Valuable answers come from valuable questions.
In this article, you’ll learn about the top market research questions you can ask to obtain useful insights from your potential and existing market.
Market research is the systematic process of getting and analyzing feedback from different market segments. Using this approach, you can identify the potential of your product or service when offered to a certain consumer demographic.
In other words, it helps you find the right customers who will patronize your business. It also helps you determine the pain points of your target market. Through this, you can develop or improve products or services that can resolve the struggles of your existing customers or target audience.
It has three main methods:
– You can also embed it into your website or app but since it is a reactive method, the chances of getting feedback are lower.- If you think you have the budget for it, you can send it to paid survey sites to get higher response rates.
Aside from gathering first-hand consumer data, you can also keep track of economic trends.
Secondary information provided by existing sources enables you to kick-start your market research. It gives both general and quantifiable data on industry trends, demographics, and even your potential competitors.
Some of the best sources of secondary information include government census data, statistics and research reports published by independent market research firms, and business news.
It’s easy to think of and write questions right off the bat. But first, make sure you’re square on the following details:
From there, you can start brainstorming questions that would provide insightful information for your marketing, sales, and research and development departments.
Here are some things you can consider that will add depth and dimension to your market research process:
Once you’ve listed enough questions based on some of these elements, the next step is to select questions that would bring you closer to your objectives. Make sure to remove those that won’t give enough value.
Create a clear picture or a registry of the possible target audience response while answering those questions. Ask only what is necessary to prevent your respondents from getting bored. Keep in mind that if it takes too long for them, they might get triggered to answer questions hastily.
Also, keep your market research process simple. Through this, you will not only keep the attention of your respondents but it will also enable you to obtain useful answers.
Do you still find yourself struggling to come up with appropriate market research questions? If yes, check out these examples and carefully select what you need.
Market research questions for new businesses
If you’re opening a new business, it pays to gather extensive information about the industry, the market size, your target audience’s buying behaviors, your competitors, and your competitive advantage.
When starting a new business, position yourself as an expert. This means having in-depth knowledge about your customers, the industry, the market trends, and your competitors.
It is important to curate questions that can show you opportunities to succeed. Assess your edge from your competitors. For example, you can ask your target market about how your competitors can make their products or services better. Once you’ve analyzed their answers, it will be easier for you to figure out what you can add or enhance so you can meet customer expectations.
Market research questions for new product launch
Expanding your product line also requires lots of research and market testing. Here are some of the questions you can ask.
Before launching a new product, it is crucial to know your target customers, the demand for the product, your marketing or advertising strategy, and your possible competitors.
Questions to ask existing customers
When researching existing customers, the main goal is to find out how they feel about your brand. Since they have the first-hand experience using your products, they are the ones who can show you its strengths and weaknesses.
For these questions, you can either use a rating scale or a checklist. This way, it will be easier for your customers to answer your survey.
Checklist with ‘other’ option in case the answer isn’t indicated on your survey form:
The goal of conducting market research among your existing customers is to know their satisfaction level with your brand. This will let you see what you need to continue doing and the areas you need to improve.
Market research questions to ask potential customers
When interviewing your potential customers, make sure to get enough information about their demographics, socioeconomic status, and unique interests.
These are the basic information you need to acquire:
On the other hand, these are some questions you can ask to help you better segment your target audience:
You can also add more questions that are specific to your brand to get the information you need when improving your marketing message.
In general, these questions will help your marketing team in creating value-added promotional materials that appeal to your target audience.
Questions for competitive analysis
Competitive benchmarking lets you compare your performance against your direct competitors. Here are some questions to help you get started:
Measure your success by knowing the performance of your competitors. Analyzing their products, services, marketing strategies, sales, authority in the industry, customer acquisition strategies, and branding will let you see where you can thrive better than your competitors.
To improve customer service
Customer service is a crucial element in customer retention. It serves as the fine line between repeat business and an abandoned transaction. Do it right and your customers will come back for more. Neglect it and your customers are likely to move to your competitors.
To keep your loyal customers, always check the quality of customer service you provide.
As high as 49% of US customers leave a brand due to poor customer service. Don’t let this happen to your brand! Regularly assess the quality of your customer service to provide positive experiences to your customers.
When done right, market research can save a lot of trouble and financial heartbreaks. Whether you’re starting a business, chasing growth, creating better marketing messages, or improving your processes, market research can bring you the answers you need to create dynamic strategies. Ask the right questions and you’ll surely get useful results.
Do you need the help of a market research call center to reach a wider audience within a shorter time? Magellan Solutions is here to help! We offer tailor-fit solutions to meet the needs and budget of your business. If you want to know more, contact us using the form below.
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