Market Survey: Definition, Types, Benefits, and Examples

11 January 2022
7min
Marketing
Market Survey: Definition, Types, Benefits, and Examples

In today’s business world; it’s crucial to keep up with trends, new inclinations, and upcoming customer demographics to achieve the most with your brand/ business. Therefore, there are a lot of ways to learn what the customers are thinking and how effective your techniques are in persuading them. Using AI tools is one way to see the bigger picture since they give detailed data analysis about customer experience. Another effective way is to conduct a market survey. Many companies give a lot of thought and effort to carry out market surveys regularly to achieve better business results. And there is a good reason for that: it’s effective, fast and saves you a lot of time and money!

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What Exactly is the Market Survey?

Before you start your journey through market surveys, it’s best to understand how it works and what it does. Then, you can set your road map suitable for your line of business and get the best business results!

A market survey is a combination of all the efforts you make to understand your target customers. This process includes knowing who they are, what they expect from you, and their reviews about your current marketing strategies. A market survey is what makes a business go further successfully by protecting the old customers and attracting new ones at the same time. Since it’s important not to waste time or money to find the perfect market survey/surveys for your business/brand, it’s best to decide on one of the market survey examples you can find below. But first, let’s see what kind of market survey you need; an internal market survey or an external one to reach your full potential.

- Internal Market Survey

An internal market survey, as it refers to in the name, means that the research is done within the company or corporate. It’s also a fundamental part of a successful and growing business. The process includes many components as company workers, sales reports, statistics, advertisement costs, etc. Compared to external market surveys, this type of market survey is more cost-effective as you already have all the data you need. You can also find out more about your employees’ views on your company and look for ways to upgrade the possible shortcomings.

However, an internal market survey may be lacking honest analysis. Since you do it within your company, an unbiased critic is not possible. To get the business results you want, each brand/ business should consider accordingly when deciding on a market survey.

- External Market Survey

The first thing that differentiates the external market survey from the internal one is the fact that customers are also in the analysis process. During an external market process, the companies or brands usually hire an outside expert or use AI tools to understand the relationship between the customer and their product/service. Because it includes many different aspects of the market, an external market survey usually provides an objective review of where your company or brand stands and where it needs assistance.

What are the Purposes of Market Survey?

If you’re wondering about the benefits of conducting a market survey, the fact that many big corporations faced big-time failures because of skipping it may be eye-opening. In one of his writings for Forbes, the president and CEO of a digital marketing agency Andrew Faridani talk about Target’s Canada launch. Trusting their brand name, Target, chose not to conduct a market survey exclusively for their Canadian customers and in the end couldn’t take root there. Many corporations, whether they’re on top of the business or just started, should be aware of the real aim of the market survey: knowing what your customer needs. Here are 5 reasons why you need a market survey!

1. Knowing Your Environment

If you have more than one market to work on in your mind, it would be best to do a market investigation survey before starting. You wouldn’t be wasting time. On the contrary, that information will give you the best data about the possible success of each market and where you have the most chance to go on top.

2. Understanding the Feedback

Companies use market survey examples to evaluate their current products/services and plan for the next ones. To do that, you should be able to read the customers’ responses to their ads and interactions. One of the best ways to achieve it is to use AI tools to gather customer experience data. That way you can easily categorize the information and plan on future strategies.

3. Categorizing the Results

A big pile of data is useless unless you divide it into meaningful categories. The parts you’re successful and the parts you need to work on say a lot about your current road map. What parts of your product do your customers like and don’t like? And which direction you should gravitate to get desired business results? All these questions create the answers specified for your company/brand once you study the results.

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4. Navigating Through the Data

After you get the market survey results, you’ll know your strengths and not so strong parts of your business. At this point, you can hire an expert to evaluate the survey results for your business or you can use AI tools and get both a comprehensive and specific analysis.

Looking at the traffic your websites get, the customer reviews, demands and comments, sales numbers, and more, you’ll get a clearer vision of your plans.

5. Planning the Next Steps to Grow Your Business

Now that you know what you need to do, the current marketing strategies are good. But, what about the next steps to grow your business? As a business owner, you need to have at least an abstract road map in your mind about where you want to see your brand in the future. And combining these wishes with real data gives you a realistic strategy.

Types and Importance of Market Survey

Before you carry out a market research survey, you need to understand what your brand-company needs through it. That way, you’ll be able to pinpoint your goals and navigate through the data in the process. Here are the 10 most used survey types for company growth.

