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Market Survey is a technique that falls under the umbrella of Market Research. Market survey is often referred to as market research or analysis. It is productive in gaining insight into the target market by investigating customer’s interest in a particular product or service.
A market survey gathers information on the market that is not readily available in its internal or external record in the sales forecasting method. Generally, a company conducts a market survey when they want to collect primary data to predict the market demand.
In situations when a company is launching a new product/ service or when the business is initiating new business, a market survey is used to forecast the potential demand or sales. The market survey comes in handy when the company has to collect information directly from the customers since there is no previous record of it.
Obtaining feedback directly from the target audience, the market survey can help understand the needs, expectations, and attitudes of the customers. The process of market research involves determining the features of the product that the audience will incline towards. The research confirms the success of business strategies.
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Primary market research includes a market survey, the first step of collecting data for a market plan. An introductory market survey’s main idea is to gather data and reports that have not been collected.
When launching a new product/service designing the right marketing message and forecasting the sales and demand cannot be based on guesswork. Market survey is a better method to gain control over business planning.
Whether you are a small-scale business or a Global Company, the market survey can address various aspects of market planning. There are different types of market surveys that can give knowledge of market research trends, customer loyalty, competitors, etc.
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Market segmentation survey-profile: A segmentation survey is often descriptive and involves market share analysis. A segmentation survey is useful to keep the existing customers and identify prospective customers while understanding the customer’s mindset. Why the customers are interested in your service and why they are not, such feedback can provide you with potential information that can lead to successful business strategies.
Purchase process survey: Understanding the flow of information among the audience and the thought-process of the customers which leads to their decision of buying your products is a crucial step in the business scheme. The awareness of the customer, their knowledge of the product, intention to buy, purchase of the product, and re-purchase of the product should be deliberately understood by the company.
Customer persona survey: The intention of the survey is to understand the customer’s loyalty, conversion, commitment. Understanding what motivates the audience from being interested to actually making the purchase can help to craft strategies to improve customer conversion. Having solutions to questions can help design a broad and successful plan:
What do the customers think about the product and the company?
Does the product/service fulfill the customer’s expectations?
Market Survey for New Product: When introducing a new product, studies to evaluate and analyze the acceptance and likelihood of purchase by the audience and useful to ensure crafting a business strategy. Estimating the demand and predicting sales can be described in a hypothesis but physically it cannot be developed.
Competitor analysis survey: Knowing how your competitors are performing in the same field as yours is important. But understanding and gauging your competitor and how/why the target market incline towards the organization can produce results on our part. What the competitors do better in comparison to other organizations can give insight into what attracts the audience.
Brand Awareness survey: You may have a small business but it is obviously very important to you. But how to know what your target audience’s perception is about your company and product. A brand awareness survey can aid you in receiving an overall picture of what the audience thinks about your products/company.
When you introduce a new product/concept it is necessary to have demand and supply chain in mind. What is the demand of the product in the market and the growth rate are two important factors that market surveys can answer.
Marketers can gain knowledge about acceptance of new products and concepts and purchase frequency. Moreover, this can lead to crafting a proper demand-supply of products and developing a customer-centric market plan.
As mentioned several times in the article, the market survey can help you establish a market plan based on the facts and data produced from the survey. Thorough market segmentation and demographic insight can be the foundation to creating a market plan of assured success.
Moreover, a market plan with the requirements and the affordability of the audience also contributes to the success.
Understanding your audience through their feedback can provide you their opinion, perception, and preferences. Creating a marketing message in accordance with the target audience can benefit your business. Moreover, audience feedback can often give you new ideas which can show you a different picture from the audience’s point of view.
Segmentation and demographic survey can give you information on where to test the concept and launch them. Also, it provides insights on what time is beneficial for the success of the launch. Researchers can evaluate and predict the success of the launch and develop plans accordingly. Timing a launch of a product plays a considerable role in the popularity of the product.
A market survey can be employed for the purpose of improving previous concepts and products. The survey can provide a base report and you can analyze customer satisfaction to develop the customer’s persona. The primary report of a similar product/concept is advantageous because it can give a perception of how to refine existing products for higher sales.
The quality of the product or service that the audience expects also helps in upgrading the existing services.