Chances are that if you’re reading Marketing Tech Blog, you already know how important conducting market research is to any business strategy. Over here at SurveyMonkey, we believe that being well informed when making decisions is the best thing you can do for your business (and your personal life, too!).
Online surveys are a great way to perform market research quickly, easily, and cost effectively. Here are 3 ways you can implement them into your business strategy today:
1. Define Your Market
Arguably the most important aspect of market research is defining the market. You may know your industry and product down to a science, but that only gets you so far. Are white, single men in their 30’s buying your shampoo, or are teenage girls your biggest customers? The answer to that question will have a profound impact on your business strategy, so you want to make sure you’re confident in it.
Send a simple demographics survey to your customers, clients, or fan base. Use an expert-created template, or create your own. Ask them about their age, gender, race, education level, and interests. Ask how they use your product or service, and ask for their feedback. The more you know about who they are and how they’re using your product, the better you’ll be able to cater to their needs and keep them coming back for more.
2. Concept Test
Run a concept test to evaluate consumer response to a product, brand, or idea, before it’s been introduced to the market. It will provide a quick and easy way to improve your product, identify potential problems or flaws, and make sure your image or brand is properly targeted.
Put a picture of your ideas for your logo, graphic, or advertisement in an online survey and have your audience select the one they like best. Ask them what stood out to them, what the image made them think and feel.
What if the thing you need feedback on isn’t an image or logo, but a concept? Write a brief synopsis for your respondents to read through. Then ask them what they remembered, what their reaction was, what problems they might anticipate. Different people will see different challenges and opportunities in your idea, and their feedback will be invaluable as you fine-tune your plans.
Don’t know how to reach your target audience? We have one you can talk to…
3. Gain Feedback
Once you’ve defined your market demographics, tested your ideas, and created your product, there is one more crucial step in the process. Soliciting and analyzing feedback is crucial if you want to continue to deliver great results. Find out what you did well, what issues people are having, and what direction they’d like you to take in the future.
You don’t need to take all the suggestions you get when soliciting feedback. But by asking for it and paying attention to what people say, you’ll be better prepared to succeed in future creative endeavors. Your customers will appreciate that you asked, and they’ll appreciate the improvements you make even more.
You don’t have to be made of money to engage in effective market research. You just need to take advantage of the cost-effective tools available to you on the internet. At SurveyMonkey we’re always working to improve our technology to help you make your best, informed decisions. By sending a survey to reach out to your target market, you can make sure your efforts are as effective as possible.
This research stems from a survey of 165 marketing, commerce and supply chain executives, and 12 deep-dive interviews with executives who reveal the ways they are rethinking their engagement strategy.