“Who else noticed the new hair products on the shelf? I’m looking to try them out!” Sis has tried it out and oh my! Her reviews are bringing in Sales. The sold out tag comes up every two weeks.
Now your competitors are seeing it no doubt and they are looking for ways to get you off the market. Your best option is to get talking with your customers, know what other problems you can solve for them and get to it. What other areas can you improve because theres an 85% chance its not perfect, yours is just better than the next product on the shelf. The best and easiest way to keep abreast of your customers’ insight is a Proper Market Survey!
Customers are the lifeblood of every business or Brand. Without customers, there would be no business. A customer who commits to buying a product is one who will likely buy more. But naturally customers are evitable to change their minds and you don’t want to lose them without a fight.
So now you’ve put together a killer business plan and have all your ducks in a row. You know who your target market is, what needs and desires they have, and exactly how you’re going to serve them. Or do you? It’s time to take a closer look at your target market and conduct some market survey research. Your assumptions could be putting your business at risk, with key insights that could make or break your success.
Before we continue, let’s break down these terms; Your Target Market is your preferred or ideal customers in need of your services or products. A Market Survey is an organized effort to gather information about your ideal customers, to evaluate customer expectations, gaps in the market, competitor analysis, pricing trends, etc. Now that’s out of the way.
Market surveys have been around for years and are still a very popular way to gather data about what people want. It’s important because it helps marketers understand their target audience better, which in turn will lead them closer towards success with insightful marketing campaigns.
Market survey research involves analyzing a given market in order to gain insight into the buying potential and attributes of your target audience for a product or service.
Conducting market survey research is essential for any business looking to penetrate a new market or better understand their current customers. Let’s take a closer look at why this valuable research is so important and how you can get started.
1. You get Extremely honest feedback: Unlike face to face conversations, Anonymous surveys give room for honest feedback; either via your website or emails. You may think that feedback from surveys is harsh, but it can be much more beneficial than the kind of criticism people lash out with when they’re frustrated or disappointed. When you offer your customers an anonymous way to leave comments on what needs improving about their experience, there’s more room for implementation even if not immediately but it would be useful in the long run.
It’s important however to ask specific questions about products and interactions with the business, including:
- Why did you decide to purchase from Business Y?
- What products do you buy from Business Y?
- What products do you prefer buying from competitor, Business X?
- Why do you buy from Business X?
2. Higher chances of Customer retention: The customer is always right. And when it comes to your business, they’re not just entitled but imperative because without them you wouldn’t have any customers! Showing how much their patronage matters will make sure that every last one knows who’s best at getting the work done. A customer wants to feel appreciated for spending their money or time, making them feel like their voice matters translates to them feeling appreciated or heard.
3. An Opportunity to Improve Your Products or services: Market Research Companies can analyze driven satisfaction & patterns in customer demographics that affect purchasing decisions along with other valuable insights into what is working well as opposed to just concentrating solely on those areas where there may need to be some improvement. Market Surveys provide insights into what aspects of your business need improving so you know where the focus should lie in terms of new updates. With this information at hand, marketing managers will also find themselves better equipped in determining which areas have been successful while trying out different strategies aimed specifically towards enhancing those successes even better.
There’s a reason businesses invest in market research surveys – it’s because they work. By understanding your target market, you can better understand how to reach and attract them. Surveys provide accurate customer data and insights that help businesses hone their marketing strategies, messaging, and product development plans.
Ready to conduct a Market Survey with the team?
Innovative Data Solutions Africa (IDS Africa) is a leading innovative marketing and social research company in Africa. We bridge the gap between consumers and producers by providing insights into decision making in Africa, Middle East, North America and European markets through qualitative and quantitative market research services.
At IDS Africa, we specialize in market research surveys and can guide you through every step of the process to ensure that your survey is designed to yield the most valuable results.