Every new business starts out with the goal to expand its market and make a profit. This is often done by the marketing, launch and sale and products or services (or sometimes both). However, it’s essential for all businesses to conduct market research to get valuable consumer insight prior to the official launch of any new or modified product or service. Without this, you risk investing large amounts of money and resources into a product or service that isn’t in demand and, therefore, will not gain traction and earn sales.
Surprisingly, most companies and professionals skip this part. In the event they do conduct a market research survey, they do not consider real factual data and, instead, rely mainly on peer suggestions, personal assessments or word of mouth to make decisions on product development or modification.
Whether your goal is increased brand awareness or increased website traffic, the following survey questions can be used by marketing teams and company CEOs alike to analyse the market and identify what consumers think.
This critical question helps you gain a deeper insight into the purchasing behaviour of your customers, helping you understand their exact preferences and desires. It’s easier to cater to your clients once you can identify their purchasing patterns and behaviours, and you can also use this data to improve your existing products and services — once you’ve gathered additional insights.
This question can be used to find out what your buyers feel about your branding — including your packaging, pricing, advertising, features, and even names. Loyal customers possess an emotional attachment to products or services their favourite brands offer and, as such, feedback from them can help inform your brand strategy. Many businesses make the mistake of focusing their attention on attracting as much new traffic and custom as possible, at the risk of neglecting their existing clients. But loyal buyers are the not only the easiest leads to convert, but research also shows they are likely to spend much more during a single purchase. By asking specific questions about the features they most like — and dislike — you can tailor your existing services to capitalise on your strengths and address your weaknesses.
Are your consumers online shoppers or do they prefer a more traditional sales process? Technology has given buyers a multitude of ways through which they can make a purchase. Today, many people prefer to shop from their sofas in the comfort of their homes, but some still prefer visiting a physical store as part of the shopping experience. By finding out how your customers purchase your products, you can determine which channels to invest more time and resources in.
For visitors who largely shop online, don’t neglect to find out how they discovered your brand in the first place. If you’re investing a lot of money into paid advertising, for example, but the large percentage of your paying customers are finding you via social media, or via Google, then you have a choice: stop pumping so much of your resources into the less-profitable channel, or analyse your paid ads strategy to determine why it’s not working.
People choose not to purchase a product from a particular brand for various reasons. It might be that they struggle to connect with your brand; that they have concerns over price, quality or functionality; that they’ve found a similar or identical service elsewhere for a better price, or that they’ve found a similar product from a business with a reputation for providing excellent customer service. Identifying your audience’s pain points and objections allows you to address them and assure customers that you are offering the best solution. If, for example, visitors cite a lack of trust for not purchasing from you, and your website is faceless and impersonal, you might consider rewriting your copy to build a rapport with potential customers when they land on your site.
When you lose a sale to a competitor, you don’t just lose the single sale, but you also lose the potential for future sales. By understanding what your competitors are offering, you can draw up successful sales strategies that will get customers coming to you — and keep them there. This will also give you ideas to highlight your USP — your competitor may offer a similar service for a cheaper price, but perhaps you have five-star reviews citing the results clients get. Your competitors are your biggest threat and, arguably, the biggest barrier to conversion, so having an intimate understanding of your competitors is crucial. Don’t be afraid to ask your respondents who your competitors are — you might even identify new ones you weren’t aware of!
Customers love being the centre of every business’ attention, because it makes them feel valued. Giving them a platform to voice their opinions and expectations will not only give you valuable feedback, but it also fosters a sense of belonging to your brand, which reinforces the relationship and could lead to more sales over the long term. Keep questions open-ended to get the most accurate and personal feedback, but be wary of taking up too much of your customers’ time.
Before developing, let alone even launching, a new product, you should always determine if there’s a demand for it. Once you’ve established a demand, you’ll gain insight into the demographics of people who would be most interested in buying it. With this knowledge, you can then ask these people specifically what features they would like and what needs they have. Use this to inform development, marketing and overall strategy, and you’ll significantly increase your chance of success.
Are you ready to do some market research by conducting a survey? Contact the SurveyGoo team to discuss your survey idea today!
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