How To Conduct Online Market Survey To Improve Your Business?

4 January 2019

How To Conduct Online Market Survey To Improve Your Business?

Using smart online survey tools can help to grow your business and keep up with fast-paced market trends. Conducting online market survey can help you gather valuable information about your business’ market environment. It is a low cost way to understand if your business idea is appealing to your customers, to listen to your customers and react to their demands quicker than your competitors.

There are several reasons for conducting market research (offline or online). These include the reason to understand existing customers of your business, to identify prospective new customers, to identify and enter new markets for your business, to measure and analyze your brand awareness and to identify possible important improvements for your products/services.

There are several basic types of online market surveys depending on what your survey goal is:

  • Researching your target market and psychological profiling of your business target audience (getting to know who your customers are, analyzing psychological aspects of your customers (temperament, lifestyle, etc.)
  • Researching your product. Testing your product and how your audience responds to it, what they like and dislike, what they want you to improve.
  • New product concept testing. This is useful before launching a real product to get to know what I your target market opinion about product/service, its pricing, etc.
  • Researching your brand allows you to define reasons why clients are loyal to your brand compared to other brands or how well it is recognized among other brands.
  • Researching post-sale consumer satisfaction. Post-sale survey lets you to get familiar if your customers are satisfied with your product or service they received.

Once you decide what kind of market research you need to conduct, you can proceed to organizing other steps of the research. The easiest and cheapest way to carry out your market research is to do that online, e.g. using Pollanimal. It is useful to understand that the process can be divided into several key steps and following them one step at a time may help you to achieve best results with less effort and expenses. These are basic stages of the process:

  • First of all, it is important to identify the objectives of your market research. You can do this by simply asking yourself what you want to find out from your research or what kind of information is necessary in order to move your business to the next level. Keep your objectives as narrow and focused as possible because this will make it easier for you to compile survey and receive specific and useful data.
  • Secondly, you need to create survey involving questions you want to ask your audience. Online survey tools will help you to easily arrange questionnaires and edit them if necessary.
  • After your questionnaire has been created it is time to collect data. You can send emails, sms’es, online survey systems will help you to promote your survey in various ways in order to reach more respondents.
  • Then, after you collect enough data, you need to analyze results. At this point, online survey tools also can help you to manage and analyze received data: turn your results into custom graphs, charts etc.
  • Sharing your market research results with colleagues and those who participated in your research.
  • Taking action is the last but not least important step of your survey. Implement changes that your survey identified as necessary.

There are many ways and strategies how to conduct successful online market research. Each business should pay attention to their specific needs and available resources and information. Also, a good way to pursue best results is to get to know best practices of how to design and conduct online market survey. You can start by searching best tips to design survey questionnaire which is a very important step. For starters, keep in mind these tips: keep in mind your audience and your survey objective; put questions in a meaningful order; keep questions and questionnaire itself to a reasonable length; don’t include questions that are irrelevant and will not be directly used to change implementation; ask more detailed questions about areas that need rich feedback from your respondents.

It is crucial to always keep in mind that your online market survey results should provide you with information directly linked to your objective/problem area and should empower you for significant changes of your business.