Market Research, Surveying and Analysis
Market Research & customer feedback are important ways to improve businesses products & services. Survey methods & methodology differ – where to start?
What is market research? It is the process of testing whether your product, concept or solution is suitable for your prospective buyers or users. This is why surveys are a marketer’s best friend.
While there are many large market research companies, even small brands can benefit from simple surveying. As one of the most effective methods for gaining real insights into your customers, surveys can aid in identifying things like strengths and weaknesses, customer pain points, and barriers to selling. These are all invaluable insights that can help any business improve on its successes – and identify its risk areas.
The type of survey you conduct and survey methodology you use depends on the information that’s needed. A few examples of the most popular survey methods used in marketing include:
- Market Research – surveys to learn about target market.
- Content Evaluation – surveys to improve content.
- Website Feedback – surveys to enhance website.
- Brand Awareness – surveys to measure brand awareness.
Utilising the types of survey mentioned above will help businesses improve their services by collecting feedback. Why is feedback import? Well, customer feedback enables businesses to draw conclusions from the data that is collected. However, what comes next is perhaps more important: the analysis and interpretation of the results. Merely looking at the answers is akin to staring into the void; you may notice some interesting patterns – but without a framework to analyse, interpret and offer actionable insights on that data, all you’re really doing is entertaining yourself (or getting a headache from messing about with spreadsheets).
As such, a marketing professional tasked with survey analysis must find a framework in which to situate patterns and trends within the survey results in order to extract anything of substance. When considering how to do market research, you need to decide what the research will allow your team to action. This framework may simply be something akin to a SWOT analysis to park the findings within, or even a simple “To Do” list under relevant headings – e.g. “social media content”, “website updates”, “customer feedback” etc.
Surveys and analysis provide valuable intelligence for any business looking to optimise their operations. However, there is no universal method or “one size fits all”. It purely depends on the information needed.