Young entrepreneurs are passionate about their business, goals, and objectives. Few of them make a decision without any type of research or market analysis. If you are going to set up a a new business, you need to find out as much as you can about your target market, i.e., those to whom you plan to sell your products or services.
Demand for what you plan to sell needs to be determined. Also, it is important to find out who your competitors are likely to be, how they do business, and how they react to each other’s commercial activities. In this article, we will look at some online surveys that will help establish your new company right from the beginning. Also, it will give a boost to an existing company that has been in the market for a while, but is experiencing a decline in sales, market share, or business activity generally.
Top surveys that help you grow your business
1. Survey to check demand
Normally, there are two types of market research. Primary and secondary market research.
- Primary market research – this is the process of collecting new data. It normally includes interviews plus questionnaires.
- Secondary market research – in this type, the data has already been gathered. It is used to support content.
Useful questions to ask:
- Is the product or service important for you?
- Do you know which companies are currently selling them?
- How do you feel about what is currently available?
- Do you think the product or service should or could be improved?
- Would you be willing to pay more if there were an improvement?
2. Survey to get to know your customers
For any company that is selling a product or service, it is crucial to get to know as much as possible about customers or prospects. A prospect is a person or business that you think could turn into a paying customer.
In your survey, you need to know the answers to the following question:
- Who are the buyers of your product or service? Are they people, companies, governments, etc.?
- If they are people, how old are they?
- Where are they? Are they limited to one geographical area or spread out?
- Why do they want your product or service?
Is it a good investment?
Before you start doing anything, you need to find out whether your business idea is a good one. Will it provide a worthwhile ROI? ROI stands for return on investment. It would be a pity to invest your well-earned money only to eventually find out it was a total waste.
Apart from determining whether demand is there, you need to make sure your costs are lower than the price of your goods or services. You need to be able to make a profit.
The following questions will help you determine in more detail exactly what kind of demand there is:
- Do you know about this product or service?
- Do you ever, sometimes, or often buy it? If too many people answer ‘Never,’ you should walk away from the whole venture there and then. If you get lots of ‘Sometimes/Often’ answers, continue with the next questions.
- Where do you purchase the product or service?
- Would you like to see a better version of this product or service? If so, what improvements would you like to see?
Engagement on social media
Once you are done with the offline surveys, you need to focus on online customer engagement. Social media platforms such as Facebook and Twitter are ideal for posting information about your business, brand, products, or services; including those that you are about the launch.
Make sure that your content is both interesting and engaging. Social media users today will not read, watch, or listen to your messages otherwise. In the world of social media marketing, remember that content is king!
One of the great advantages of social media is its reach. You can connect with people all over the globe. You can also gain useful information on consumer preferences. You could, for example, ask them to tell you which of two options they would prefer.
Your employees
A company can only be as good as its employees. If you have a super team, your chances of succeeding, if you have an excellent product or service, are good. A team that is not motivated or properly trained could be the kiss of death in the world of busines.
Gather as much data about your team members as you can. Find out what they like, don’t like, and whether there are any lingering grievances. If there are any, you need to make sure they are sorted quickly and permanently.
A good survey maker plays a vital role here. It should be easy to use. You should have no problem gathering and analyzing the data it provides after each survey.
Market research
Surveys form part of market research. Market research is a study of the marketplace. The aim is to find out how things are sold, who buys them, why, and how rivals and competitors behave. It is an organized way to gather and analyze information about target markets.
Market research is one of several components of marketing, which involves analyzing the market, determining what consumers want, making it, and then selling it at the best possible price.
Companies worldwide spend hundreds of billions of dollars on surveys, market research, and marketing. They need to if they want to survive today’s fiercely competitive marketplace.
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