Market Survey Research- Definition, Objectives, Methods and More!
Jul 10, 2023
What is Market Survey Research?
Market survey research refers to the process of gathering and analysing information about a specific market, industry, or target audience. It encompasses collecting data from potential customers, competitors, and various stakeholders to gain insights into market trends, consumer behaviour, competition, and market opportunities. By leveraging these findings, organizations can reform their marketing strategies, streamline operations, and refine their products or services based on customer feedback and market demand.
Objectives of Market Surveys
These surveys serve several important purposes for businesses and organizations, because of which key benefits of these surveys can be attained:
Understanding customer preferences and needs:
By collecting data directly from consumers, businesses aim to gather insights about customers’ preferences, buying behaviours, and needs. This empowers businesses with a comprehensive understanding that enables brands to customise their products, services, and marketing strategies to proactively meet customer expectations.
Evaluating market demand:
Market surveys provide valuable insights into market demand for a product or service by assessing customer interest and intent to purchase. This evaluation helps organizations determine market size, identify gaps, and recognize opportunities. Thereby enabling strategic decision-making concerning market entry, expansion, or diversification.
Assessing customer satisfaction:
Market surveys assist in gauging customer satisfaction and pinpointing areas for improvement. By gathering feedback on customer experiences and their pain points, businesses can assess performance, identify strengths and weaknesses, and make the required amendments to enhance satisfaction levels.
Understanding the competitive landscape:
Market surveys collect data on competitors’ offerings, pricing, positioning, and customer perceptions. This further allows businesses to evaluate their competitive strengths and weaknesses and identify opportunities for differentiation. Understanding the competitive landscape helps organizations develop effective marketing and competitive strategies and secure a unique competitive advantage.
Testing new product concepts or ideas:
Market surveys allow businesses to test the viability and acceptance of new product concepts, features, or ideas prior to substantial investments. This way, organizations gather product development insights and mitigate risks associated with product launches.
Developing marketing and communication strategies:
Market surveys offer insights into customers’ media habits, communication preferences, and factors that influence their purchase decisions. This aids businesses in developing targeted marketing campaigns, selecting appropriate channels, and crafting resonant messages. Market surveys assist in optimizing marketing strategies, enhancing return on investment, and improving customer engagement.
Analysing brand perception and positioning:
Market surveys provide valuable insights into how customers perceive a brand, its products, and its positioning in the market. This information helps businesses assess their brand image, spot areas for improvement, and fabricate constructive brand positioning and messaging strategies.
Different types of survey methods
Focus groups surveys
When choosing a survey method, it is crucial to align it with research objectives, target audience, and available resources. Furthermore, factors like sample size, response rates, data quality, and desired engagement level should also be carefully considered.
Steps involved in designing a market survey
Clearly outlining the survey’s goals or the purpose of the study conducted.
The next step is to identify the potential audience fulfilling the relevant criteria of the survey.
Creating a relevant and concise structured questionnaire or survey instrument that captures the required information.
Selecting the most appropriate survey method based on the target audience and research objectives.
Before launching the survey, it is equally important to conduct a pilot test with a small sample group to identify any issues with the questionnaire and make the necessary adjustments.
Determining the appropriate sample size for the survey.
Launching the survey to the selected sample group via online survey platforms, email invitations, phone calls, or in-person interviews, depending on the chosen survey method.
After launching, it’s time to monitor the progress of data collection, and tracking the response rate. If required, sending reminders, and following up with non-respondents to improve participation rates also benefits.
Finally, once data collection is complete, the collected data is analysed using appropriate statistical techniques and software tools.
Summarizing and interpreting the data to identify patterns, trends, and insights that address the research objectives.
Last, presenting the findings in a comprehensive report, which includes an executive summary, methodology, key findings, and recommendations.
Market survey research is a pivotal tool for businesses seeking to understand customers, evaluate market dynamics, and make informed decisions. By collecting and analyzing relevant data, organizations gain relevant valuable insights which can optimize their business game. In short, Market survey research is the compass that guides organizations towards success in an ever-evolving marketplace.