Market Research Surveys: All You Need to Know
Market Research Surveys: All You Need to Know
In today’s market, consumers have all the power when making a buy decision. In order to stand out among the mass of competing brands online, it is essential that you conduct market research. Doing so can help you meet the needs of consumers in a way that outshines the competition.
Before even starting your marketing plans or business plan, you should conduct research as a crucial first step. In this article, we will answer your burning questions of marketing research to provide you with all you need to know about research surveys.
What is market research?
Before we delve into why it is necessary for your business, let’s start off with a market research definition.
The American Marketing Association defines market research as “the function that links the consumer, customer, and public to the marketer through information – information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of the marketing process”.
Put simply, it involves collecting and analyzing consumer data to determine what market segment should be targeted and the brand positioning of the products or services.
Why is market research important?
It is important because it allows your business to gain the maximum results from your marketing efforts. Some core benefits include increased sales output, a better understanding of the target market segment, and overall business growth and development. Marketing research is crucial to finding out who your target audience is. You’ll want to understand who your target audience is, how your product or service serve their pain points, how to reach them online, and how to differentiate from your competitors.
How effective is market research?
Market research is critical if you want your business to succeed. To illustrate how effective it is, read our article on four case examples of market research.
The French luxury jewelry company provides a good example of its effectiveness. Prior to running the ad, they conducted audience research to determine who would be the most receptive. From the audience research, they learned that they should target people in the UK who were interested in art, jewelry, fashion, luxury goods, and one of their competitors. And the results? The campaign had two times the return on investment compared with Facebook ads ran in the past
What is the purpose of market research?
Market research plays a critical role in developing high-quality products or services. Without it, how do you know whether there is a need for what you are selling? It plays a critical role in identifying market trends, and opportunities with different market segments.
Marketing research serves 7 core purposes:
- Identify target consumers and market gaps.
- Determine your market size.
- Clarify features your customers crave.
- Evaluate your competition.
- Identify your unique value proposition.
- Determine how effective your product is in meeting customers’ needs.
- Assess how effective your marketing efforts have been.
What’s the best way to learn about market research?
The best way to learn about it is to conduct market research firsthand, after having read articles about it. To provide you with a quick reading list to help familiarize yourself, here is a quick 6-step guide:
- Define your different groups of customer personas, called your “market segments”.
- Choose one target persona to engage via focus groups or an online survey.
- Find research participants via social media or by selecting those who made a purchase.
- Prepare research questions.
- Identify your main competitors.
- Put your findings into a summary report.
What are the types of market research?
There are several ways that market research can be broken down into categories.
Based on the information being sought, there are four main types of market research: cultural research, industry trend research, competitive research, and audience research.
Based on how the data is collected, market research can also be broken down into two different groups: primary research and secondary research. If your business performs data collection firsthand, then you would be conducting primary research. Secondary research involves relying on already published studies and public records that you can use.
What are some great market research hacks?
To gain the most valuable insight through conducting research, it is recommended that you go to a research service provider such as a marketing agency or research firm. However, if you prefer the DIY approach, here are some quick research tips to help you get started:
- Automate market research by using platforms like SurveyMonkey, ValidateIt, or VisionCritical that analyze results for you.
- Have more frequent surveys, with only 2-3 questions each. These surveys receive more responses than long-form surveys.
- Continue gathering information with frequent surveys. This will help you stay on top of trends and changing consumer needs.
For all you need to know about mark research surveys, stay tuned for our upcoming articles that provide a step-by-step guide on conducting primary research.
Conduct Market Research in Edmonton with Lean Marketing
Need help with getting your market research started? Lean Marketing provides full online marketing services, for businesses to position their products and services more competitively.
Based out of Edmonton, Alberta, Lean Marketing is passionate about helping local businesses succeed, in Sherwood Park, Fort Saskatchewan, St. Albert, Stony Plain, Spruce Grove, and the greater Edmonton area.