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Why are surveys important for market research?

Published On Dec. 12, 2017 By Kaustubh

Surveys provide opinions/feedback for large population ensuring broad capability and provide a more accurate conclusion to make an important decision. They usually represent characteristics of the targeted population, used to get valuable information (insights) that can be used to form a strategy for the successful campaign for certain product or services.

Surveys are beneficial for market research as they provide valuable data for organizations. Market research is all about providing data insights and surveys are a primary part of it. Surveys offer valuable information for product offerings like, what our product is offering and  why our customers are buying it or are they looking for an alternative. If they are, then what modifications are needed to retain them which can be done by making pricing alterations or providing better products/services at the same price. 

In today's world, you cannot simply rely on your gut feelings to make important business decisions. You need unbiased and objective information to make product acceptable to people. That is why surveys are there to get a true opinion from the market.

Why are surveys important?

Unambiguous responses: - The anonymity of surveys allows respondents to answer with more candid and valid answers. Surveys conducted anonymously provide more honest and unambiguous responses than other types of research methodologies, with a condition that survey answers will be kept completely confidential.  To get the most accurate and true data from your respondents, he/she has to be as open and honest as possible with their answers.

Flexible: -Surveys can be conducted by various means like traditional face-to-face interview surveys, online surveys, email surveys, social media surveys, paper surveys, mobile surveys, telephone surveys etc.  For remote or hard-to-reach respondents, a combination of various survey research may be implemented (e.g. Both online surveys and paper surveys can be used to collect responses and compile survey results into a single data set, ready for analysis).

Measure customer views: - It allows organizations to measure customer awareness about your product. Are they using your product and are they satisfied with product offerings or your product needs any improvement/enhancement. 

Branding: - When you conduct a survey for your product, you make sure you reach to maximum respondents and as surveys taken up by large population, unknowingly/knowingly they brand your product by discussing through various mediums

Increased conversion rate: - Results we get from surveys definitely provide information that helps to change strategy accordingly resulting in increased product sale and customer conversion rate.