With everybody working from home because of the pandemic, there’s plenty of extra time on our hands.
To innovate.
To learn.
To grow.
And we are pretty sure you might have come up with or thought of a product or a solution yourself that can help the post-pandemic world define a new normal.
The best way to go about starting a new venture is to analyze the current market and see where your product or solution fits. For that, market research is imperative and rolling out marketing research is one of the easiest ways to go about it.
To get responses for these surveys is not as easy as it might look like since the responder won’t be getting any direct benefits. So, you will have to make sure you are following the right practices, have engaging questions, and type of market research survey.
All of these things we’ll be covering in our blog today so that you can create a perfect market research survey to realize your ideas that can change the world.
First, let’s try and understand different market research survey types. We’ve bifurcated different types of market research surveys into 3 categories:
– Pre-launch/Ideation Phase Surveys
– Understanding Customers, Brand Value and Brand Loyalty
– Understanding Marketing Effectiveness
– Understanding Sales
Pre-launch/Ideation Phase Surveys
Market Description Surveys
A market description survey helps you determine the size and share of the market. With this kind of market research survey, you can gather information pertaining to market growth prospects, competitive positioning to stand out among your competitors, and share tracking of the market.
Before launching this survey, make sure you have the right intent with you. For that, you need to ask yourself these questions:
– How big is our probable market?
– Will this market grow in the future or shrink?
– Which other products and services are similar to ours?
– Who are our top competitors?
– What is the market share of our competitors?
– What share is available for us to own/take?
New Product Concept Analysis Surveys
A new product/concept testing or analysis survey is a survey used to obtain insights into products and concepts during the initial screening. With the help of such surveys, marketeers can assess the likelihood of purchases of the new product/concept and the measures they can take to improve its overall success rate on the basis of collected data.
New Product Acceptance and Demand Surveys (Conjoint Analysis)
These surveys determine the demand for new products that still remain to be developed physically but have been described and developed in concept. They also help find out the market share estimates of potential product(s)/concept(s) already out in the market and determine whether yours will be more successful or not.
Habits and Usage Surveys
A Usage and Habits survey is to analyze and determine the factors that impact consumers’ usage of a product or service and their perspective about your brand. This type of market research survey is crucial in assessing the usage, frequency of repurchases, and reasons behind usage of product(s)/service(s).
Understanding Customers, Brand Value and Brand Loyalty
Market Profiling-Segmentation Surveys
It is a type of customer research survey that helps divide a large target audience into smaller groups to form a range of customer profiles. The criteria for segmentation can vary from one organization to another and can include:
– Geography (continent, country, city, etc.)
Demography (gender, age, occupation, etc.)
– Culture (culture of a particular country or region) that sometimes is more precise – especially when your product has cultural value attached in any way or is made for a particular ethnic or cultural group.
– Behavior (general attitude, usage, loyalty, etc.)
– Lifestyle (activities, opinions or interests of individuals)
– Benefit (one or more benefits your audience are going to get from product(s)
This classification and profiling helps you target different groups with similar interests or benefits in a better way.
To craft effective market profiling surveys, you can refer to the questions listed out in this blog about Market Research Questions.
Stage in the Purchase Process/Brand Tracking Surveys
A brand tracking survey mainly focuses on gathering the information as below:
– Level of brand awareness among customers
– General opinion or perspective your customers have for your brand
– Expectations and/or demands of customers
– Level of willingness to purchase and repurchase from your brand.
All this information helps you get a better understanding of where your brand stands and also what you can do to have an edge over your competitors. Accordingly, you can tweak your upcoming marketing strategies and campaigns to get the maximum engagement and sales.
Customer Intention – Purchase Analysis Surveys
A type of market research survey meant to understand current/existing customers better.
It helps gather the info helpful in determining:
– Reason why customers choose your brand over others
– Motivational factor that drove the actual purchase
– Probability that current customers would remain loyal and committed in the future as well.
Customer Attitudes and Expectations Surveys
A customer attitude survey is focused on determining whether or not your brand is being able to fulfill customers’ expectations. It also helps find out whether your customers have started hunting for alternative brands out of some dissatisfaction they might have recently had.
