Market Research Survey: Meaning, Definition, and Types

Market Research Survey: Meaning, Definition, and Types

What is a Market Research Survey

Usually, entrepreneurs developing a service or product create intriguing strategies to advertise their idea to the market. However, those efforts don’t always bring a successful outcome. Before spending huge in branding, entrepreneurs should take a step back to evaluate the industry they will enter. Market survey research aims to make the branding and launch of a product or service successful. It typically collects feedback from the target audience to decipher their needs, expectations, and demographics. 

Typically, a market research survey features two broad categories – primary research and secondary data. Primary research refers to gathering new data, while secondary data refers to gathering previously collected data to support your efforts. Depending on the nature of the survey, these two categories may have ample subcategories, including segmentation, customer loyalty, buyer’s persona, competitor analysis, etc.

Purpose of a Market Research Survey

Market survey research aims to analyze a specific market to gain detailed insight into the buying potential of a particular product or service’s target market. It’s identical to a crystal ball that provides predictive analytics for a new idea before it hits the market. The purpose of market research and survey may include but may not be limited to the following.

Reflecting on Customer Feedback

Qualitative market research may help you understand your target market’s thoughts about your product. Do they genuinely find it helpful? Is your product capable of addressing your buyer’s pain point? You can get the answers to these questions by conducting in-depth market research.

Understanding Customer Inclination

Market research helps you obtain details like whether your target audience is ready to spend money on the products or services you offer. Leveraging market research surveys, you can figure out inclination levels among your consumers about your product.

Improving Existing Products

You can implement the market survey to improve the quality of your existing products or services. You can analyze the customer satisfaction levels and tally them with their expectations. Consequently, you can tweak your products or services that cater to your client’s requirements precisely.

Making Informed Business Decisions

Market surveys may be imperative for making significant changes in business policies or techniques. It helps reduce the risks associated with primary business decisions.

Types of Market Research Surveys

Market research surveys may be categorized into different types depending on their objective and nature. The vital ones are as follows –

Market Research Survey for Segmentation

This online market research survey lets you understand your prospects and existing customers. Leveraging these surveys, you can categorize your buyers into smaller groups with common attributes. The said attributes may include brand preference, demography, lifestyle, etc.

Market Research Survey for Understanding the Target Market

This market research online survey allows you to analyze a specific group of customers. These surveys can help you build valuable demographics. In addition, target market research will enable you to understand the sizes of various markets. You can use this survey strategy for creating result-driven ad campaigns.

Market Research Survey to Provide Insights into Purchase Procedure

This survey lets you monitor and identify your consumer’s position in the purchase process. It helps you figure out your consumer’s present state, which includes awareness, evaluation, information, or repeat phase. Purchase process surveys simplify the method of determining conversion rates and motives.

Market Research Survey for Measuring Customer Loyalty

As the name suggests, this particular type of survey helps you find out the factor that earns customer loyalty. You can use this to know what your customers like most about your services or products.

Market Research Survey for Competitor Analysis

Leveraging competitor analysis surveys, you can analyze how your competitors serve the market and what’s helping them thrive and flourish. Besides, a competitor analysis survey allows you to determine how your target market views your products or services.

Market Research Survey to Understand the Impact of Sales

The sales activities survey assesses the efficacy of your sales team. They help you determine how productive your sales team is and how good they are in customer retention.

Market Research Survey to Improve Customer Satisfaction

This specific market survey helps you figure out your customer’s grievances. Once you analyze them well, you can work to improve their experience. Consequently, you will be able to improve the customer satisfaction rate and customer loyalty.

Frequently Asked Questions

How many types of market surveys are there?

Primarily, there are two broad types of market surveys. They include primary research and secondary data. These categories may further be divided into multiple subcategories depending on the nature and purpose of the survey. They include customer segmentation, competitor analysis, customer loyalty, etc.

What are the types of market research?

There are several types of market surveys to use. They include buyer persona, purchase process, competitor analysis, customer observation, etc. However, depending on the process, many experts categorize market surveys into three primary types – exploratory, descriptive, and casual.

What are the six types of survey questions?

The six survey questions include open, nominal, yes or no questions, Likert scale, ordinal, and close-ended questions.