Types of Market Research Surveys
Oct. 23, 2023
When it comes to the growth of a company, one thing that contributes a lot is market research. Moreover, if you have the basic know-how of market research, you should be aware of the sources for the data required in market research.
Furthermore, market research surveys are among the most trusted types of data that one can have for market research.
Let's understand what is a market research survey and what are the types of Market research surveys.
What is a Market Research Survey?
With plenty of options for collecting market research data, surveys are considered best. Market research surveys are used to get a direct response from those whose views matter the most, which are mostly your customers.
Moreover, the data collected through market research surveys is structured well, as the answers to questions are on point. That is why extracting insights to take action for a company's wellness is easier with market research surveys.
Surveys are mostly used for primary research purposes instead of secondary research as it takes a significant investment compared to other methods like using census or pre-published research.
Why Use Surveys?
Surveys directly provide you with the views of your target audience. You can extend your reach to an audience that comes under your target audience but isn't your customer yet. It can help you in market research where the sole purpose is to get more reach, understand customers, or make changes based on the audience's point of view.
Surveys are among the sources where such processing is not needed. The reason is the format in which the data comes from any survey. However, it doesn't mean that you can entirely use the survey data for market research. It will bring down the cost of market research and also give you more diverse data.
What are the Different Types of Survey Methods?
There are various types of survey methods based on their medium. Let's have a look at the six most popular ways of doing a survey.
Paper surveys are the traditional method of taking surveys. It includes a paper which has all the questions listed on it. The respondents have to fill out the survey paper with their hands. Moreover, the respondents should get enough time to fill out the survey so that the overall quality of the survey is good. In addition, you may be required to incentivise the respondents to get better results. This survey method is almost outdated in today's smartphone-dominant world, but it still can be used to get data from those without internet access.
One of the most common types of market research surveys is online surveys. These surveys are spread among the target audience through social media. Online surveys can even give you access to views of people from the entire world.
As the name suggests, these surveys are spread through mailing. These surveys help to target small or large geographical locations. You can send your surveys to all the houses in an area by collaborating with a mailing agency. The best way is to collaborate with the newspaper agency and send your surveys to the houses with the newspaper.
These surveys are taken over phone calls. It's a great way to survey smaller organizations, requiring less investment than other methods. However, the response rate of telephonic surveys may be low. So, you will have to make a lot of calls to have a considerable amount of data.
Panel surveys are done with a group of people which are selected on the basis of some predefined factors. It is used when you need more comprehensive information about your company or organization.
One-to-one interviews to get survey data are considered the most unbiased method. It includes interviewing the participants. The interview is taken by a bench of experts so that the actionable insights can be extracted more efficiently.
What Can Businesses Do With These Types of Surveys?
Businesses can use market research surveys in many possible ways. From using it to get an understanding of the market to getting the reviews of products, there are a lot of purposes for a market research survey.
To Understand Market Conditions
Surveys can be used to understand the market conditions at the current time. Factors like competition, market share, and industry growth affect a company's development and can be researched with surveys.
To Enhance Customer Experience
Surveys can also be conducted to get insights about the customer experience. You can work on enhancing customer experience with the data from such surveys.
To Get Product Review
The most common use of surveys is to get reviews for a product that you are about to launch. It can help in understanding if there's really a need for the product and what changes can be made before the launch of the product.
Market Research surveys are very crucial to get the most accurate insights. The involvement of a direct audience in surveys makes them a trustworthy source of data. However, it can be a costly method to procure data. But, there are methods like telephonic surveys which will cost you less than others.