1. Market Investigation Survey

This survey is conducted to gather information about the size of the market you’re working or will work in and the ongoing numbers about it. Where does your brand or company stand in the market?

2. Market and Customer Profiling Survey

Customer profiling is one of the most critical surveys as it shows the customers you’re attracting and the ones you’re unable to reach.

3. Purchase Tracking Survey

Through this survey, you’ll be able to know the behavior of your customers. Do they just browse your website or continue to buy products? Knowing where you lose them is a starting point to improve your shortcomings.

4. Customer Motivation Survey

Detecting the kinds of ads the customers love and follow to shop is a key point. Learn what they like and do it more.

5. Customer Expectation Survey

Knowing what your current and potential customers expect from your brand helps a lot to decide marketing strategies. Thus, you won’t waste time or money ‘’guessing’’ about it.

6. New Product/ Feature/Concept Analysis

Protecting a certain line of products to create a solid customer profile is always a good idea. But so is being open to new concepts and ways to reach outside and attract new customers. Growing your customer demographics reach successful outcomes with new concept analysis.

7. New Product Demand Survey

Be aware of times when your customers want different products and meet their demands in time.

8. Competitor Analysis Survey

The market analysis includes getting to know your competitors as well. Whether you use AI tools to evaluate numbers or conduct market survey examples, it’s good to control the market competitors.

9. Price Assessment Survey

As a business owner, a price assessment survey is a must to be reasonable with your demand from your customers. If it’s above the market price, you may lose customers, at the same time, if it’s way below average, you may look low-quality.

10. Advertising Survey

Is the way you’re introducing yourself working for your customers? Do you reach them effectively and attract them when shopping? To learn these and more, conduct an advertising survey to grow your business.

Why You Should Do a Market Survey?

The market survey may seem like a small step before launching a product or service, yet there is more to it than meets the eye. Without a detailed market survey, your marketing strategies may become baseless. When you conduct a market survey, on the other hand, you can customize your same product according to a certain country, age group, etc.

Understand Your Customers Better with Socialays

An AI-based social media assistant, what Socialays does is track every comment on your social media accounts and provides a comprehensive analysis through trustworthy data. As one of the key points in business growth, communicating with your customers better and more effectively has always helped to attract new customers as well.

One of the fundamental reasons why market surveys hold such power is because the data comes directly from customers. And Socialays AI-based social media assistant keeps track of each comment on your behalf. Moreover, with Socialays, you can track down your most loyal customers and the ones that are not that happy.

Socialays auto-hide options also provide easy and constant control over your social media accounts against unwanted comments such as ads, spam, comments with profanity, etc.

Market Survey Examples for Starters

Now that you have a comprehensive knowledge of market surveys and know the importance market survey has over your business growth, it’s time to dig deeper into market survey examples. Let’s start!

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Asking the Right Questions

If you want to know how well your current ads are doing for the customers, why not ask them about it! Through many AI tools that track customers’ reviews on your products/services as well as physical surveys, asking the right questions is the number one priority.

-Interviews

One way to understand customers better is to communicate with them. According to Statista as of 2021, 91.9% of the US-based companies were expected to use social media to attract more customers. This includes interacting with them as well.

-Focus Groups

If you’re looking for data on how you do among a specific group of customers, a focus group is one of the perfect ways in market survey examples. In this method, you gather your intended customer group and ask them about common thoughts on your product or general market to get insights.

-Questionnaires

Using the data you get from AI tools, you’ll be able to come up with certain questions that need answers. Prepare them and ask your target customers to answer comfortably. At the end of the questionnaires, you’ll get trustworthy info on what they like and don’t like about your products and new ways to improve any part of your marketing strategy beforehand.

-Observation

Through your social media accounts and website sales, you can learn so much about your customer satisfaction. These outlets provide an opportunity to analyze your target customers as well. If certain age groups don’t click on your accounts at all, you can strategize a new way to attract them.

In Conclusion

Today, almost all companies use social media as one of their marketing strategies and benefit from their data to improve their business results. At this point, many big or small businesses may overlook market surveys as they may seem burdensome. However, studies show that those who use market surveys and the data analysis they provide can pinpoint their strengths better. Through AI tools, it’s possible to gather customer experience and what you can do to improve it if necessary. AI-based social media assistants such as Socialays make the market survey process smooth as it does all the work for you and provides categorized analysis. With the market survey examples mentioned above, your business can get better results using customized steps and data. That way, your interaction with your customers becomes extra useful. As they make your brand look more sincere and inform you if there is any dissatisfaction at the same time.

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