It doesn’t matter if you already have a business or are thinking of starting a business, the Market survey It is a tool that you should know about for its multiple benefits, among which is all the relevant information you can obtain to make good decisions.
For this reason, in this post we are going to tell you what this technique consists of, when to use it, what steps to follow to implement it, as well as giving you some examples of successful market surveys. Stay with us!
What is the market survey?
The Market survey It is a widely used tool in business to observe and analyze a certain sector. Also known as rapid market survey or SRM, it allows you to study your target audience and determine the impact of a product or service.
Thus, you can be aware of what your potential clients think and obtain brief statistical results and quickly.
What is the market survey for?
A market survey helps you request and know the behavior of customers and competitors in the following aspects:
- Ideal profile of your client.
- How much will you buy in the next few weeks?
- How much is he willing to pay for what you offer him?
- Attributes that you prefer a product or service to have.
In addition, it helps you establish commercial parameters and strategies in your business, discover needs and identify growth opportunities.
The rapid market survey focuses on a certain geographical area and shows you the potential of your business. To achieve its objective, various methods are used, such as the application of surveys, interviews and the .
When should you do a market survey?
In general, the market survey is ideal for those who are starting to undertake, because it allows them to know the market better. If your business is in the early stages, it will also be very useful to you.
But do not think that if you have been in the market for years, the survey is not for you. In case you perceive that the sales of your products or services have decreased, you can apply it to discover the causes and how to improve.
In addition, you should know that both physical businesses and they can use this tool.
What differentiates a market survey from a market study?
Well, both have the objective of obtaining information to improve the strategies of a business. However, there are differences between them that you should take into account when choosing which to apply.
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Here are some of the main ones:
1 reach
The factor that most differentiates these techniques is the depth of the investigation. In the case of the market survey, as the name suggests, you get faster resultsbecause it focuses on a low number of people.
On the other hand, the market research has a greater scope, investigating both customer and business factors. Therefore, it is necessary to spend more time to obtain the desired information.
2. Expenses
As mentioned before, market survey data is generated faster. For this reason, it is normal that do not require high investment of moneybeing able to be carried out by businesses that are just starting out.
Unlike the market survey, the studies make concrete and deeper observations, so it is necessary to invest more to apply them. In order not to spend too much, you should choose well which technique to use.
3. Time of application
The Market survey it is recommended for those who are about to launch a product. The market study It is designed to analyze the competition, the tastes of customers and how long it will take to consume a product to launch it, evaluate the positioning of the brand or identify opportunities and threats.
4. Reliability of the data obtained
The last difference between these techniques is the reliability of the results. Those of a study are more detailed due to the time and care that goes into generating them.
The data of a quick market survey they are more general and can reveal small long-term inconsistencies. That doesn’t mean you shouldn’t trust them, just that you need to look at them carefully.
What are the types of market research?
The polls are ranked according to observation tools and techniques that apply. Thus, there are the following types:
1. Sounding by direct observation
Analyze the competitor stores and its procedures, in addition to studying prices, what customers prefer to buy and customer service.
2. Market survey with questionnaire
It is used more regularly and applies pre-created questions taking into account the profile of the client and the product offered. Information is obtained quickly.
3. Online survey
It is similar to the previous one and the main difference is that apply online. Thanks to that, it allows analyzing a greater number of people.
4. Probing by experimentation
In this case, the product to be launched is tested to see the reaction of customers and obtain feedback from the people who would buy it.
5. Secondary probe
With it, analyze magazines, books, articles or studies. Obviously, it is necessary that the secondary sources are related to the market niche you want to know.
Steps to carry out a market survey
As you have seen, not all surveys apply the same techniques. Nevertheless, These steps will work for any of them. Keep reading!
1. Define clear and important goals
Before carrying out your strategy, it is essential to plan more efficiently. First of all, Ask yourself:
- What am I looking for with it? Market survey?
- How am I going to do it?
- What will I use the information obtained for?
Your goals should be specific, measurable, achievable and relevant for your business. Also, to optimize the completion of the poll, set the dates on which you want to reach them.
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2. Choose the right market niche
For the results to be useful, be sure to select the ideal target audience for the poll. Identify your potential customers, determine their age and preferences.
Unless you’re thinking of doing the poll in a aleatory samplewhich does not require a specific area.
3. Prepare the research tool you are going to use
Individuals conducting surveys on their own tend to prefer questionnairesbecause they are efficient and simple tools.
Prepare yours in advance to avoid problems and have better results.
4. Select the instrument for the market survey
When the research tool is ready, you must choose the application modality. You can take a survey by phone, online or in person.
To select the proper instrument, keep in mind the objectives that you defined at the beginning, your target audience and the information you want to obtain.
5. Plan the application of the survey
make a plan to approach people at the best time and put market research into practice. This is important because it allows them to be willing to answer your questions.
6. Analyze the results
You must do the whole process rigorously and focus on trends to help you create strategies for your business. Although you get the results quickly, you must develop this stage calmly.
Tips for applying a market survey
When a market study, it is normal for people to prefer to hire an external audit or a specialist. In the case of surveys, most businesses apply them on their own.
If this is your case, consider these recommendations:
1. Do not make complicated questionnaires
It is best if the questions are short and clear. You can use:
- Open questions: they allow to make a description or give details in the answers.
- Closed questions: they give the options to answer (yes/no or multiple options).
2. Review the questionnaire before applying it
Ask someone who does not belong to the group you are going to study to read the questions and ask you constructive criticism. Thus, you improve the quiz and get better results.
3. Organize the results
Depending on the amount of data you collect, the analysis process can be complicated. To ensure you don’t miss anything, organize information into graphs.
4. Respect your limits
If this is your first time doing a Market survey, focus on a group that is not too large. Thus, you will be able to manage the application and evaluation of the strategy more efficiently.
3 examples of market research
Being guided by what other people have done in their market surveys helps you better plan yours. Next, we show you 3 cases in which this strategy was successfully applied:
1. rappi
This well-known home delivery company has expanded the scope of its business in recent times. And to make sure you’re applying the right strategies, you’ve polled multiple times, asking in your app which are the products that their customers consume the most and in which companies they prefer to buy.
In this way, they have managed to expand their catalog with relevant items for their audience and ally themselves with brands with which customers identify.
In addition, Rapi adapts to current needsbecause it has included pharmacy products in its catalog and even the possibility of a deliverer performing services for us.
2. Sanborns
This restaurant makes a small quiz people when they are paying in box The questions focus on services, dishes and facilities.
The feedback they get helps them make sure to offer a service up to what its customers expect, guaranteeing their satisfaction.
3. Telmex
The most sought-after telephone service in Mexico, frequently polls to determine what your audience needs objective and if they have your approval.
Take advantage of market surveys!
As we have told you during this post, all businesses can apply a Market survey when they think it’s necessary. With this research technique they obtain benefits, such as making a better Y .
With the analysis of the results, you determine how you can adapt to the needs of your clients and increase the sales of your business. So don’t hesitate to use it to your advantage.
And to help you improve your strategies, we leave you this content about . Until next time!
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