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Market Survey: Uncovering Your Target Market

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In a competitive yet saturated business landscape, staying ahead of the curve and staying innovative is essential for success. To achieve this, you must understand the pulse of your target market and learn about its evolving dynamics, needs, and preferences. This is where market survey plays an important role. 

In this blog, we’ll dive into market surveys, their purpose, and their kinds to help you understand how you can utilize them. 

What is a market survey?

Market Survey is a technique that falls under the umbrella of Market Research. A market research 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 be inclined toward. The research confirms the success of business strategies. 

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What is the purpose of market surveys?

A market survey is a medium to gain insights and attributes about your target population. The survey helps you understand what makes them tick and what drives them to promote the products. 

  • It helps you identify the evolving trends and shifting consumer preferences. The insights enable you to adapt your business strategies at the right time to meet the audience with what they value. 
  • Effective marketing is about reaching the right audience with the right message in moments that matter most. Market surveys provide the data you need to refine your marketing strategies, ensuring that your efforts positively impact the target market. 
  • You can also use it to gather data about the new markets and about the viability of expanding to new markets. Surveys can help assess whether your offerings align with the preferences, needs, and demands of the potential customer in new regions. 

What are the types of market surveys?

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.

01. 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. 

  • How old are you?
  • Which gender do you identify with?
  • What is your current employment status?
  • What income bracket best describes your income?

02. Purchase process survey: 

Understanding the flow of information among the audience and the thought process of the customers, which leads to their decision to buy 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.

  • Where do you typically research for products before purchase?
  • How often do you make purchase decisions based on online reviews?
  • What factors influence your decision to purchase?
  • How likely are you to abandon a product during online shopping if there is a shipping price?

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03. Customer persona survey: 

The intention of the survey is to understand the customer’s loyalty, conversion, and commitment. Understanding what motivates the audience from being interested to actually making the purchase can help craft strategies to improve customer conversion. Having solutions to questions can help design a broad and successful plan. 

  • What are your pain points that products help resolve?
  • Which channel do you prefer to communicate with our brand?
  • Can you share your recent experience with our brand?

04. Market Survey for New Product: 

When introducing a new product, studies to evaluate and analyze the acceptance and likelihood of purchase by the audience are useful to ensure the crafting of a business strategy. Estimating the demand and predicting sales can be described in a hypothesis, but physically, it cannot be developed. 

  • Have you heard of this new product (name of the product) that we are laundering later this week?
  • What factors do you value the most when considering a new product?
  • Among the features, which one would you say has the most appeal?

05. 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 inclines 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.

  • How would you rate your overall perception of our competitors’ products?
  • Are there any features from our competitor’s offering that you find lacking?
  • What are the strengths of our brand in comparison to our competitors?

06. 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. 

  • What words would you use to define our brand?
  • How did you become aware of our product?
  • What improvements would you suggest to improve our brand reputation?

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Important factors of market survey

A market survey doesn’t just help you make target campaigns or identify trends. It offers valuable insights into customers’ feelings, attitudes, and preferences. 

1. Demand insight into the target market

When you introduce a new product/concept, it is necessary to have demand and supply chain in mind. What is the demand for the product in the market and the growth rate are two important factors that market surveys can answer. 

Marketers can gain knowledge about the 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. 

2. 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 for 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.

3. Fresh and innovative concepts

Understanding your audience through their feedback can provide you with their opinion, perceptions, 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.

4. Time and place of launch

Segmentation and demographic surveys can give you information on where to test the concept and launch it. 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. 

5. Improvise existing products/services

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.

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Conclusion

In the dynamic world of business, understanding your market is the backbone of success. Market surveys enable you to gain the insights necessary to adapt, grow, and succeed. It serves as a window into the behaviors and minds of your target audience, helping you ask the right questions, actively listen to their opinion, and remain agile to stay ahead of the curve and endure the evolving marketplace. 

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