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This article was co-written by Michael R. Lewis. Michael R. Lewis is a retired Texas executive, entrepreneur and investment advisor. He has over 40 years of experience in Business & Finance, including the position of Vice President of Blue Cross Blue Shield of Texas. He holds a BBA in Industrial Management from the University of Texas at Austin.
There are 7 references cited in this article that you can see at the bottom of the page.
This article has been viewed 13,507 times.
Surveys are an important part of market research, helping to measure customer trends and tastes in a given market. Diverse in size, design, and purpose, market surveys are an extremely important source of data, helping a company or organization determine the right product or service for its target market and how it works. their promotion. The steps below will give you a basic guide to market research as well as some tips on optimizing your results.
Steps
Identify the right market
- For example, suppose you have a company that supplies and repairs computer equipment. The goal of a market survey might be to determine how many students at a local university know about your business and are likely to come to you for their computer repair or product purchase. much.
- Narrow down to a short list of desired data, such as consumption habits or average income.
- The business and computer repair scenario above will be relatively simple. You just focus on college students. However, you may also want to target high-income or more tech-savvy students who are more likely to buy.
- At the same time, you also need to clarify the type of information you want. You can use qualitative questions to gather information that can’t be measured directly with numbers, such as whether a customer has a suggestion to help improve a product or service. Or, you can also ask quantitative questions that capture digitized or quantifiable information, such as asking customers to rate a product’s performance on a scale of 1 to 10.
- You may also want to determine exactly what attracted customers to buy your product. In this case, don’t forget to ask specific questions of recent shoppers (in the last month) about their buying experience and resources to help them find the product. From there, bring into play the more appreciated aspects and improve any areas that are weak or lacking. [1] X Research Source
- Continuing with the example above, you can focus on returning old customers or new customers choosing your business over your competitors.
- Consider the target audience when approaching. It can be a predefined target demographic or simply a group of customers who have used a product or service.
- Don’t forget who your target customers are, especially if using an online survey. In many cases, you cannot reach the target market through online channels, especially when the audience is older people. [2] X Research Source
- For example, a computer repair business might decide to interview students face-to-face at the center of campus or conduct an online interview through a frequently visited website.
- The questionnaire can be administered by contact and questionnaires in person, by mail or online. Interviews can be conducted either face-to-face or by phone.
- Questionnaires are an effective form of market investigation with closed-ended questions. However, they limit respondents’ ability to express their thoughts and printing costs can be expensive. [4] X Research Sources
- Interviewing allows the interviewer to formulate additional questions to explore more deeply and clearly the thoughts of the respondents. However, this form takes more time. [5] X Research Sources
- Group surveys using questionnaires can be effective because respondents can cooperate and provide more informative responses. [6] X Research Sources
- Some of the most reputable and well-known platforms are SurveyMonkey, Zoomerang, SurveyGizmo and PplDaddy. [7] X Research Sources
Collect the best results
- The required sample size depends on the accuracy desired. The larger the sample, the higher the reliability. For example, a survey with 10 participants gives a very large margin of error (about 32 percent), meaning that this data is fundamentally unreliable. However, a sample with size 500 will give you a more satisfactory margin of error – 5 percent. [8] X Trusted Source Science Buddies Go to Source
- If possible, let participants self-report their demographic information. It can be general or specific information, depending on your preferences. Also, don’t forget to design these questions at the top of the questionnaire/interview. [9] X Research Source
- Be forewarned, though, that many people tend to avoid investigations that ask for personal information.
- As the computer repair and supply business owner in the example above, you would want to interview a statistically significant number of students, perhaps by subject area, age, or gender.
- If your goal is to get your customers’ real thoughts, focus on building open-ended questions that customers can answer with their own thoughts instead of multiple choice or ranking questions. class. [10] X Research Source
- However, if you want numerical results, make sure the answers do, one way or another. For example, you could have attendees rate a product or service on a scale of 1 to 10.
- For example, with a computer business, you could ask students to rate from 1 to 10 the likelihood of visiting a store or the type of computer accessory they most want, depending on the type of information you need.
- For example, as a computer business owner, you can do this through census screening. If you think engineering students are the main customer group, accept only their results, although it may be easier for history or foreign language students to agree to participate in the survey.
- The list of questions is not too long and complicated.
- The survey does not make emotional assumptions about the target market
- The question was asked as directly as possible. [11] X Research Source
Conduct investigations
- With the online survey, this will be the time the questionnaire is open (how long it takes respondents to complete the questionnaire).
- For example, the target market of a computer business – engineers, is often busy all day in the computer room. Therefore, it is necessary to arrange an investigation before or after this time.
- For example, as a computer business owner, you can choose from several different survey locations and dates to better fit your student’s schedule.
- Scroll through the whole thing, find truly excellent feedback from customers. Anything memorable, creative or positive can be bookmarked and reused for future advertising campaigns by the company. [13] X Research Source
Advice
- In essence, market surveys lack flexibility and need to be conducted uniformly with all participants in order to obtain standardized results. This means that you cannot adjust the focus of the investigation throughout the process, even if you realize that many very important factors have been overlooked. It is both a strength and a weakness of market surveys and this should be considered when developing a survey program.
- It’s always better to do a specific investigation, going straight to the point, than trying to cover a lot of things. The less clutter, the more useful and detailed the data obtained.
- Provides accurate results. True results from a small sample are much better than “build up” just to increase the sample size.
This article was co-written by Michael R. Lewis. Michael R. Lewis is a retired Texas executive, entrepreneur and investment advisor. He has over 40 years of experience in Business & Finance, including the position of Vice President of Blue Cross Blue Shield of Texas. He holds a BBA in Industrial Management from the University of Texas at Austin.
There are 7 references cited in this article that you can see at the bottom of the page.
This article has been viewed 13,507 times.
Surveys are an important part of market research, helping to measure customer trends and tastes in a given market. Diverse in size, design, and purpose, market surveys are an extremely important source of data, helping a company or organization determine the right product or service for its target market and how it works. their promotion. The steps below will give you a basic guide to market research as well as some tips on optimizing your results.
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