Market research survey

5 Reasons to Run a Consumer Survey

  |   Importance of Market Research Survey   |   No comment

Each company and survey is different, but most of our clients have had similar reasons for conducting a market research survey. Here are five of the most common uses for market research survey data, based on our experience working with companies around the globe.

1) Idea Validation. 

This is probably the single most common reason for consumer survey research. Some of our clients are startups — or new ventures in larger companies — trying to validate consumers’ demand for new ideas. The fact is, there’s no better way to gauge demand for a new product or service idea than by going straight to the source — asking consumers in the relevant markets what they think of the concept and whether they’d buy it. Even further, surveys can help determine how much consumers are likely to pay for a product, where they typically go shopping for these kinds of products, and whether they already use similar products (and how much they pay for those). The uses of consumer surveys to validate a product or service idea are almost endless. (And some might say priceless 🙂

2) Win/Wow Investors and Company Directors

It’s not easy convincing investors (or anyone handing over hard-cold-cash) to buy into your idea. It’s almost impossible without real-world data from your target market. The fact is, investors and company directors want to see numbers. It doesn’t matter how great your idea sounds or how enthusiastic you are about it — without proof consumers will buy it, neither will the person holding the purse-string.
Survey data is a powerful way to prove demand. If you haven’t already launched your product, it may be the only way to gather this kind of reliable information. Surveys like this provide the added benefit of showing investors/board members that you’re a numbers person — you’ve invested in your idea and delivered the findings to prove its credibility. Scientific data helps avoid the “you’re just in love with your idea” logic.

3) Hone Branding & Messaging

Often, clients have already decided to bring a product to market. They’ve either done internal market research or have enough firsthand experience in the industry to know their target market will be interested (or they like to gamble)!
I’m a huge fan of that kind of intuition – in fact, I’m a huge fan of intuition in general. Surveys aren’t necessarily needed to design a product consumers will love, but just because you have a great or even the perfect product or service, it doesn’t mean the best way to market comes with it. That’s where branding and messaging surveys come in.
Rather than presenting a product and asking about respondents’ interest, these kinds of surveys help marketers learn the types of ideas consumers associate with the product you’re trying to sell. These insights can help marketers determine what to name a product to maximize exposure, identify the slogan that makes the product sound more appealing, or pinpoint what colors and fonts convey the ideas that boost the product’s reputation. Branding and messaging is as much a data game as a creative game!

4) Create Relevant & Original Content

We have a number of clients that run surveys for the sole purpose of gathering data to publish in press releases, blog posts, and other forms of communication. For example, a dating app might survey singles to learn about their difficulties finding the right partners, and then use those findings in a series of videos or blog posts about why using a dating app can help. Or a new coffeemaker might survey 2,000 coffee drinkers about their coffee drinking habits to pad their marketing materials with hard data about how much money their product saves, or why it’s essential to buy the right coffeemaker (given how much most people drink). Hard data from real-world consumers help ramp up the quality, believability, and shareability of almost any piece of marketing content.

5) Learn More About Your Market

Sometimes companies want to learn more about their market, especially companies branching into new industries and spaces. These kinds of surveys may often be lengthy and contain dozens of different types of questions covering all aspects of the topic at hand. Ultimately, these kinds of surveys can help product teams, and marketers build a strong understanding of what their target market looks like, enhancing the quality of future ventures in these markets. We sometimes call these “intuition-builders.” They don’t necessarily have a singular goal, but they pad companies’ intuitions about their target market with powerful, real-world-data on the very people buying what they’re selling.

By Nick Freiling