marketsurvey

What you cannot measure, you certainly cannot improve. Any business that wants to survive the competition and stay ahead of the curve must continue to optimize their approach. So how are you keeping up with advancing technology, evolving industry trends, and changing consumer preferences? If you want that your business keeps growing then you must make use of market analysis software to get accurate insights into your performance in real-time. The market analysis software allows you to conduct different types of market research surveys for solving different business challenges.

Let’s uncover the 6 main types of market research surveys and their purpose so you know which one to use and when.

Brand Recall and Reach 

How it helps 

Brand research survey helps with building, managing, and monitoring a company’s brand identity. It uses market analysis to assess your strengths and weaknesses as compared to your competitors. A Net Promoter Score software gives you a complete picture of your position in the marketplace.

When to use 

Whether it is a new product launch or a brand’s re-launch this type of market research survey can be used at any stage. The different types of brand research surveys include:

  • Brand awareness – to know if your target market is aware of your brand and if they consider you as an alternative to their existing choice.
  • Brand advocacy – to know how many of your existing customers would recommend your brand to friends and family
  • Brand loyalty – to know how many customers you’re able to retain
  • Brand access – to know what portion of your target market is using your brand
  • Brand placement – to know the most effective ways to differentiate your brand from your competitors in the minds of your consumers.
  • Brand value – to know how much people are willing to pay for your brand over your competitors

Why use it 

Brand market analysis is very useful for determining the features and benefits that set a brand apart from its competitors. These insights can then be translated into psychological triggers that win sales.

 

Competitive Analysis 

How it helps 

This type of market research survey allows businesses to assess their competitor’s position, USP, marketing strategies, social media presence, revenue, and consumer opinions. This valuable information can then be used to create a competitive edge.

When to use 

Competitive analysis can be conducted to get a detailed picture of:

  • What your competitors are doing better than you
  • Which sales tactics they are using to drive sales
  • How their consumers perceive their offerings
  • Their marketing mistakes and what you can learn from them
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Why use it

Competitor analysis is an inevitable aspect of any business whether it is just entering into the market, venturing into a new niche, or long-established. It gives you a health check of where your business stands in the marketplace.

Consumer Insights

How it helps 

Consumer insights survey delves deeper into your target market profiles and what they do. It reveals the purchase preferences of your consumers and what drives them to behave in a certain way so businesses can leverage the insights to meet their sales goals.

When to use 

A consumer insights survey can be conducted to understand:

  • Purchase habits
  • Passions and interests
  • Patterns of consuming ads and media
  • Personal and professional information

Why use it 

Consumer insights help businesses create a strategic marketing plan based on consumer needs and preferences. It also helps in optimizing processes, identifying bottlenecks, solving business challenges, addressing consumer complaints and innovating products for better business outcomes and increased revenue.

Consumer Satisfaction 

How it helps  

This is a type of marketing research survey that evaluates consumer experiences with your products and services while specifically measuring how your offerings meet, surpass or fail to live up to their expectations.

When to use 

A consumer satisfaction survey is an accurate indicator of your business performance and consumer retention. It helps businesses understand:

  • Consumer likes and dislikes
  • The quality of your products
  • Timeliness and delivery of service
  • Service quality and reliability
  • Product knowledge and friendliness of your staff
  • Market pricing
  • Value for money
  • Need for improvement

Why use it 

This type of market research survey helps businesses assess consumer loyalty and satisfaction at different touch points. The insights can then be used to make positive changes and meet changing consumer preferences for increased loyalty and retention.

New Product Testing 

How it helps 

New product testing is a type of market research survey that aims to understand how consumers use physical products in real-time like home appliances and digital products. It is very helpful when businesses want to identify issues or bottlenecks in beta versions or prototypes before launching a product in the market.

When to use 

There are different types of usability tests depending on the type of product you are testing – physical or digital. It can be used to:

  • Measure and monitor the end-user experience on a website or an app and it can be conducted online.
  • Identify any glaring issues in a product that is in its nascent stage so it can be honed on time to increase the odds of success.
  • Gain a clear understanding of consumer expectations in terms of features and functionalities
  • Spot any unmet consumer needs
  • Know how a product can be improved
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Why use it 

It typically costs much less to test a product whether it is physical or digital at an early stage rather than rectifying the flaws and losing revenue and reputation after the launch.

Product Development  

How it helps

Any market research survey that is conducted for product development aims to use consumer insights to revamp the entire process of creating and optimizing a product or an offering before it hits the market.

When to use 

A quick search on the Internet will tell you that almost 80 to 90% of new products launched in the market fail every year. Businesses can easily minimize this risk by leveraging a market research survey at every stage of a product’s lifecycle:

  • Conceptualization – when a business is thinking of adding a new product to its portfolio, a product development survey provides actionable insights into consumer pain points and helps find ways to address them
  • Production – helps businesses turn ideas into user-friendly products by learning more about the product’s pricing and packaging preferences
  • Launch – helps gauge consumer’s attitude and reaction towards a product after it is rolled out.
  • Updates – helps identify issues and opportunities for ongoing improvements in the product after its introduction .

Why use it

Product development survey employs different types of market analysis methods depending on the objective of the research. It uncovers a flaw early on which helps avoid wastage of time and money.

Which Type of Market Research Survey Will Best Suit Your Business Needs 

When to use which type of market research survey depends on your ultimate goal – whether you want to create brand awareness, identify target segments that have the highest revenue potential, optimize your messaging, or retain your customers. Once you have identified your purpose, you need to finalize your market analysis software for data collection.

Old methods of conducting market research survey are ineffective at extracting information in real-time and also have lower completion rates. Using market analysis software for research purpose will let you customize your survey and make it more engaging so you get higher completion rates.

Whether you want to delight your consumers, reinvent your offerings or validate your business marketing strategies, market analysis software lets you do much more with your data.

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