If what you need is to know more about your customer or ensure the success of a new product or service, you can opt for online market research. Its advantages are many: it is no longer necessary to hire staff to apply questionnaires and process information, project times are shortened and its cost is significantly lower.
How does it work? Through companies that provide this service through websites. And that for a certain fee or an annual fee allow access to a series of tools to prepare surveys, send them to a database (with emails) and obtain an analysis of the answers obtained.
This system is ideal for small and medium-sized companies, which generally have low budgets for marketing and for conducting market research in a traditional way.
This type of analysis is usually entrusted to a studio or consultant, but you can also do it yourself with the following techniques:
- In-depth interviews with experts to learn about the most important aspects of the industry.
- Focus groups to know the perception of potential customers regarding a new product or service.
- Surveys that reveal the purchase willingness of potential customers.
Once you have the results, you can:
- Generate research hypotheses that can be tested quantitatively.
- Generate useful information for the preparation of surveys.
- Evaluate new products.
- Generate innovative ideas regarding existing products.
- Interpret quantitative results previously obtained.
- Know and understand different emotional reactions to brands.
When you have all the information obtained from your quantitative research, it will be useful for estimating demand and projecting financial statements, so you can present the information in bar charts, standing charts or histograms.
It is important that you highlight the objectives of the research or survey, because the results must answer each of the questions that were initially raised in the market survey and will be the basis for more accurate decision making.
The objectives, methodology and results of the market survey can be presented as an annex to the business plan.
Do it yourself
1. Set your goals
Keep in mind that before preparing the survey you need to define the objective of the research, what information you need to obtain and what the target audience is. For this, the pre-designed surveys offered by the portals are very useful.
Surveys reach consumers via email and their responses are received on the same site and in real time.
Being mainly quantitative studies, these pages allow to show the answers of the respondents in graphs. With this statistical information, you will be able to make a more detailed analysis of your current customers or your potential market.