Market surveys study the spending characteristics of the consumers who fit a business’ target demographic. Entrepreneur lists several different types of market surveys, with some taking the form of focus group discussions, email surveys, telephone interviews, and direct-mail surveys. Whatever method you choose to use, market surveys can prove very important. Fast Company notes that they are essential for the growth of companies because these surveys are used as tools to guide businesses in creating effective market strategies. Surveys are used to constantly improve based on current and future market trends.
Before you start creating a market survey however, it’s important to clarify what exactly you want to achieve from the study. Is it to refine your market strategy? If so, how do you want to refine it? What refinements need validating? This goal will serve as your point of departure, and will be your guide in coming up with the right questions to ask and the best mode of asking them. In your planning stage, it’s important to also create a detailed description of your target audience. Identifying the right target audience to provide answers to your questions means a better quality of response once the survey is being conducted.
While we discussed some of the different modes of conducting marketing surveys, online surveys may be the best option for you in this day and age. For one, most target audiences are accessible through online platforms, as 80% of all American adults can be found online. Aside from that, online surveys are very cost effective. If you’re interested in creating a very direct and simple survey, survey software service providers offer versions of their software that you can post on different social media accounts.
Of course, you don’t always need actual costumer interaction to carry out a survey. Many modern surveys these days are done through data analytics, and it has become an increasingly useful tool in helping businesses thrive. James Riddle in his article on data analytics explains how they can help not just in market surveys, but in the implementation of a marketing strategy. For example, big data allows a business to forecast which of your clients are about to stop using your services from your company and why. This helps businesses create marketing opportunities to prevent consumer turnover before it actually happens. Needless to say, data analytics is fast becoming a huge part of the business world. Maryville University in their examination of the data analytics industry, note that the global market will reach $203 billion by 2020. This is a clear indication of how businesses are changing to take advantage of the increasing amount of available consumer data. Companies who aren’t engaging online to refine their marketing and business strategy may soon need to evolve in order to stay afloat.
For companies looking to evolve, here are a few tips on how to create an effective market survey. However, the most important thing to remember is that your online survey should still reflect your brand just like physical marketing material would. Do not overlook the fact that while a marketing survey’s goal is to gather consumer information; it also serves as a marketing tool to promote your brand to your intended customers.