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Not to be confused with marketing research, which looks at the process and methods used to put a product in front of customers, market research focuses on the market itself—who your customers are.

 

Before you can successfully sell your product or service, you need to study the market. This brings us to the first core element of successful market research surveys.

 

Know Your Target Audience

Your target audience is a group of potential buyers who share specific set of characteristics. For example:

 

  • Age range
  • Income level
  • Geographic location
  • Education level
  • What they value, such as price, value, convenience, safety, and more

 

Knowing your audience is the difference between a customer who clicks “learn more” or “buy,” and one who clicks “delete.”

 

Know Your Product

This means knowing not only your own product or service inside and out, but also that of your competitors. What makes yours stand out from the pack? What new innovation makes yours the one customers will want to choose?

 

Again, this goes back to knowing your customers’ needs and preferences. Take this simple example: For one parent, choice of colours for their child’s t-shirt may be their primary concern. For another, price may be the only determining factor. The same goes for a service. Which family is more likely to use your one-hour diaper service—one with several small children at home, or one with older children in high school?

 

Know the Right Questions

Properly structured questions in a market research survey can mean the difference between gathering useful information and gathering no information at all. 

 

Word your questions so no one is left scratching their head over what you meant. For example, asking if the customer buys fruit and vegetables, then offering only “Yes” or “No” as answers, doesn’t tell you what they bought, when, where or why they bought it.

 

Keep the survey short and simple. Potential customers faced with a long questionnaire are more likely to simply hit delete or hang up.

 

Conclusion

Knowing the core principals of successful market research surveys will ultimately save you time and money. Getting this information quickly and accurately? That’s where we can help.

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