Market research survey is essential for businesses aiming to understand their target market's true needs and preferences. By gathering data directly from consumers, businesses can significantly enhance their decision-making processes, especially when it comes to marketing strategies and product launches.
A well-executed market research survey can uncover critical demographic and psychographic data, helping businesses identify the products their customers desire and the factors influencing their purchase decisions. For instance, a survey might reveal what customers appreciate about your brand or how they perceive your product in comparison to competitors.
In today’s competitive market, relying solely on gut instincts or past experiences is no longer enough. Accurate, data-driven insights from market research survey are essential to retain current customers and attract new ones.
Here’s what you need to conduct a successful market research survey:
How to Conduct a Market Research Survey: 6 Essential Steps for Success
Step 1: Set A Clear Goal
Before starting your market research survey, you need to establish a clear goal. This will determine the direction of your research and the types of questions you ask.
- Why you’re conducting the survey?
- What you want to find out?
- Is it to improve products with existing customers?
- Are you trying to launch a new product and need to know if there’s a demand for it?
By clearly defining your objective, you can ensure the research provides actionable data that supports your business decisions.
Here is a template that Vase.ai usually gets clients to fill up before getting started on a market research survey. This can also be done together with Vase.ai to get the template filled up.
Step 2: Know Who Your Customers Are
Not everyone is your customer. One of the most crucial aspects of market research survey is understanding who your audience is.
his involves gathering demographic details such as:
- Age
- Income
- Gender
- Race
- Location
- Occupation
- Education Level
- Marital status
Once you’ve identified who your customers are, delve into their needs, interests, and psychographics. Creating buyer personas based on these characteristics will help you market more effectively, ensuring your campaigns resonate with the right people.
Step 3: Identify Which Persona Group to Engage
Once you’ve created buyer personas through your market research survey, the next step is identifying which persona group to target. The group you engage should be highly specific, making your marketing messages more relevant and compelling.
A good practice is to target people who have recently interacted with your brand. This ensures their experience is fresh and they can provide detailed feedback on your product or service.
Here are some tips on getting the right participants for your market research survey.
Identifying the right people for your market research survey
If you're launching a mass-market product, like shampoo, aim to survey around 1,000 people that match your target audience. For example, if it’s a household product, your focus should be on decision-makers or those who share the decision-making when it comes to household purchases.
Once you’ve gathered enough data, you can break your audience down into different personas and drill deeper into insights from each specific segment. The more refined your research, the clearer your picture will be of who your customers are and what they want.
Focus on Recent Interactions
You’ll want to engage participants who’ve interacted with your company within the last six months. If you’re in an industry with longer sales cycles or a niche market, expanding that to the last year is fine. The key here is to gather feedback from people whose experiences are still fresh. That way, their responses will be detailed and accurate, giving you the best data possible.
Gather A Mix of Participants
Don’t just stick to people who’ve bought your product. To get a well-rounded view of the market, bring in participants who’ve bought from your competitors—or even those who’ve decided not to buy at all. This will give you balanced insights, helping you see where you can improve and what you’re already doing right.
Here’s how you can reach out to your target audience:
1. Using your own database:
Start with a list of customers who’ve purchased from you in the past six months. Filter that list to match the characteristics you're looking for, like demographics, buying behavior, or product preferences. If you’re using a CRM system, this should be a breeze. If not, don’t hesitate to tap into your sales team for help.
2. Use an External Database (Like Vase.ai!):
Want to dig deeper into the market? Consider tapping into an external database like Vase.ai, which offers a pool of verified respondents. This allows you to reach people who may have purchased from your competitors, giving you a broader perspective on your market and helping you spot opportunities you might have missed.
Step 4: Prepare Research Questions for Your Participants
Asking the right questions is critical to the success of your market research survey. Avoid leading questions that could introduce bias, and instead focus on obtaining genuine insights.
There are templates readily available with a simple search on Google, but why not take it up a notch? If you’re using Vase.ai to run your research, not only do you get customizable templates, but you also have access to research experts ready to help via chat. They’ll guide you in crafting questions that match your goals perfectly.
Tip for crafting the questionnaire: Start with the data you need to answer your research objectives (outlined in Step 1). Then, work backwards to develop the questions necessary to extract that data.
For example, a neutral question might be:
Ask: Which of the following items have you purchased in the past 3 months?
Instead of: Did you purchase [product] in the past 3 months?
By sticking with open-ended questions, you’ll gather responses that genuinely reflect what your audience thinks—giving your market research survey a major boost in accuracy.
Step 5: Determine How Your Survey Will Be Delivered
Thanks to the internet, online surveys have become the MVP of market research survey. They’re fast, efficient, and can reach tons of people. But, if you’re targeting a specific audience—say shoppers in a particular mall—you might want to go old school with a street intercept survey. In-person surveys work great when you need hyper-focused data.
For street surveys to hit the mark, you need seasoned interviewers. They can quickly identify relevant questions and skip the ones that don’t apply to the person they’re talking to—saving time and getting better data.
Now, if you’re going the online route, you don’t need an interviewer. Most online survey platforms (like Vase.ai) offer display logic, which means participants only see questions that matter to them, based on their previous answers. This makes the survey process smoother and more accurate. And with Vase.ai’s panel of 2.6 million verified respondents, you’re getting data from real people—not just your friends and family (who, let’s face it, might skew your results).
Step 6: Analyse the Data
Once you’ve gathered your survey data, it’s time to analyse the results. Segment the responses by demographic factors such as age, gender, or income to identify any significant differences between groups. Additionally, calculating the “mean” (average) response can highlight key areas to focus on.
Consider using tools that are available in the market to aid analysis or to outsource your data analysis to an experienced researcher.
Did you know? Vase.ai’s platform automatically suggests insights to you. Check it out here.
Conclusion
Successful market research survey begins with a clear objective and relies on asking the right questions to the right people. By following the steps outlined above, you can ensure your research yields actionable insights that help drive your business forward.
Ready to Leverage The Power of Market Research survey?
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