You might be wondering what market research is and why you need a WordPress survey tool to do it. These two actually go hand-in-hand. To understand how this is so, you should start by understanding what market research does:
What is Market Research?
A market research refers to the type of research that collects all the essential data or information about the consumers. These include their preferences, needs, and how they make purchases; amongst others. Along with this, market research can also identify the products or services of your competitors along with their marketing strategies.
Market research may refer to the two types of data—primary and secondary information. The primary information refers to the research that a company or business has done and compiled for their own reference. A list of quality services or tools, existing business practices, and effectiveness of sales are some of the information found in a primary research.
On the other hand, the secondary information may refer to a research that has been completed and gathered before. For example, reports or studies conducted by a government agency are considered secondary information since they are produced by other organization or business. Such type of market research aids a certain company on what market segment they should target.
As an entrepreneur, you may want to choose to gather primary information so that you can really know and discover your needed data or information firsthand. Here are some of the ways on how to conduct a market research that produces primary information:
- Conduct Focus Groups– Conducting focus groups is one way to immediately know the feedback of your consumers. To conduct a focus group, invite and gather few people or small group and let them participate in the discussion. This group must be composed of individuals that have different backgrounds so you will have different responses. This type of market research is done to determine how the consumers will react to the proposed or existing strategy you have. Moreover, the session is often recorded and analyzed for further examination of the consumer’s feedback.
- One-on-one Interview– What differs one-on-one interview with other methods of market research is that this approach lets you conduct a more intimate form of market research. This type of market research enables researchers to gather specific data or information about consumer’s preferences, such as why they choose your product or service over other brands. While using a WordPress survey tool can provide you with huge amount of data, one-on-one interview will provide you a qualitative market research data is collected, which gives you useful and relevant information.
- Product or Service Test– If you have enough budget, you might want to do a product or service test. Some companies conduct a free product or service test to their clients (and potential consumers) to gain immediate responses from them. By doing a free product or service test, you can instantly determine what are the strengths and weaknesses of your brand. With this, you can enhance or adjust your product or service and solve any arising issues. Hence, this approach will help you determine whether your tactic in delivering your product or service needs further evaluation or not.
- Surveys– Surveys are one of the basic and tested methods in conducting a market research. Through a survey, an entrepreneur can reach a large scale of audience and get huge amount of information quickly. This is most especially true with an online form, such as with a WordPress survey tool. The large amount of accurate data that can be gathered with such a tool can be used later to develop and establish a business strategy.
This makes WordPress survey tools and other online forms of surveys the best initial step to other forms of market research. The data gathered from surveys can be built upon using the aforementioned forms of research.
These approaches are only few of the many ways on how to conduct your market research. By identifying each type of marketing research, you can know which method suits your marketing plan and will help you reach your business goals. After all, market research is an integral part of an effective marketing strategy. Which leads to…
What is the Importance of Market Research?
As stated earlier, a market research is a part of an efficient business strategy. A business owner should conduct a market research to be able to build their brand properly and produce a saleable product to the market.
Whether you are an aspiring entrepreneur or a well-established business tycoon, market research is essential to keep your venture on the line and adapt in the changing and challenging world of business. Hence, the market research should be done in a continuous basis.
An efficient market research can be done in various ways such as mentioned above. Whatever method you use, it will surely help you stay on the track. Let us breakdown why market research is so important.
- Guarantees the Success of your Marketing Campaign– Conducting a marketing research enables you to know the interest of your consumers (and potential customers, too). With this, you can craft a compelling marketing campaign that will directly target your consumers’ attention and preference. Hence, you can assure the outcome of your marketing campaign. Furthermore, the success of your marketing campaign will eventually turn into sales growth.
- Gain a Competitive Edge Against your Competitor – Since the business world is changing every now and then, having a marketing research would be an advantage for you since this will be your source of comparative results. This evaluation tool can serve as a guide in tracking the growth of your company as well as the competitors. With this, you can diversify your strategies to stay ahead of your competitors.
- Discover Potential Clients – We all know that one of the main purposes of a market research is to connect and know your target audience. However, apart from this, you can also have the chance to discover potential consumers along with their needs and preferences, which can be helpful in enhancing your products or services in the future. A properly timed appearance of a WordPress survey tool can get you the data you need about these potential customers.
