How to Conduct a Market Research Survey for Your Business

Surveys are a powerful marketing tool that helps businesses discover more in-depth information about their target market. In the past, this process was quite expensive, but due to the advances in technology, it has become much more affordable.

 Some benefits include:

  •  Surveys show businesses what their target market wants and need.
  • The research will help businesses understand the market so they can deliver higher conversions on their campaigns.
  • Surveys help companies develop new products and services tailored to customer needs.

Conducting a Market Research Survey for Business

Market research surveys are an affordable, easy way to learn more about your target market. Here’s a quick step-by-step guide that will highlight everything you need to know about conducting a market research survey for business.

Step 1: Determine What Information You Need to Know About Your Target Market

Keep in mind that more focused research is going to be much more valuable than broad information. So you need to start by setting a clear objective for your market research.

  • ·        Why are you surveying your target market?
  •  What is the most vital piece of information that you can learn?
  • Are you trying to improve on a current product or are you looking to launch a new one?

New product launches require much different information that current products, so it’s important to lay all of this out right now. For instance, you will need to know whether there is even a demand for the product before you invest in its development.

The key with this step is to be precise about the data you’re hoping to receive. That’s the only way you’re going to ask the right questions. For now, you can list as much potential information as possible. We’re going to narrow it down in the next step.

Step 2: Prioritize your List

Now it’s time to prioritize the information that was provided in the previous step. It’s impossible to research everything, so you need to focus on getting the best, most valuable information.

Each company will have a unique preference, so your goal is to decide what is important to you.

Start by discussing your list with other department managers and asking for their feedback. They are likely to have more insight into the daily business processes for their departments, so they will be able to identify vital information.

Once you have gathered feedback, it’s time to start putting together a finalized list of potential questions. This will be the list you use moving forward.

Step 3: Review of Alternative Research Routes

We have an over-abundance of resources today, so I highly recommend that you research as many as possible. Several options are much less expensive. For example, Small Business Development Centers are a fantastic resource that can help develop top-tier surveys. Don’t be afraid to get creative here.

Here is a look at some additional free resources that you can tap into:

  •  General Business Statistics
  • Consumer Statistics
  • Demographics
  • Income Statistics
  • Production and Sales Statistics

Step 4: Estimate the Costs

Costs are an essential element in making any business decision. Just remember that the internet has vastly reduced the costs of carrying out surveys so you should not have to spend a lot of money. The prices are so low that you should consider hiring a research firm like Research Optimus to help ensure that you are getting the most out of your data.

The biggest mistake we see is that businesses are spending too much on surveys because they are asking irrelevant questions. So, the number one goal is to make sure you’re asking the right questions.

Got the right questions? Great! Now you can focus on creating the actual survey. Fortunately, several online tools make it easy to create questionnaires.

Some good tools for creating questionnaires include:

  •    Zoomerang: Their survey package is $19 per month, and businesses are allowed unlimited responses.
  •  Constant Contact: The costs for this service range from $15 to $150 per month but are designed for small businesses looking to grow. They allow up to 25,000 contacts and have a much more in-depth system.
  •   Key Survey: Designed for medium to large scaling businesses, Key Survey costs upwards of $500 per month but offers the whole package.

Note: If you hire a data research firm like Research Optimus, they will help partner you with the perfect survey providers. The investment will save money in the long-term because it frees up time and makes sure you are asking the right questions.

What Should be Included in a Market Research Survey for Business?

  •    Marketing environment for your target market.
  • The behavior of your target market. Are they self-employed or do they work at a poor job? How much income do they have?
  • Don’t forget to research the competition by asking your target market one question about other similar brands.
  •     What are your target market’s pain points? What is it that your product or service can help them with?

Research Activities that Businesses Rely On for the Most Success

The ability to properly utilize data is what sets juggernaut companies ahead of the competition. Here are some examples:

  • Big companies hire data research providers to handle their ever-growing need for research. These companies create surveys based on the needs of a business, providing them with a substantial competitive advantage.
  • Primary research is essential in establishing the identity of a target market and uncovering innovative ways of connecting with them.
  • Secondary research is used to provide deep insight into a business’s competition. Understanding what competitors are doing right – as well as what they’re doing wrong – puts you into the position to improve your business.

Conclusion

Putting together the perfect market research survey for business starts with identifying a target market and then understanding them well enough to ask the right questions. It’s similar to a doctor asking their patients questions. These questions are going to be different based on their symptoms. Surveys should ask questions that are related to the symptoms suffered by your target market.