Importance of Market Research Surveys for a Business Success

Are you planning to start a new business? Do you want to study your customers’ behaviors, needs, interests, and preferences in a comprehensive way? Do you want to determine how satisfied your customers’ are with your recently launched products and services? Then market research survey is the perfect answer for businesses of all sizes.

 

 

What exactly is the market research survey?

 

Market research is a process or procedure of collecting information on your targeted markets as well as on your customer’s. You can use market research surveys to research your customers and understand more about your current customer interests, needs, preferences, tastes, as well as determine how satisfied your customers’ are with your company’s products, why customers are actually buying your products, if your products have any loopholes, if your customers faced any problems with your company’s products and services, and many more.

 

Additionally, you can identify the potential customers in your community as well as learn what customers like about your brand, as well as understanding what kind of additional features need to be added while designing a product.

 

Data is the powerhouse for businesses of every category and size. Without proper and comprehensive data, there is the change of product failure in the market. For example:

 

Company ‘X’ has recently launched a business product, which is highly beneficial for entrepreneurs as well as automatically streamlines all kinds of business activities.. However, the product sales are disappointing. They are stuck in a single digit number. What would be the reason for such declining sales? Can you guess?

 

One of the main reasons for company X’s product failure is – it had completely focused on designing the product rather than shifting its focus on conducting the market research. If company ‘X’ has spent some time on its market research activities, then the story would be completely different. However, without having any proper market research, company ‘X’ has launched its product in the market with high expectations. Yet, it failed in the market because company X’s competitor company ‘Y’, has already launched the similar product two months prior with almost the same exact features. Now, company X’s product has become a copy of company Y’s product which has resulted in soaring sales.

 

In this highly competitive business scenario, market research surveys are imperative for businesses to succeed in their current market. A market research survey enables a business to understand the targeted market, identify the potential customers of  business, stay updated with current market trends, maintain a competitive edge by up scaling their business opportunity, discover new business ideas and opportunities, devise better marketing plans and strategies, understand actual customer needs, interests, and preferences, figure out loop holes in a recently launched product, and track company progress as well as the growth of their competitors.

 

Different Types of Market Research Surveys:

 

Market research surveys consist of mainly two types:

 

#1 Primary Market Research

 

The primary market research survey enables a business to collect completely new data, which cannot be found with their current resources. Generally, businesses can conduct market research surveys by designing and producing market surveys for your audience and targeted groups, conducting interviews, as well as providing questionnaire forms. Whatever might be the source of the survey, whether it is an online survey or offline the main target, is to collect the crucial data needed for businesses.

 

#2 Secondary Market Research

The secondary market research surveys is involved in collecting the data that has already been published somewhere else. Say for example: Your company has assigned a task of analyzing and collecting meaningful data on how CRM software can really help a business in real-time. Then, how do you collect the data? Do you reach out to the individual business owner to gain the inputs needed for the survey data? Really? It is an impossible task.

 

The best method is to refer to all kinds of studies, surveys, and publications on your relevant survey topic to gather the data. The data obtained in the secondary market research enables a company to take strategic business decisions as well as segment customers into targeted groups.

 

The market research survey provides invaluable benefits for businesses such as studying the business competition, analyzing the customers’ buying patterns, behaviors, discovering the opportunities to increase profits, learning the gaps in market, as well acquiring a competitive advantage.

 

Do you want your business to reap the maximum benefits from market research surveys? Then, what are waiting for? Utilize the services of SutiSurvey to conduct market research today. You can use the software to quickly create and publish online surveys as well as share them with your audience in fraction of seconds. You can gather the survey feedback as well as generate reports in real time.

News Reporter
Kevin Peterson is a content marketing enthusiast, freelance writer at SutiSoft, specializing in Business, ERP, Technology and Cloud/SaaS trends