Such surveys help tweak your product(s) and service(s) to not let your customer loyalty weaken and rather strengthen it. As a result, they also help drive more customer conversions.
Customer Trust – Loyalty – Retention Analysis Surveys
This type of survey is a conjoint market research survey that helps determine degree of customer retention and analyze the trust and faith your customers have in your brand.
Product Fulfillment Surveys (Attribute, Features, Promised Benefits)
This market research survey is to evaluate whether your product has fulfilled the promised benefits (both tangible and/or aesthetic). It can determine whether all the expectations customers had from the product at the time of advertising were fulfilled in all aspects or not.
Product Positioning Surveys (Competitive Market Position)
A product positioning survey combines customers’ feedback about product(s), attributes of target audience, and competitors’ products characteristics to assess where your brand stands relative to the market. And figure out the best ways to market and sell your product(s).
Understanding Marketing Effectiveness
Brand Equity Analysis Surveys
A brand equity analysis is a survey that combines assessment of brand awareness, quality, associations and loyalty. This kind of survey goes a long way towards staying competent and recognized in the market for a long time. As it gives you the insights on how to keep your brand in line with customers’ ever-changing needs, expectations, and demands and improve your offerings accordingly.
Advertising Value Identification and Analysis Surveys
A number of factors like product attributes, consequences, and customers’ values affect purchasing decisions. In this type of market research survey, marketeers analyze the relationship that exists between customers and products. They determine those characteristics that affect the purchasing decision by forming an associative network between product attributes and consumer values.
Advertising Message Effectiveness Surveys (Media and Message)
This market research survey helps a brand determine if their ads are hitting the right chord with their audience, and whether they’re getting the desired returns. This market research survey type enables them to measure strengths, weaknesses and ROI of their ad campaigns. Accordingly, they can tweak the combination of reach and relevance of the ads to bring desired results.
Understanding Sales
Sales Force Effectiveness Surveys
A combination of measures that focuses on determining individual salespersons’ performance, the overall efficiency of the sales teams, and the effectiveness of sales activities in producing the desired and measurable effect or goal is called a sales force effectiveness survey.
It is often a 360 degree survey and the salesperson, the client (evaluating the sales call), and the supervisor responsible for evaluating the salesperson complete this survey together.
Sales Lead Generation Surveys
A sales lead generation survey is a market research survey to:
– Assure timely use and follow-up of sales leads
– Qualify sales leads (to save valuable sales force time), and
– Provide more effective tracking of sales leads.
Customer Service Surveys
Largely similar to a customer satisfaction survey, this customer research survey focuses more on the actual customer’s details, the process through which the customer received the service, and the evaluation of participants in the service process.
Customer Service Representative (CSR) Surveys
CSRs hold attitudes that reflect on their job-related activities including
(1) the allocation of time;
(2) solutions to customer needs;
(3) how to improve their job;
(4) best practices; and
(5) how well internal departments help customers.
CSRs often exhibit frustration, burnout, and high attrition, and this survey focuses on CSR retention, reducing costs, and increasing the quality of customer relationships.
Sales Forecasting and Market Tracking Surveys
It is a market research survey that focuses on prospects of products sales and services in the future. Marketeers take into factors various aspects such as current competition and expectations, future demands and others to analyze the sales numbers.
Alongside, marketeers also use a market tracking survey to assess the brand’s current performance and study future shifts in customer needs, advancements in product technology, and other factors to form future strategies.
Price Setting Surveys and Elasticity of Demand Analysis
Pricing surveys and value research are always of great importance to marketing managers. This market research survey helps them determine the merits of increasing profit margins by raising prices, or the probability of increasing revenues by decreasing prices. This survey helps gather information to help marketing managers or product owners in deciding optimal prices to charge for each of their products/services.
Price Elasticity of Demand analysis indicates the measure of customers’ responsiveness to change in the price of a product or service. It helps drive at an appropriate decision of whether to increase or decrease the pricing or keep it the same.
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