Decrease the Chance of Business’ Loss – Since conducting a regular market research will help you stay adept with the current market trends, this decreases the chances of loss in your business. The outcome of your marketing research can provide you with new business opportunities and possibilities, which eventually help you with the growth in your company’s sales.
Why Surveys are Important in a Market Research?
Surveys are considered as an unbiased approach in a market research. And as mentioned above, conducting a survey is one the proven approaches you can utilize to conduct an effective market research.
Whether you conduct a paper, mobile, or using a WordPress survey tool, this approach is helpful to your market research and eventually to your marketing and advertising strategy. Here are some of the best reasons why surveys are one of the efficient methods when conducting a market research:
- Reveal Answers– One of the main reasons why you conduct a survey is that you want an answer. Of course, answers are essential to the specific questions you have on your WordPress survey tool. With this, you can determine what is essential to your customers, how and why they choose a certain product or service, and other preferences. Additionally, consumer’s comments, feedbacks, opinion, and even suggestions are easily identified they will ultimately be helpful in answering all your questions. Hence, the data and information you gathered is essential in the marketing tactics that you will be developing for your business.
- Develop New Marketing Strategies – As mentioned earlier, all the insights you have gathered and gained in your WordPress survey tool will be an advantage in crafting your compelling marketing and advertising strategy. The results in your survey will be your basis in future marketing decisions you will make. What should be the price range of your product or service? Do you need to increase or decrease your price? How will you distribute it? Which marketing channel you will utilize? Is it time to produce new items or services? Should you develop new marketing strategies? These questions will surely be answered as you go along with your survey.
- Increase Sales – When you have already crafted your marketing strategy or improved an existing one, an increase in sales will surely happen. Since the data you get you’re your WordPress survey tools will reveal the answers you want to know, you can craft a product or service that directly target your consumers’ interest, hence, increasing your company’s sales. At the end of the day this is one of the main goals of businesses, to create sale.
- Identify New Business Opportunities or Possibilities – Apart from having the chance to develop or enhance your marketing strategy, surveys can also help you identify possible opportunities for your business. When conducting a market research, you can identify new possibilities that will enhance how you do your business. Does your business ready for an expansion? Do you need to change your location? Are you ready to introduce new product or service? Through your survey, these opportunities will be answered and proper strategy can be applied.
- Reveals Honest Feedback – Unlike in a one-on-one interview or focus group discussions, surveys are more personal and private. Some of the consumers preferred a private method of questioning. Opting for a survey will surely reveal honest feedback since respondents are assured that their answers are treated with confidentiality. The fact that surveys can also be filled up anonymously will give ease their mind and help them respond honestly.
- Understand Existing Consumers – Since survey is an unbiased approach, it reveals the sincere response of your consumers. Surveys can reveal their wants, needs, or preferences when it comes to choosing what brand they will use or purchase. With this, you will gain a better understanding of your existing consumers. And who knows? You can also have the chance to identify new potential consumers for the long run.
The business industry presents itself as one of the most competitive landscapes there is. As the years pass, several innovations have changed the way entrepreneurs do their business. Whether you are novice or proficient entrepreneur, you must be able to adapt to this fast paced world of business.
One of the tried and tested ways to stay ahead in the market is to conduct a market research, through a survey, specifically. Understanding how to conduct a marketing research will definitely be an advantage for business owners like you since you can really capture the attention of your target audience, thus, increasing your company’s sale.
To sum this all up, survey is definitely an efficient method in determining all your needed data and information, which is essential in building your empire. Of all the types of surveys, online survey might be the best kind to use since it is simpler, faster and more accurate. With all the available tools in the market, what is the right survey tool for you? If you want a faster and reliable way to conduct a survey and gather information, you might want to use a software such as Qeryz.
Qeryz is a Qualaroo alternative that acts as a to-go survey tool that helps various businesses and organizations know everything about their website visitors. By using this survey tool, you can get immediate responses from your customers and know why they are visiting your website. This survey tool also enables website owners to have a survey tool in Wordpress (convenient if you are working with this free website) since Qeryz has plugins perfectly crafted for this website. You can get all the data and information the survey tool gathered straight to your inbox since it has an email notification feature, and assure fast response in mobile devices since we are already in the age of mobility. Isn’t it convenient and conducive? For more information about this efficient free online survey tool, click this link https://qeryz.com/features-main.php.