Conducting a well-planned market survey will ensure that you get the correct picture of the market before you introduce any product/service. Surveys can be carried out in the form of questionnaire, email poll, in person or through a telephone.
Market survey is essential to sustain a business and to have an edge over the competitors. Entrepreneurs spend huge sums on advertising and marketing yet if the product fails to receive the expected response, it can cause a major set back to the budget of the enterprise.
Because of globalization, markets are no longer confined to one particular geographic region. With number of industries on the rise, there is stiff competition with each trying to woo customers in their favour.
Step 1- Frame questions in such a manner so as to get relevant response from customers. Get their views on your product/service. Ask about their likes, dislikes, preferences and the pricing of product.
Step 2 – Draft a short questionnaire. Lengthy ones can consume more time which may irritate consumers. Include open and closed ended questions. Closed ended questions are required to get straight forward answers such as yes or no, whereas open ended questions are more descriptive and are used to seek more information.
For e.g. “Are you satisfied with the product?” is a closed ended question. On the other hand if you ask the question “Why do you like this product?” is open ended question.
Step3 – Use simple language in preparing the survey. The layout of the content must be clear and legible. Enough space must be provided for writing down the responses. Provide margins on all the four sides of the survey form to make it look neat.
Step4 – Identify the target group which can take the analysis. Do some research on the demography of this consumer group?
Step5 – Give reasonable time to respondents to fill in their responses.