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Market Research Questions

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What is Market Research?

When Companies collect valuable information about the expectations of their target market, competitors, market environment, etc. the act is called Market Research.

Market research helps you to

  • Identify your potential market and potential customers
  • Determine how your product and services will perform in the market

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What are Market Research Questions?

Market Research Questions is the questionnaire that lists questions that are focused on collecting information on such matters as mentioned. It contains a list of questions that are given to respondents to record their answers. The questions are of open-ended and closed-ended nature.

The purpose of market research questions is to understand the perception of the target customers on the products, services, and capabilities of a company/business. You can make your own market research questions to analyze the expectations, interests, needs, price perception, and other such concepts. 

Say you want to launch a new mobile phone. In the market, there are many companies launching new models every week. For your new mobile to become the customer’s favorite you need to make it customer-centric. 

The first step is to find out what features customers prefer the most and what new they want to see. You can prepare market research questions asking for relevant information that serves the purpose of your research. You can also ask your customers what price range they think would be suitable for the new mobile phone. 

This way you can make decisions based on the feedback received. The data-driven strategy will help you succeed with your new launch. 

Asking the right questions can help you identify opportunities to improve your strategy. A market research questions help you obtain insights to

  • Stand apart from other business
  • Attract target market
  • Enhance products and service
  • Improve customer experience

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Market Research Questions you should focus on

Identity of your Target Customers

Begin with simple demographic and psychographic questions. Don’t overload with these basic questions. Ask the questions that help you make the first impression of your customer. 

  • Demographic Questions – Age, Gender, Education level, Income, Profession, etc.
  • Psychographic Questions – Hobbies, Interests, Goals, Purchase habits, etc.

It is important to know your customers. You need to have as much information about your customers as possible. This way you can focus your marketing strategy based on the preference of your customers. 

Challenges they face when using your products

Ask your customers what issues they have to deal with when using your product or service. Ask them what they are concerned about. Knowing what causes them to avoid using it in a certain situation can give you ideas to make improvements or discover ways to support the product in some other way. 

Water-proof devices were created because customers were afraid of wearing their normal watches on rainy days. 

Expectations of your Customers

The real purpose of conducting market research is to find out what your customers actually want from you. You want to know what they expect from your products and services. You need to know if you can fulfill those expectations of your customers. 

  • What feature do you wish our “product”/ “service” had? 

You can then decide how you can improve your current line of products to give what they want. Or, you can offer a combination of products that can serve the same purpose as customers want. 

How you are different from your Competitors

The market is full of competition and more than 10 brands are launching products similar to yours. It is important to know where you stand in this competitive market. So, bench-marking and analyzing the competition can help you give your business the edge it needs to stand apart. 

  • How satisfied are you with the camera in our XYZ model mobile phone?
  • How important is it that your mobile has two front cameras?

You can ask Customer Satisfaction questions to understand how satisfied your customers are. You can also ask what features they prefer from a similar product of your competitor. 

Benefits your Customers receive

  • What issue does our “product” solve for you?

Connecting with your customers emotionally is very crucial to ensure that they continue to use your product. Moreover, when your customers receive benefits from your products/services it satisfies their purchase decision. The more benefits your products and service offer to your customers the more likely they will stay loyal to you. 

Who is not buying from you

Market research helps you identify your potential customers. But, it is also important that you know who is not buying from you. 

This information can help you identify the limitation your product may have that is preventing you from reaching other potential customers. If you see an incomplete purchase, asking questions about why they are not buying from you, you can make necessary improvements in the purchase process.

  • What do you like the least about our “product” or “service”?

It may also be that your sales department is not equipped enough to make sales. Asking the reason why they are not buying from you can help you identify the changes you need to implement in your business. 

Why Customers buy from you

What makes customers trust you that they buy from you. Knowing such vital information can help you use it to your advantage and develop your brand around it. You need to understand the value that customers associate with your company which motivates them to purchase from you.

  • How does our “product” help meet your needs?

The reason your customers purchase from you could be because they trust the quality of the product, the behavior of customer service, the overall service of the brand, etc. They may also purchase because your products help them in their daily life. The products you offer fulfill their needs perfectly. 

You need to understand the reason behind this and hold onto that value to provide a consistent service throughout.

Make it a Perfect Brand

This means that you need to make your brand customer-centric. The products and services you offer should be easy to use, accessible, cost-efficient, useful, valuable, etc. for your customers. 

Market research questions can help you understand how to make your brand customer-centric. What you need to do to ensure that your products help the customers. 

  • How likely are you to recommend our Brand/Company to your families and friends?

You can understand this by asking if your customers would refer your brand to others. If your customers say “yes or highly likely” then you are on a good path. If your customers say “no” then you need to re-evaluate your strategies and decisions. 

If you successfully develop a brand that meets the standard of customer’s expectations you will become a customer favorite. 

How to Reach Out your Customers

Most products and services fail because companies are unable to reach out to their potential customers. They cannot reach out to their potential customers because they don’t know which platform to use. 

It is important that you know exactly where your potential targets are. Ask questions on what social media or other channels they use the most to search for information, what events they attend, etc. This will give you an idea of where you can reach your target market. Then you can plan on how to reach them. 

If you cannot identify the right channels and platforms to reach your target market you will end up throwing away your hard work.

The price range of Products/Services

Pricing a product to attract potential buyers is important for the success of the launch. Low pricing of products can harm the ROI while high pricing can make it inaccessible for some people. Also, there is no “right price”. 

  • Are you satisfied with the price of our “product”? 
  • If you were given the chance, how would you price our “product”?

Someone may doubt the quality of your product because of the low price, whereas someone may find it worth it. Similarly, high prices may give the feeling of the elite and may be favored by the upper-class people. 

Because of the difference in opinion and confusion, it is important that you ask for feedback regarding the pricing of products. Ask your existing customers what would be a better price range for the product. It is also important that you analyze how your competitors price their products and the quality of products they offer.

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Some common Market Research methods used by companies are

  • Survey
  • Observation
  • Interviews
  • Focus groups
  • Phone survey
  • Social Media survey

When you are conducting Market Research you need to have a clear view of what you want to achieve from the research. You should be aware of the reason you are collecting the data and what you want to learn from the information.

Target Market is a term used to define the group of customers you are aiming to attract. They are the customers whom you want to motivate to buy your products. They are the primary customers for your marketing campaign.

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