Market Research Surveys: Types & Uses

Today, market research surveys are bigger than they ever were, being tools that help businesses lead with valuable insights. Well-performed market research keeps businesses ahead of the curve and ensures long-term success.

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Market Research Surveys: Types & Uses market research survey
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“The world is fast-changing, and until you learn to adapt and adjust to standing out from the masses, you will fade into oblivion.”

This statement by Kelvin Clive, the author of The Art of Personal Branding, stands true in the 

market research sphere. In other words, your customers expect you to change with them. 

As a brand, you can’t continue doing what you’ve always done without identifying your customers’ expectations and analyzing your competition unless you want to fall behind.

Understand this with the example of Kodak- They were a major player in photography for decades but refused to evolve even at the peak of digital photography.

On the other hand, its biggest competition- Fujifilm, looked for ways to apply its expertise in the film to the technology of the new millennium instead. 

This is why your need market research- to decide what you need to do by learning what you need to know. 

This article will introduce you to market research surveys, their types, and their purposes. Let’s get started.

What is a market research survey?

By definition, a market research survey is a questionnaire that is used by organizations to perform market research and gather feedback from a target audience. 

Market research surveys allow researchers to get a detailed overview of their customer’s behaviors, preferences, expectations, etc.

The data generated through surveys can be easily turned into actionable insights to fuel effective decision-making and ensure success. 

Here’s an example of a market research survey template from Voxco:

Market Research Surveys: Types & Uses market research survey

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Types of market research surveys and their purpose

There exist a ton of different types of market research surveys with exquisite use cases. In this section, we’ll take a look at the ones most commonly used by researchers:

  1. Product surveys
  2. Customer experience surveys
  3. Brand surveys
  4. Competitive analysis surveys

Product surveys

Product market research surveys help organizations understand how their products or services are being perceived by their target customers. They help organizations learn ways in which their product or service meets their target customers’ expectations or ways in which they fall short and could be improved.

These surveys are useful in generating insights that can help in product development or improvement to meet their customers’ expectations.

Related: 20 Best Product Survey Questions

Customer experience surveys

Customer satisfaction is one of the most important metrics that businesses need to track in order to ensure success and growth. 

This is why businesses use customer experience surveys. A customer experience survey or customer satisfaction market research survey helps businesses identify which of their customers are loyal and leaning forward, and what they can do to increase the ranks of this highly profitable group of active customer stakeholders and brand evangelists.

Brand surveys

Brand surveys are used to help businesses understand how their brand is perceived by customers and positioned in comparison to other brands in the marketplace and industry. 

Not just that, brand surveys help businesses determine whether their brand messaging is optimized, or needs to be revamped. The outcomes of brand surveys are used to gauge and improve purchase intent among both existing and new customers.  

Competitive analysis surveys

Competitor analysis is one factor that influences the success of any organization to a great extent. Each has its own way of taking “notes” or analyzing its competitors. 

However, third-party industry reports do not always tell the full story: because it’s ultimate customers who determine what the competitive landscape looks like.

This is why there exist competitor analysis surveys that help businesses connect directly with their target customers to understand how they perceive competitors and gain insights into their preferences before, during, and after a purchase.

Now that we’ve learned about the various types, let’s move towards learning about the various uses of market research surveys.

More than 100 customers tried a sample market research survey before buying a plan

What are market surveys used for?

Market surveys or market research surveys become really important when an organization is taking a new initiative, launching a new product, or a service. From the previous section, we can deduce that market research surveys are mostly used for

  1. Customer segmentation
  2. Exploring various aspects of the target customers
  3. Understanding customer’s purchase behavior
  4. Establishing buyer persona
  5. Measuring customer loyalty
  6. Analyzing a new feature or concept
  7. For competitor analysis
  8. Understanding the impact of sales activities
  9. Assessing prices for new products/services
  10. Evaluating customer service

Let’s dive into each of these use cases in more detail:

1. Market research surveys for segmentation

An organization can spot existing and prospective customers and understand why the customers have chosen their products/services and the prospects have not yet made a purchase. This can lead to structured market segmentation and analysis.

2. Market research surveys for exploring various aspects of the target market

Get information about factors such as market size, demographic information such as age, gender, family income, etc. to lay out a roadmap by considering the growth rate of the market, positioning, and average market share.

3. Market research surveys to probe into purchase procedure

How does a customer decide on making a purchase? What are the factors that convert product awareness into sales? This type of market survey will unveil awareness, information, free trial, purchase, and repeat.

4. Market research surveys to establish buyer persona

These surveys are to build a buyer persona by knowing about customer preferences, inclinations, and capabilities of purchasing a product.

5. Market research surveys to measure customer loyalty

What is the degree of loyalty that the customers have towards an organization? The answer to this question can be obtained by conducting a market survey.

6. Market research surveys to analyze a new feature or concept

It is essential for an organization to include market-compliant features and concepts. Carrying out a market survey to understand which features to launch, will help all the 

teams involved in the feature development process to do that with proper research.

7. Market research surveys for competitor analysis

Healthy competition is always good for an organization’s progress. Market surveys done with the motive of competitor analysis will produce results about how the target market weighs the organization’s products/services in comparison to the others in the market.

8. Market research surveys to understand the impact of sales activities

Sales activities are the backbone of an organization and it becomes crucial to keep track of these activities. Market surveys for sales activities will produce a report of the impact of sales activities, whether their frequency needs to increase or any changes the audiences think should be inculcated in the sales process.

9. Market research surveys to assess prices for new products/services

Affordability of products also is an aspect that drives the market for organizations. Price ranges, product variants to cater to multiple price ranges, target customers for each of the products, etc.

10. Market research surveys for evaluation of customer service

Good customer service can lead to enhanced satisfaction levels among customers. Factors such as time taken to resolve issues, the scope of improvement, best practices of customer service, etc.

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How to create a market research survey

Creating a survey is very easy. These days, there is a myriad of online survey platforms that help you build surveys for market research. You can either build an online survey or an offline survey.

All you’ve to do is rigorous research- to find one platform that suits your market research needs. Once you choose the right platform, you’re all set to create a market research survey on your own. 

Not just that, many platforms such as Voxco, offer a number of survey templates and additional resources to help you build multiple types of surveys depending on your requirement.

How you ask matters!

All the valuable insights that you need to improve your product, service, or brand are hidden in your customer’s experience. If only you ask in the right way, it becomes easier to get those insights. This is why, the surveys for market research must be created carefully, with the right set of questions, and with a visual appeal that resonates with your brand. 

A good survey can lead to volumes of useful insights!

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Great Research
Fast Insights
Best-in-class ROI

Voxco’s platform helps you gather omnichannel feedback, measure sentiment, uncover insights and act on them.

Join 500 + global clients across 40+ countries