Finding out what your customer thinks about your existing product or how they might react to a new product is one of the most important market research you as a business can do. It can help you fine-tune your product and avoid wasting money on something that wouldn’t sell.
Why Market Research Is Important
No matter what your business goals are – you are much more likely to reach them when you understand what your target customers really want. This is where market research comes in. Whether you are designing a new product or want to get some feedback on an existing product, asking your consumers what they value, will help you make key strategic decisions. And with online surveys, doing market research is easier than you might think.
Market Research Survey Tips
When creating your market research survey, make sure to include the right mix of questions about your product, the product category in general, your ad campaign, and the customers themselves. This sounds like a lot, but with our template you get all this information in 10 questions. Adapt the details to make it your own and you’re good to go.
Use the tips below to create your perfect market research survey.
New Products vs. Existing Products
The OpinionStage market research template allows you to really understand what your customers are looking for. You can ask similar questions whether you are testing a new product or an existing one. When you are testing a new product, just make sure that your description is detailed enough to give participants a very good idea of what it will look and feel like. When you are testing an existing product, you instead need to make sure you know whether your participants have used it before and how familiar they are with it.
Ask About Your Competition
If similar products already exist in the marketplace, make sure to ask the participants to evaluate your product in comparison to your competitors’ products. This will help you understand how strong your product offer is and where you might need to step it up. If there is no direct competitor, ask about other products your target customers might currently be using to fulfil the same need instead.
You’ll want to understand how potential customers feel about your product overall, but don’t forget to ask about specific product features and how important they are to the customer. While you or your engineers might think that a certain high-tech feature is essential, your customers might tell you they care more about the colors of the product. You never know until you ask!
Test Campaign Ads
If you are far along in the product development process, you might already have some ideas about how you want to advertise them. If you do, include a question or two about a possible campaign you have in mind. Try out a new tagline or a new logo. See what your customers like about it or how you can improve upon your ideas before you launch. This type of campaign testing can save you a lot of advertising dollars down the road.
Understand Customer Segments
Maybe more than with any other type of survey, it is essential that you understand who your customers are. This will help you segment your customers and tailor your offering (and advertising) to the right group. That’s why you should include some key questions about your participants’ background in your market research survey. Depending on your business and product or service, this can be gender, race/ethnicity, location, how often they are online, what their favorite magazine is…. You name it! All this information will help you cluster your customers and make better decisions about your product and marketing.
OpinionStage Market Research Survey Template
With the OpinionStage market research survey template you can find out what your customers think about your product or how they might react to a new product even before you invest a lot of money in creating it. You can customize the visuals and product description and have tailor-made market research ready to go in no time.
One Question at a Time
The OpionionStage Market Research Survey Template asks one question at a time. This keeps the survey from becoming boring and holds your participants’ attention much longer allowing you to ask a few more questions and get better data. Better data means you can make better decisions based on real customer input.
With market research, visuals are key. When asking about how a product come across to your target customers, it’s best to include pictures or renderings of the product, so your customers know exactly what you are talking about. Make sure to adapt our market research survey template to your product by adding a few of your pictures to the appropriate questions.
Administering Your Survey
With OpinionStage, you have many options about getting the survey to your potential customers. You can send a direct link to the survey via email, you can embed it on your website using HTML code, you can embed a widget on your WordPress website, you can create pop-ups, you can publish a link on your social media, and so much more. Choose whatever works best for you and your business.