Many Online Business & Brand owners developing a product or service often create exciting strategies to advertise and introduce their new concept to the market, Unfortunately, their marketing and advertising efforts are not always met with a successful outcome.

   Before moving forward with spending advertising dollars on their new brand, product, or service, entrepreneurs or brands need to take a step back and properly evaluate the market or space they are trying to enter.

Market survey research assures the success of a new concept or established product, as it focuses on collecting feedback from a target audience to understand their demographics, expectations, and needs.

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WHAT IS THE DEFINITION OF A MARKET SURVEY?

   Market survey research involves analyzing a given market in order to gain insight into the buying potential and attributes of the target audience for a product or service.

   The main goal and objective of a market survey are to collect data surrounding a target market such as competitor analysis, pricing trends, and customer expectations. This Is what calls for questions like, 

 

• What do they want out of a product/service?

• How much would they pay for the product/service?

• Where would they most likely shop to find the product/service?

BENEFITS OF MARKET SURVEY RESEARCH FOR YOUR ONLINE BUSINESS;

1. Wide Reach of Market Survey
The reach of the Internet is vast. A survey posted on a company website can garner thousands or even millions of responses. Keep the survey short and reap the benefits of huge participation.

With customers throughout the world, mailing a survey will result in inadequate results due to delays in mail service. In addition, a survey mailed overseas will need to be translated into the language of your customer. A static survey on your website can be set to the language of your customer.

2. Get Honest Answers
Unlike face-to-face interviews with customers, a survey allows for honest responses. Perhaps your product breaks easily or has hard-to-follow instructions. By surveying your customers via a web or emailed survey, you will get the honest feedback you need to win your customer back or retain loyal customers.

An anonymous survey will generate feedback that while brutally honest, may be useful in the long run. While it may be hard to hear that customers rarely get the help they need from inbound customer support staff, you can make changes to improve the customers’ experience.

3. Cost Benefits
The survey may need to be outsourced to an outside marketing research firm. In-house staff will need to devote many work hours to collating data. While the cost of creating a market survey may be high, the company will benefit from the results.

The survey may generate sales leads. A customer who answers a survey may start to see that your business values customer feedback. A loyal customer will refer colleagues to businesses that care about not only the bottom line but customer satisfaction.

4. Find Out About Your Competitors

Customers want a good deal. If you charge twice the going rate for a product that is the same quality as your competitor, you will lose customers. Find out what your customers are looking for in your products. Ask questions that shed light on why your products are not living up to expectations. Though it may be hard to hear, you want to know why customers choose not to buy a product or service.

5. Customer Retention
Customers want to know that a business appreciates its business. From the first click on the website to the time the customer orders a product, the customer should be the number one priority of the business. Through a market survey, you will show customers that their patronage of the business is valued.
 

With all these said, You might have it in your mind to get this done for your Business, Just go ahead to contact us and let us Talk out the Strategy for your Business|Brand