What is a Survey in Market Research?
In the market research process that’s used by a product development agency, a survey is a common tool. The survey can be set up as multiple-choice questions, numeric ratings (“On a scale of 1 to 10…”, demographic items, and more.
The survey allows the researcher to gather specific insights and information about a product, whether it’s a new one or an improvement to an existing one. These insights come directly from users.
The survey questions reveal things like perceptions, brand preferences, buying habits, trends, and other important insights. This information is then analyzed and used to better inform business decisions, marketing strategies, product development, and the like.
What is a Market Research Survey?
A market research survey begins with a clearly defined goal: what is the information you’re trying to find out? Are you trying to decide on a new feature for a product? Are you looking deeper into a possible gap in the market? Find out what customers think of a possible feature change. Those questions will inform the survey material.
Surveys can be set up as a series of multiple-choice questions. Or you can gauge reactions as determined by how they rank on a numerical scale. You can set questions up around demographics: age, background, where they live, preferences. Some surveys ask for more detailed opinions.
Once all the surveys are in, the results are analyzed to provide a clearer picture.
The Role of Surveys in Market Research
So what is a market research survey? Surveys can provide essential direct feedback from a target audience. The information comes directly from “the horse’s mouth,” so to speak. It’s unvarnished and clear, helping to better inform business and marketing decisions. As a product development company, Enki relies on surveys as part of our market research service as a way to gain key insights that will assist in both successful product development and effective marketing later on.
Collecting Quantitative Data
Quantitative data is information that can be counted and measured, meaning that it’s based on numerical information. Survey questions center on things like “how much” or “how many” so that the answers can be analyzed in statistical terms. Quantitative data may show up as sales figures, the ages of participants in a survey, the number of customers, and the like.
Understanding Market Trends
A market research survey can uncover and explain market trends through things like quantitative data (number-related) or qualitative data (open-ended questions). You can unlock them by comparing the results to existing data or past survey results, or by segmenting the respondents into different groups (age, location, etc.).
Different Types of Market Research Survey
A market research survey can be conducted in many different ways: online, via phone, by mail, in person, or by a group panel. They can center on brand awareness, customer satisfaction, or competitors, either as a focus group or by individuals. Surveys can also be segmented by being broken into different groups.
Surveys may be quantitative, using data that can be gathered and analyzed in numerical form. Or they may be qualitative, which allows respondents to provide open-ended answers and opinions.
How to Conduct a Market Research Survey?
The first step in conducting a market research survey is determining what the goal is: what are you trying to learn from the participants? Once that’s been set, figure out your target audience based on age, interests, and other relevant factors. From there, you might want to segment that audience into smaller groups for very specific goals. Example: if you’re surveying older and younger people, will they want different things from the same product or service? Use your initial research results to develop a “profile” of your target audience members.
Create the kinds of questions that will help uncover the essential insights that you’re seeking. A quantitative strategy will provide answers in the form of numerical data that can be analyzed; a qualitative approach allows respondents to provide open-ended, opinion-based responses.
You may use surveys that are online, phone-based, by mail, in a focus group, or one-on-one.
Once the data is collected, then it’s analyzed, uncovering insights that can be used to inform decision-making, marketing strategy, and more.
Set a Clear Goal
A market research survey must begin with a clear goal. What is the purpose of the survey? Gathering information about competitors? Seeking feedback on a new product? Testing out a new feature or logo? Know what that goal is from the very start.
Define Your Target Audience
Who is your target audience? Do you base it around behavior, age, demographics, lifestyle, and product usage? The more defined you can make your target audience, the better the results from your survey.
Set Survey Timelines
The survey timeline lays out all of the steps involved in creating it, executing it, and analyzing the results, and who is in charge of each. This is essential in making sure that the process moves along in a timely fashion.
Choose the Best Method for Data Collection
Is your research best uncovered in a statistical fashion (quantitative) or by hearing more opinion-based answers (qualitative)? Understanding that is key to setting up the best kind of survey to get what you need.
Focus on the Execution
Once you have your survey goal and target audience, determine which is the best form of execution: is it through an online survey, over the phone, via mail, or perhaps by gathering participants for one-on-one interviews or in a focus group? Depending on whether you want statistical data or opinion-based research, consider the best way to gather it.
Distribute the Survey
Surveys can be conducted in person, one-on-one or in a focus group. Or it can be done online, over the phone, or by mail.
Analyze the Result
Once you’ve completed your market research survey, it’s time to have a close look at the results. Quantitative data will be analyzed using the numerical results. Qualitative data will examine the open-ended answers to glean trends and insights, then compare them to existing data or past surveys,
Conclusion
A product development agency like Enki Product Development utilizes market research surveys to help our clients get clear direction on both production and strategy.
What is a market research survey? A market research survey can be conducted online, by phone or mail, via focus groups or individual interviews. The goal is to get feedback on a new product (or changes to an existing one) from real-world users.
A survey can be built around what competitors are doing, or what’s missing in an existing product. It can be used to find out behaviors and needs that aren’t being met in the marketplace or to test out a new logo, color, or other detail. Conducting a quality market research survey can save time and money in the product development process by delivering what consumers most want.
It can also be utilized to uncover gaps in the marketplace or to discover improvements that should be made to a product to keep it relevant.
A market research survey is an essential tool for getting direct feedback from a target audience. What’s revealed in the survey can be used to ensure greater success for a new product launch, both in its development and its marketing strategy.
