what is market survey? Launching a new product, or improving a pre-existing one, doesn’t depend only on production but also the exertion of a great effort to achieve what is called a market survey.
Market research survey is the first procedure in your product journey in the market way, here you will understand the actual needs of your market, through deep studying of the customers via market research survey different techniques.
This is a very important procedure that we should proceed it precisely, and inaccurately proceeding will lead to invaluable information, time lost, and finally the failure of your campaign.
Now, we will get through the marketing world to find the deep secrets for achieving successful market surveys.
How to create a market research survey?
First, we should talk about the actual meaning of a market survey, then we will talk about the way to create a successful market survey.
market research survey
It’s a strategy to gather precise information about a particular community(customer), this information will include the features, concerns, and aspirations of this targeted customer community.
There is another concept that’s called marketing survey, both concepts are not the same. Marketing survey is studying all the aspects of the marketing process including market research, and it could be performed by marketing survey companies that will guarantee the best results of the marketing process.
So, a market survey is a branch of a marketing survey.
What is market survey used for?
There is more than one aim that could be achieved by applying a market research survey, and they are:
1-launching a campaign for a new brand according to studying the different communities\’ information, characteristics, lifestyles, and other information that will help us to introduce our brand in the accurate customer communities in the best image.
2-if we want to produce a new product for a pre-existing brand, it will help in deeply studying the specific traits, feelings, and tendencies of the targeted communities, so we could initiate a campaign that will help in stabilizing our brand.
3-the improvement of marketing pre-existing products by new studying with new insight of the market to achieve the complete satisfaction of the customers.
The main types market research survey
- According to our role in collecting the information for your survey, we have two main types of research:
1-Primary market research survey
Here, we will start a new data-searching process data that hasn’t started yet, so we will have a role in the information-searching process.
2-Secondary market research survey
here, we will use data that already has been collected, so we don’t have a role in the data searching process, and actually, this would be better in time and effort saving.
- According to data expression:
1-quantitative market research survey
Here, we will use the numbers, and graph in our survey, and the way of it is multiple choice questions for a large number of customers.
2-qualitative market research survey
It will deal with describing the experiences of the customers in words via open-ended questions, and this could be performed with a limited number of customers.
The best way to approach the market survey
1- Put a particular (SMART) goal
This is the first step of our market research survey, determining a special goal, and for any business procedure, the goal must meet these five characteristics, Specific, measurable, achievable, realistic, and timely well-defined frame.
Now, setting our goal will need to answer some questions:
1-Why we are conducting this survey?
It could be one of the following:
- To enhance the product with the pre-existing customers.
- Producing a new product that will need gathering data about market needs.
- To enhance the experiences of the consumers.
2-what is the final result that you aim to have at the end?
According to determining the goal of our survey, we will be able to collect the accurate data that we need to achieve a successful campaign.
2-who is your targeted customer?
After determining the aim of your survey, you will have to determine the particular community of customers, and this could be achieved by studying the full information, and here we will have to do two things:
- obtain information about the customer from the regional data, by the regional organizations, that information could include:
-location
-race
-gender
-age
-educational level
-occupation
-income
- Calculate the market size, here, after determining the targeted customer, we will calculate the number of people in this community who will utilize your product.
3-building up buyer persona profile
After obtaining the previously mentioned information, now you could have a profile of the buyer persona. A buyer persona will describe your targeted customer, and by it, we can know how the targeted community thinks, feels, concerns with, and taking decisions.
4-Prepare the survey questions
Now we figured out the targeted group of customers we understand their feelings, preferences, lifestyles, and many other aspects, now we will put the questions of the market survey, and we can sort the type of questions into groups:
- Demographic
Questions about age, gender, country, educational level, and income
- Questions about customer experience about service, product, or brand
Those questions are to take the customer feedback about the product or the service.
5-answer obtaining methods
Now, we have the list of questions related to the customer, his experience, and how far he is satisfied with our product, or brand, and here are the methods of applying those questions to the customer\’s community.
question applying methods:
There are many methods to apply questions to the targeted customers, and the chosen one will be affected by many factors as money and time cost. Although there are more expensive ways than others, sometimes it’s preferable to apply these methods to obtain more accurate data.
Now, we will mention some of those methods:
1-face-to-face interviews
here, the interview is performed with a single customer, to obtain more precise information.
2-focusing groups
It’s a kind of interview that is performed with a group of customers not only a single one, it’s more expensive, and needs the interviewer to be more qualified.
3-telephone surveys
another kind of interview, we take a random digit number to perform the interview.
4-Kiosk surveys
It’s more likely to be achieved to estimate the customer experience with certain services, we could see it in the markets, or restaurants.
Rapid, and continuous kind of surveys.
5-mobile surveys
It’s more aligned with mobile applications and it’s the same technique as the kiosk survey but the difference is that the kiosk is performed in a place but the mobile survey is on your phone.
6-results analysis
Finally, we could have results and start to read them, after we have the answers to our questions we will sort them again according to the demographic data.
For example, if the market survey is about a shampoo brand, we will sort the results according to the demographic data and then compare them between the categories.
It’s preferable for Asian people to Africans.
After talking about how to do the market research survey, we should talk about whom will perform the market research survey.
Market survey companies
The market survey could be performed by the producing company itself, or in cooperation with market survey companies, this will cost money but will save time, and effort.
how big is the survey market?
The global online survey market size was reported as US$ 4,870 billion in 2019, and it’s expected to be increased to US$ 13.796 in 2026, which means a compound annual growth rate of 16.04%.
This expected rise is due to the increasing usage of the internet over the world, which increased every year, also the excessive usage of social media platforms will be an important factor in raising the usage of the online market survey size.
what is it important to conduct a market survey?
After we sailed together through all the aspects of market research survey procedure, we could realize the importance of it as follows:
1-deeply studying the customer demographics which will give you a clear picture of the customer market charts.
2-the demographic will help you also to understand the needs and preferences of the customers.
3-the academic analysis of the market survey results will help you to create a successful strategic plan, with guaranteed results.
4-it will help you study market competitors and recognize their weaknesses and powerful points.
5-it will give you a clear image of the market chart and your existence, and help you to discover new areas for expansion.
6-qualified launching of new brands, or more improvement for the pre-existence brands.
Summary
The success of the production process of a high-quality product and its distribution does not depend only on the quality of this product and the effort expended on it, but there are hidden soldiers whose importance is no less important than the producers of the product, those soldiers are market research survey agents.
A prolonged strategy with many steps of searching the valuable data and keep analyzing and utilizing it to reach the full advantage, that strategy is called a market survey.
The key factor of the successful market research survey is obtaining the data, now we could understand the psychology of the customer, his needs, preferences, and undesirable products.
Obtaining unreliable data will build crackable insights that will lead your campaign to fail, and vice versa, the valuable data will be ended with the bright success of your campaign.
We could use the market survey if we are going to start a new brand, improve a pre-existing one, or improve the customer experience with our product or service.
You could exert a big effort in performing a market research survey, however, you could get help from specialists (market survey companies), here you will spend money, but you will save a big time and effort.
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