To understand what your customers want in order to retain them and attract new ones, conducting market research is an imperative. A market research survey can help you reach out to a specific audience and understand what your customers think about your product. The only way to find out if your product meets the customers’ needs is to do a comprehensive research. With all the information gathered after the survey is completed, it can help you analyze your strengths, weakness, opportunities and threats. This will result in better decision making.
The following tips will help you to create your market research survey:
- Define and elucidate the problem: Identifying the problem that you want to solve by conducting a market survey is the first step in the process. Elucidate what you are trying to achieve, how it will benefit the product and the company to your team before delegating them with this task. This will make your employees understand the importance of the work they are performing, which in turn will result in them working with diligence.
- Define your target audience: The next step is to identify the customers you want to reach out. Focus on who you want to target and figure out the sample size for your survey. Ensure that the respondent sample size is representative of your total customer base.
- Formulate the questionnaire: Formulate the questions you want answers to. Try to include close ended as well open ended questions in the survey. The open ended questions will provide the customers a chance to express their opinion regarding the product. Also, make sure that the survey form is not much time consuming. If your survey is short, there is a greater chance that more respondents will complete. The longer the survey, the higher is the dropout rate.
- Define the timeline: Before you proceed with the process, figure out a timeline for your research. Decide how many times you will need to send out the survey forms and by what date and time you would need the results.
- Choose the right method for conducting survey: Once you have identified your objective and decided the timeline, choose the method to conduct the survey accordingly. If you want to gather more information about the existing products in a market along with the fast results, you can go for online survey. If you want to get response on the sensory analysis for a new upcoming product, conduct a face to face interview or a paper survey.
- Analyze the results: Once the survey is completed, process and analyze the results. Analyze survey data with the help of charts, tables, graphs, etc. This will help you to draw a conclusion to your problem.