Running a successful company requires getting in tune with trends, staying on top of competitor business practices, and examining consumer feedback. Whether you are toying with a new product idea or wanting to boost sales, market research is an effective means to do both, and more. Online market research surveys help an organization track all of these facets of business. Conducting an online survey empowers a company to reach a wider audience while obtaining results more quickly than a traditional paper-based survey tool.
Smart and successful companies realize the importance of utilizing an online survey to conduct market research surveys. They know that online business-to-business (B2B) and business-to-consumer (B2C) market research provides them with the effectiveness of the web to acquire market research intelligence that is both quick and affordable. They recognize that a collection of vital data obtained through survey software can help them achieve their full business potential.
Philip Koter, marketing guru and Distinguished Professor of International Marketing at the Northwestern University Kellogg School of Management, proclaims the importance of market research in his quote, “Marketing management is accomplished by carrying out marketing research, planning, implementation, and control". The Council of American Survey Association further states: "If marketing is the engine that drives the U.S. economy, then marketing research is the process that keeps the engine tuned".
Not only can a market research online survey give you a bird’s eye view of your competitors, but it can help you assess your current marketing initiatives. Such a survey tool can assist you in learning about your company's brand awareness as perceived in the market. Demographics, consumer buying habits and probability of repeat business are all factors to be assessed by marketing surveys. Another important dimension of market research online surveys is that they offer you a means of determining an interest in a new or future product, service, or idea.
A further benefit of conducting your market research online through surveys versus by mail or telephone has to do with response rate. Mailed questionnaires typically have very low response rates. Further, with the busy lifestyle we all have today and the ability to screen calls, telephone surveys can be expensive and the response rate is also typically low. On the other hand, online surveys have a good response rate and are easy to administer. You're able to obtain results very quickly, especially when notifying participants via email. Even if you already have a paper market research survey, it can be tweaked with survey software to produce a highly relevant online market research survey. If market research needs change, an online survey can be easily modified in no time.
Because we are in a global economy, you may want to conduct B2B or B2C market research in a number of different languages. By utilizing survey software to conduct your global market research, you can create surveys in practically any language. A single survey can be created in multiple languages or targeted questions can be housed in multiple languages. Again, this allows you to reach out to a wider audience in a streamlined and relevant manner.
When online market research surveys are designed, administered and assessed correctly, they open up access to a wealth of information. From measuring brand awareness to consumer buying preferences, online market research surveys are a critical survey tool that any B2B or B2C organization should have in their toolbox.