Surveys are one of the most common - and effective - market research instruments. Researching and understanding your market is perhaps the best way to not only penetrate your market, but conquer it. Conducting market research doesn't have to be a complex process; nor does it have to be time-consuming.
Thanks to online survey software, any company can now easily conduct market research in a more efficient and accurate manner than ever before. The logic and methodology employed in survey software may be advanced, but its ease of use is unparalleled. And with the power of the internet, market research can become more valuable than days gone past.
Whether you are a university, human resource professional, governmental agency, marketer, small company or large company, market research is an indispensable survey tool to gauge public or consumer opinion.
Benefits of a Market Research Survey
The benefits of a are many. When conducted effectively, here's what you can learn and understand:
Understand your customers - Market research surveys help you get to know your customer better, including their demographic information, like their gender, age, and geographic location. The better you know and understand your customers, the easier it is to polish your product or service to target your consumer.
Understand your target market - It's useful to get a birds-eye view of your target customers. For example, are your target customers primarily Gen Y, also called millennials, who are children of baby boomers in the age group of nine to 27 or are they baby boomers (i.e. people who were born between 1946 and 1964?)
Understand your competition - How does your product or service compare to that of your competitors? What are your companies strengths and weaknesses vis-a-vis your opposition? A market research survey will help answer both of these questions.
Understand the demand for your products and services - Is your product or service in great demand? Do consumers feel that your price point is worth the value for money? Is your price point competitive with other organizations selling the same product or service in the market?
Understand your customer service - Do customers find it easy to do business with your company or do they feel your lacking in customer service? Is your website or brick and mortar store easy for customers to use and navigate?. Is there always someone available to help with questions? Are your employees considered helpful, friendly, and knowledgeable from the customers' perspective?
Understand your marketing effectiveness - No doubt, you have a nice-sized budget for your marketing. But how effective is it? Is your marketing message clear and are you using the right marketing and advertising channels to reach your target customers?
On a more global scale, market research helps companies reduce business risks, identify current market problems, and jump on trends. Market research utilizing survey software is an invaluable resource that can help you better tap into your target market in a timely, cost-effective manner.