Market Survey: Definition, Objectives, Types, and Process

When a company grows, decision-making needs to shift from intuition to data. That’s where market surveys come in. Be it a small business or a big brand, everyone conducts market surveys to launch new products, gather customer feedback, and mine market insights. And that’s why Upreports – the leading market research company India – is here with this detailed guide on market surveys!

Market survey

Let’s start by understanding what’s a market survey:

Market survey definition  

Market survey is the collection of first-hand data from customers, vendors, stakeholders, or the general public. 

Market surveys are usually conducted to gather data so that better marketing, growth, and product decisions can be made. 

Market survey and it's objectives

Market survey objectives 

Businesses conduct market surveys for a vast range of reasons. The data during a market survey can be about: 

  • Pricing trends
  • Customer expectations 
  • Competitors
  • Tastes
  • Preferences 
  • Market trends
  • Comparisons 

The objective of a market survey is to: 

  • Understand competitors 
  • Understand customers and stakeholders
  • Gather customer feedback 
  • Measure market dynamics 
  • Market trends 

Market survey is majorly conducted offline but nowadays businesses also conduct online surveys to reduce cost and save time. 

Market survey

Major benefits of conducting a market survey

Below are the major benefits of conducting a market survey for business growth:

Informed decision-making: Market surveys provide valuable data that help in decision-making. It also helps reduce the risk of decisions based on incomplete information or assumptions.

Understanding customer needs: A market survey helps gather detailed information about customer preferences. Understanding customer pain and needs through surveys helps improve customer loyalty and satisfaction.

Evaluate market demand: Market surveys assess the demand for a service/product that helps businesses evaluate the feasibility of new market entries. It also aids in resource planning, inventory management, and financial projections.

Competitive analysis: Market surveys help provide insights into how your competitors are performing. It helps businesses to position themselves effectively and differentiate their offerings. 

Improving customer experience: One of the major benefits of regularly conducting market surveys helps businesses understand their customer experiences and expectations. It can lead to enhancements in customer service and overall experience.

Risk management: Market surveys highlight potential risks and challenges in the market, allowing businesses to develop strategies to mitigate them. It also allows businesses to proactively address threats from new or existing competitors. 

How to conduct a market survey?

Conducting a marketing survey is a complex process that starts with answering the following questions:

  • Why are you conducting a survey?
  • What do you want to find out?
  • Which geographical region do you want to cover?
  • Which demographics do you want to target?

Once it is done, it’s time to go ahead and think about the survey questionnaire. 

Preparing a market research questionnaire

According to global findings, 52% of surveyors said they don’t like to spend more than 3 minutes filling out a survey. This makes questionnaire planning a highly critical step. It’s also critical because it is the point of interaction between your company and existing/potential customers. 

Some tips for preparing a market survey questionnaire:

  • Use simple questions
  • The phrase in the language your audience understands 
  • Don’t exceed more than 15 questions.
  • Use the MCQ form for QAs.
  • Run your questionnaire through a test group.

Discover how we conducted the market survey for a US-based equity firm

Conducting survey

Now that you have done the planning and paperwork, it’s time to conduct the actual survey. As we mentioned earlier, surveys can be conducted in two ways: 

Offline survey

For conducting an offline survey, you need a team on the ground. Prepare the same and brief them about your survey goals, budget, and timeline. 

Market survey

Online survey

There are many ways to take an online survey. Emailing your subscribers, posting it on social media, or conducting on-call interviews to fill the surveys are some popular options. Read in detail about how to conduct an online survey

Analyze the data

Conducting a survey means nothing unless you analyze the data and derive findings from it. Using survey tools like Google Forms and Survey Monkey makes it easy to analyze the data. 

types of market survey and it's processes

Upreports: Top Market Research Company in India 

Upreports is a team of top-rated market research experts that delivers cutting-edge survey planning and research services to local as well as global brands. Whether you wish to conduct online research to gather customer feedback or plan an offline survey to understand Indian audiences, Upreports can make it happen.

Being one of the leading marketing research companies in India, we use a comprehensive process to plan and execute surveys. Having conducted offline market surveys and online research for leading entrepreneurs and equity firms, we have the experience and expertise to handle yours as well. 

Email us at hello@upreports.com to inquire about your survey goals. 

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4 thoughts on “Market Survey: Definition, Objectives, Types, and Process

  1. Hello sir ,
    I want to conduct a Product survey for my new startup . Please let me know how you guys can help me with this.

    1. Thanks for the comment, Rakshit! As we spoke over the phone, please drop an email and we can proceed. Cheers!

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