The Power of Surveys
Market research is crucial to the success of any business. If you don’t know the needs and wants of your customers, how can you expect to satisfy them?
You can use regular marketing research to:
- Understand how your customers make purchasing decisions
- Recognize your competitors’ tactics
- Test new ideas before launching
- Identify new promotional opportunities
The information gleaned can be translated into real world changes to boost your business.
The benefits of surveys
There are many ways you can conduct market research, from informal chats to prearranged focus groups. One of the quickest, simplest, and most effective ways to gain insight is to create a survey. Here are some of the key reasons to use surveys for market research.
- Efforts: You can put together an online survey pretty quickly and it’s simple to promote (e.g. social media, email).
- Expenses: Surveys are cheap, sometimes even free, to distribute. Even if you incentivize the survey to increase the response rate (more on this later), it will remain a much cheaper option than running a focus group, for example.
- Scope: You can ask as many questions as you’d like, allowing you to span several topics. That’s pretty extensive research. Of course, the shorter and snappier the survey, the more responses you’ll get.
- Analytics: As soon as the responses are in, you can start analysing them and creating action points.
How to create a survey
First, determine your objectives. What do you want to find out? For your first survey, it’s best to keep things simple and small. Consider asking questions concentrated in one area (such as prom or weddings) and limit yourself to no more than 10 questions.
Research different survey providers and find one that meets your need. Survey Monkey is a popular choice. Once you’ve found a provider, use their software to put together your survey. Once you’re happy with the survey, it’s time to get people to answer. Promote it via your social media channels and consider running an email campaign to boost responses.
More people will answer if you incentivize the survey. You could do this in many ways. For example, you could give all responders access to a discount code once the survey is completed. Or you could put all participants in a raffle pool for the chance at one big prize (such as a $100 bouquet).