Entrepreneurs developing a product or service often create exciting strategies to advertise and introduce their new concept to the market. Unfortunately, their marketing and advertising efforts are not always met with a successful outcome.
Before moving forward with spending advertising dollars on their new brand, product, or service, entrepreneurs need to take a step back and properly evaluate the market or space they are trying to enter. Market survey research assures the success of a new concept, as it focuses on collecting feedback from a target audience to understand their demographics, expectations, and needs.
Most marketing and business managers rely on market surveys to collect information as a way of enhancing the market research process. In this blog post, our market survey company answers the following questions:
• What is the definition of a market survey?
• What are the benefits of market survey research?
• What is the process of working with a market survey company?
Learn how market survey research provides organizations with fact-based evidence to drive marketing strategies and dramatically reduces the risks involved with starting a new business venture.
What is the definition of a market survey?
Market survey research involves analyzing a given market in order to gain insight on the buying potential and attributes of the target audience for a product or service. The main goal and objective of a market survey is to collect data surrounding a target market such as competitor analysis, pricing trends, and customer expectations.
Whether you are leading a startup company or a tenured business, it is important to understand the needs of your customers. What do they want out of a product/service? How much would they pay for the product/service? Where would they most likely shop to find the product/service? A market survey helps answer these questions directly from target consumers.
In turn, this information can help build an effective marketing and advertising strategy as well as contribute to enhancing the features of a new concept before entering the product or service into the market.
A market survey can be conducted through multiple channels such as online surveys, in-depth interviews, focus groups, and more. A market survey company is the best resource for determining what market research methodology to use to receive the best results for your specific business objectives and challenges.
What are the benefits of market survey research?
A market survey of any kind offers a multitude of advantages for new or existing brands, products, and services. To start, and possibly the most important benefit, market survey research helps businesses gain critical feedback from their target customer.
This information offers marketing and business leaders factual-based data to guide and build an attractive advertising or sales strategy. Doing so allows existing customers to remain happy and new customers to get on-board.
If the objective for a market research study is to enhance an existing product or service, a market survey is a great way to meet this business goal. A market survey company can analyze drivers of customer satisfaction and dissatisfaction with your current customer base to determine what is working and what can be improved about the product.
Once improvements have been made to the product or service, this also gives marketing managers the opportunity to update website content or write a press release focusing on the “new and improved” model.
A market survey also provides key insight into the pricing structure of an inventive concept. Specifically, market survey research answers whether a customer will spend a certain amount of money for the new concept and what the customer’s opinion is about competitor’s prices.
All in all, the data collected by surveying a target market allows organizations to make well-informed business decisions based on facts and evidence. This dramatically reduces the risks involved with starting a new business venture.
What is the process of working with a market survey company?
When working with a third-party market survey firm, the process for this type of market research study should be streamlined. It often starts with the client providing insight into their project objectives and requirements. For example a business looking to hire a market survey firm may say:
“I am developing a new app for parents of newborns. This app will allow parents to track the growth, health, and progress of their new baby. I would like to gain in-depth feedback from parents who just had a child within the past 6 to 12 months to understand the likelihood and expectations for using this app.”
With this information, a market survey company will create a proposal outlining the project objectives, recommended research approach (online survey, phone interview, focus group, etc.), design, fieldwork, and level of reporting. A market survey research proposal helps guide and set expectations for the final results.
Once the proposal is approved by the client, a project kick-off meeting should be scheduled by the market survey company with the client and team. This assures a definitive timeline is set and requirements for both parties are acknowledged.
From here, the market survey agency will begin designing and programming the study. Fieldwork is then administered and overseen. After fieldwork is completed, a full analysis of the feedback is constructed and used to create a report of the findings for the client.
Depending on the level of reporting requested by the client, a market study research report may include an executive summary, recommendations, an infographic, customer personas, and an appendix of question-by-question results.
Contact Our Market Survey Research Company
Drive Research is a market research company located in Syracuse, NY. Our team has the knowledge and tools to design a robust market research study, should it be the right fit for your business.
Interested in learning more about our market research services? Reach out through any of the four ways below.