation of data relating to an existing, target, or potential market for goods or services. Common areas in a market research survey include customer buying habits, customer purchasing motives, demand patterns, market size, past trends, and present trends, to name a few. Although not always, a market research survey is targeted to a specific geographic area.
Using online survey software, companies can save valuable resources, time, and money, by focusing on a target population. Questioning existing and potential customers for their needs, desires, habits, tastes, and preferences is made easier using a survey tool, particularly if it is done online.
Today, competition is fierce in almost every industry. And even businesses that did little marketing in the past due to lack of competition are now finding that they must conduct market research surveys in order to compete. Through a market research survey tool, modern companies are becoming more knowledgeable about their customers -- and in the process are offering products, discounts, services, and other offers based on individualized customer profiles.
Web-based market research is one of the fastest growing methods used partly because of the ease of using online survey software, but also because it provides higher responses than other methods such as mail or phone. An online survey tool can let the respondent know upfront just how long the survey will take, and the survey taker can take the survey at his or her convenience.
A market research survey tool is also a means for a company to minimize its risk. For example, once the results of a market research survey are received, a company can finalize its business plans, tweak its services, or adjust a new product concept.
Consumer research is perhaps the most known type of market research, but business to business, or B2B, market research is becoming more prevalent. Further, once conducted predominately by large corporations with large budgets, small businesses are realizing the benefits of market research, either by surveying their clients and customers or by surveying their vendors. Smaller scale surveys are a great way for small businesses to learn more about their target market to grow their business.
Whether you are interested in market trends, market identification, or market segmentation or wanting research on product usage, purchase habits, or demographics, survey software for marketing research surveys can get you the results you need to get an edge up on your competition or simply learn more about your customer's preferences.