What Is a Consumer Market Survey?
Explaining the Useful Type of Study That Gives You Accurate Insights
A consumer market survey is the study of customers’ behaviour, preferences, tastes, inclinations, and choices. Such a survey would show why customers buy one product and not another.
Properly conducted market surveys have a real impact on business processes and results. Since it studies customers’ opinions, it reveals which characteristics a successful product or service should possess.
Unveiling the Concept of a Consumer Market Survey
This type of survey is a part of market research aimed at data collecting. Similarly, market research may include surveys that study competitors, pricing, distribution, and a lot more. Since those who are selling products or services need to know what customers think, the most productive way to do this is to gather customers’ feedback through surveys.
Successful market performance is strongly bonded to the customers’ feedback, as customers are those who pay money. The main purpose of the customer market survey is to inform producers about the real needs of customers and the existing demand. For example, there may exist the need to improve the existing product, make reliable business decisions, or test new products in the market.
A market survey is great, as it allows us to examine the tastes of a specific target group. You may ask all the questions that are crucial for the success of your product and ask your potential buyers what they think. Besides the calculation of previous activity and competitors’ research, a customer market survey provides important feedback regarding the supply and demand in the market.
Consumer Market Survey: the Process
The process of conducting a consumer market survey is usually divided into several consequent parts. We split it into 5 steps, so when you go through all of them you will obtain a report with recommendations and suitable solutions. Firstly, you have to form a survey proposal. That means that you have to define the purpose and aims of this project and think about all the relevant information.
Secondly, you have to set up an initial meeting with other interested parties. These can be your clients, research department, company administration, or involved employees. At this stage, the negotiations are welcomed, which resulted in the agreement regarding all the key points of the market survey.
Thirdly, you have to think about the survey process and develop the questionnaire (list of questions) for the respondents. Pick up the questions carefully as it influences the quality of the obtained data. You may think of closed, open, or rating questions. When you are done with this part, consider the proper timing – the overall time you need for the survey and time per respondent.
Fourthly, when the preparation is finished you can do the fieldwork and gather the information from customers by asking them the survey questions.
The fifth and final step is to analyze and group the gathered data, create visual content and write a report. This report should contain the answers for the stated purpose and aims. Hence, the market decisions can be made on the basis of the report.