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Grow Your Business by Knowing Your Customers
Conducting market research surveys regularly is important in retaining your existing customer base. By undertaking a market survey, you will be in a much better position to know what your customers expect from you. Big corporations and small businesses use surveys for gathering data from targeted clients. This helps them to understand their customer’s buying habits as well as the level of awareness regarding their products and services.
What Is A Market Research Survey?
Market research can be such a broadly based term that it gets confusing. The market research that we refer to here is not that conducted by a company to determine whether a product is a saleable commodity or one just prior to launch to see what market segment will be most receptive. Rather it is the market research conducted by a company to see how they are perceived in the marketplace. This could also include customer satisfaction, product suggestions or how their customer service function is working. Companies that ignore customer satisfaction can easily watch a superior product or service do poorly because they have paid little attention to this important part of any business model.
The business Market Research Tools offered by Magic survey tool can also provide management with knowledge to:
- Correctly determine the selling potential of a particular product before it is launched in the market.
- Find out whether the features or services offered by the product are good enough for the potential buyer, or more features need to be added.
- Determine pricing
Need of Market Research
The market research survey process makes many benefits available to the company that produces effective surveys. Magicsurveytool is a powerful Market Research Survey Software helping businesses to find out exactly what’s needed to make their product successful, before its launch and afterwards.
The main issues in refining a market research survey are:
- Defining the exact problem or issue
- The kind of data collected, including the quantity, to fully analyze the situation.
- The best sampling method.
- How the data collected should be analyzed, and in what manner.
- What kind of budget is required for the survey and the timeframe involved.
- Drafting a final report which correctly defines, analyses, and provides a solution for the problem or issue.
Know the Two Major Types of Market Research Surveys
Primary Research Surveys:
Primary researches are aimed at gathering data relating to analysis of current sales and efficiency of marketing practices. A primary research also accounts for competitors’ plans and gives you an idea of the competition that you are likely to face.
Usually, primary research involves the following aspects:
- Conducting interviews (in person or by telephone)
- Undertaking surveys (sending them by mail)
- Designing questionnaires (sending them by mail)
- Preparing a sample list of focus groups comprising potential clients to receive their feedback
Normally, the following types of questions may be asked:
- What parameters will you consider while buying this product or service?
- Are you satisfied with the products or services that are currently available in the market?
- What are your suggestions for the areas which need improvement?
- What according to you should be the appropriate price for this product or service?
Secondary Research Surveys:
Secondary research on the other hand is undertaken for analyzing data which has been already published earlier. By using secondary data, it is possible to identify your competitors, target segments as well as establish benchmarks. Researchers normally categorize people within a targeted audience on the basis of their lifestyles, age groups or exhibition of certain behavioral patterns.
Benefits of Qualitative Market Research Survey
The trading process fundamentally follows the “demand and supply” theory. Qualitative Market research can be broadly understood as a form of applied sociological study, which involves understanding the behavior and preferences of the consumers, for today, and for the future. Marketing research is a concept, which puts together various aspects affecting the market, and involves doing a “balancing act” in which the researcher has to think about, and take decisions that can have conflicting consequences.
Magicsurveytool provides many Market Research Online Survey benefits such as:
- Communicate with current and potential customers: Magicsurveytool helps in conducting good market research, and also helps to formulate effective and properly targeted marketing campaigns, which bring quality feedback from people.
- Identify opportunities in the market: If a company is planning to open a retail outlet in some geographic location, Magicsurveytool helps in getting feedback from locals if any related retail outlet is currently existing or not, and in case it does not, how the potential consumers are likely to react to a new retail outlet. The success increases if the location is properly planned out in an area where the local residents are likely to match the target market characteristics.
- Minimizes the Risk: Magicsurveytool plays a critical part in determining potential business opportunities, and whether it’s worth pursuing a planned course of action or not. Conducting market research surveys can help to find out if the marketplace is saturated with the competitor’s product or services, and what kind of sales are likely to take place. The company can alter the product, or choose another marketing location.
- Create benchmarks and track your progress: The ongoing qualitative market research facilities supported by Magicsurveytool allow identifying, and comparing the benchmarks of various products. It’s also possible to chart the progress between research intervals, and understand the demographics associated with the product or service potential.
- Evaluate your success: Information obtained through Magicsurveytool market research helps in determining if the marketing goals of a particular product have been reached. At times, it becomes necessary to find out how a product is likely to fare in a particular idea, so the company can make proper marketing plans for the future. The current and future success of the product should be known.
How to Conduct International Market Research Survey
International Market research is a big industry, and corporate segments pay millions of dollar every year to ensure that their employees and consumers remain satisfied. The fundamental fact associated with market research is that feedback regarding a particular product or service needs to be collected from the public. The feedback is essential in deciding upon the launch of new products and services, and also in improving upon existing ones. Generally consumers respond positively to Internet market research surveys, and participate with enthusiasm. This leads to faster results, and high response or participation rate. Magicsurveytool a Market Research Survey Company ensures that consumers respond in a positive manner to International market research surveys, and provides many advantages while carrying out research surveys in the international market, such as:
- Magicsurveytool is widely used and has a significant presence in the marketplace. Many online market research companies use Magicsurveytool as an integral part in planning their survey campaigns. Over the years, the Magicsurveytool environment has evolved into versatile, highly useful, and robust online survey software.
- The online market research surveys are easy to participate in, and respondents take less time in filling out the form owing to robust structure offered by the Magicsurveytool environment. The technology used ensures reliable and precise feedback and data compilation from the survey candidate.
- The market research surveys can be completed at any time, and the survey type tools provide a comfortable access so that the respondent can respond to textual as well as numeric data with ease. Magicsurveytool ensures the nature of data obtained from the candidate in the form of review is of very good quality and reliable for carrying out market analysis.
- Survey the need or requirement of new products and services, and determine what kind of consumer is likely to buy the new product and when.
- Compile a list of potential new customers likely to buy the product.