5 Benefits of Market Research Surveys

Nothing can beat the power of information that comes through from market research. Your findings can help guide your business decisions and save you from taking expensive risks. By using market research software to administer survey research, marketers can gather relevant data. Modern-day survey software providers can offer you all modes of survey research, such as paper surveys, online surveys, phone surveys and mobile surveys.

The easy availability of these solutions have led to the mushrooming of quantitative surveys to collect data, analyze it and use it to draft strategies for a strong business model, among other things. If done correctly, survey research can give start-ups and existing organizations wide-ranging benefits, such as:

Benefits of Market Research Surveys:

1. To Spot Business Opportunities: Market research surveys might throw up that the new product you are designing is not what the market currently wants or requires. With this information, you can either modify your product or scrap it entirely and think of another.

2. To Establish Trends: If you conduct market research in an ongoing manner, you will see that you have sufficient data to analyze your clients' needs and set up specific trends.

3. To determine The Most Credible Brand Promise: Out there in the market, every brand needs to offer its customers a promise. Whatever a client decides to have as a promise must be simple and only market research can define the promise behind your brand.

4. To Be Available in Several Modes: You can create and conduct surveys in a variety of modes such as online surveys, mobile surveys, face-to-face interview surveys, social media surveys, etc. This helps you reach out to many more people. In fact, by using a mix of these modes, you can increase your reach manifold.

5. To Minimize Costs for the Client: The cost of an online or mobile survey is relatively low per respondent. Even if you give respondents incentives to answer the survey, the cost of each response is much lower than conducting a phone survey, besides which the number of responses you can get may well, be in thousands.

Conclusion: Market research is therefore an invaluable tool that though seems slow and expensive, is nothing short of a basic investment. It's a great way to maximize your returns.

Notable Advantages And Disadvantages Of Using Online Survey Tools

All the companies want to maintain relationships with their existing and potential customers. Moreover, it is important for the business organizations to know the audience responses, regarding the popularity of their products or services. Thus, the systems of conducting the online surveys are very beneficial in reaching the target audiences for any company, ultimately resulting in better business prospects.

Important benefits of launching online survey tools

• Fast collections of the useful data – All the data about the personal details and the choices of the probable customers can be easily collected through the operations of the online survey tools.

• Very less cost involved – Since most of the surveys are posted on the official websites of the companies or sent to many people through mass emails, there is hardly any cost involved to carry out the process.    

• Availability of vast responses – People often like to give their inputs in these surveys in their leisure time, when they are relaxing at their homes; so large numbers of responses can be obtained against each online survey.

• Automatic storage of all responses – All the answers of the questionnaires are saved automatically in the related website, due to the internet connection. Thus, there is no chance of data loss or any kind of the occurrence of errors in these stored data.

• Simple designs of the survey questionnaire – All the surveys are usually designed in the form of simple questionnaires, so that the common people do not find any problem in answering them.

Few disadvantages of conducting online survey services

• Automated questionnaire – Since, all the questionnaires are served automatically by the computer, there cannot be any chance of further contacts by any real person from the company, during this survey conductance.

• Cannot reach remote areas – There are many people staying in the rural areas, where there is no internet connection, but those people can become good prospects for an industry. Hence, the online survey services cannot be of any use for reaching to these mass.

• Chances of misrepresentations – There are many people who provide false answers to the questionnaires, just for the sake of completing the survey, so that they may get any sort of incentive in return.