In business, a survey refers to a study of the characteristics of purchasing power and spending of the consumers who are targeted by a company. The results of a survey can help a business define its parameters and determine whether or not they are meeting their goals and if any adjustments need to be made to marketing in order to reach those goals. In this article, we will shed more light on surveys, including their importance.
Business owners invest a great deal of time, energy, and money on creating innovative ideas for the audience that they are serving. However, in some situations, these ideas might seem like they are good on paper, but in reality, when they are executed, they don’t always meet their objective Determining what it is that the targeted audience of a business actually wants can help business owners meet consumer needs by allowing them to create products or services that they are actually interested in and find useful. In order to find out this important information, business owners rely on market surveys.
What is a Market Survey?
A market survey is a fundamental component of market research. These surveys allow companies to speak to their targeted audience and determine their specific needs. Through surveys, brands can gain greater insights into what consumers are interested in; far greater insights than they every could just by simply analyzing their audience. Why? – Because these surveys allow companies to actually connect with their audience and ask questions, and they allow the audience to supply their input. The information that a company gathers from a market survey can be utilized to develop products and services that best meet the needs of their audience, which in turn, can help to enhance the success of the business.
Types of Surveys
Business owners have several options when it comes to conducting market surveys. There are various mediums that can be used to connect with an audience and obtain pertinent information. Some of the methods in which surveys can be conducted include the following:
- Direct mail. If you are interested in targeting a wide audience, direct mail is an excellent option to consider for conducting your survey. A survey sent out via direct mail can be something as simple as a postcard, or it can be as detailed and in-depth as a questionnaire with a cover letter and a postage paid return envelope. The surveys are sent out to a list of physical addresses, and respondents send them back to the business.
- Telephone. A simple and highly cost-effective method for conducting a survey is a telephone interview. With this method, companies would prepare a script prior to contacting their audience in order to ensure that all of their objectives are being covered.
- Email. Another effective way to conduct a survey is through email. Businesses send out emails that contain questions that aim to answer pertinent questions and recipients can supply their answers and send them back to the company via email.
Benefits of Conducting Surveys
Market surveys are helpful tools for business owners. The information that completed surveys contain can help business owners make better, more informed decisions about the products and services that they develop and offer their audience. For example, they can ensure that they are creating products or services that their consumers will find useful, that meets their expectations in regard to price, and they can even create products that can better compete with their competitors.
The information gathered from a market survey can help businesses avoid making costly mistakes. For example, they can avoid launching a new product or a service that they think would fit the needs of their audience, but in reality, doesn’t actually fulfill their needs. It can also help them set prices that consumers can afford and that will help them make a profit.
Tips for Delivering Effective Surveys
In order for an organization to make the most of the benefits that surveys can provide, it’s important that they ensure they are executing them correctly. Here are some tips that can be used to create and execute a successful survey:
- Keep them as short and concise as possible. Generally, people aren’t going to be interested in responding to lengthy surveys that take a tremendous amount of time to fill out.
- Ask the right questions. Make sure that you are asking questions that you can actually gain useful insights from and that will benefit your business.
- Be encouraging. Offer your audience incentive for taking part in a survey; a coupon or a free gift, for example. By offering an incentive, recipients are more likely to respond.
