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 big brand, everyone conducts market surveys to launch new products, gather customer feedback, and mine market insights. And that’s why Upreports – leading market research company India – is here with this detailed guide on market surveys!

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

Market survey definition  

Market survey means a 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. 

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 questionnaires:

  • 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. 

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’s 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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